Shares of China-based Kandi Technologies Group Inc. rocketed 22% in active morning trade toward a 13-month high Wednesday, after the car maker said Kandi-branded electric vehicles have been approved for importation into the U.S. by the National Highway Traffic Safety Administration (NHTSA). The approved EVs are the Model EX3 and Model K22. "With this, we are confident in introducing our reliable vehicles to the American public," said Kandi Chief Executive Hu Xiaoming. "We believe both the EX3 and K22 are competitive in price and quality with advanced tech features that are in demand by American consumers." Shares of EV rival Tesla Inc. slipped 0.8%. Kandi's stock has run up 34% over the past 12 months, while Tesla shares have lost 9.5% and the S&P 500 has gained 2.4%.