Boston, MA 06/11/2013 (wallstreetpr) – The share prices of Kandi Technologies Corp. (NASDAQ:KNDI) had surged by 37.96 percent to close at $7.85 per share for the end of last trading session on Monday. The shares of the company had been trading in the range of $5.77 to $8.29 per share during the day. With this recent surge in share prices, Kandi Technologies Corp. (NASDAQ:KNDI) had hit the new 52 week high price level of $8.29 per share and the 52 week low price level of the company is at $2.33 per share.
Electric sedan approved in China
This recent spike in share prices of Kandi Technologies Corp. (NASDAQ:KNDI) had been due to the news that the company’s first electric sedan had been approved in China. Almost all the other companies and the market declining to lower levels for the previous week due to data released by the Federal Reserve that the economic activity had been slowing down this year and thereby, the levels of employment at the private sector and the factory orders are declining.
On the other hand, with the new approval of its first electric car, the manufacturer of all terrain and specialty vehicles jumped to the new 52 week high price level. Kandi Technologies Corp. (NASDAQ:KNDI) is involved in the manufacturing and sales of wide range of specialty vehicles like electric cars, go karts, all terrain vehicles etc in the markets of People’s Republic of China.
The first full sized sedan, JL7001BEV, developed by Kandi Technologies Corp. (NASDAQ:KNDI) in partnership with Geely Automotive had recently been approved by China’s Ministry of Information and Industry Technology. As these electric cars are substantially more expensive than the other vehicles with internal combustion engines, it is still unclear as to how the Chinese market would respond to this new sedan of the company.
Kandi Technologies Corp. (NASDAQ:KNDI) witnessed the trade of 9.41 million shares on Monday, while the average trading volume of the company is at 918,890 shares per day.
