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Chinese electric automaker Kandi shares rocket 40% higher on approval to import cars to the US

Michael Sheetz
  • The NHTSA approved Kandi Technologies Group to ship its Model EX3 and Model K22 cars to the U.S.
  • Kandi's stock rocketed up in Wednesday trading.
  • The Chinese electric automaker believes its cars "are competitive in price and quality" to electric vehicles in the U.S., the company said.

Shares of Kandi Technologies Group KNDI rocketed up more than 35 percent in trading Wednesday after the Chinese electric automaker announced it received approval to import two of its cars to the United States.

The National Highway Traffic Safety Administration (NHTSA) approved Kandi to ship its Model EX3 and Model K22 cars to the U.S.

"With this, we are confident in introducing our reliable vehicles to the American public," Kandi CEO Hu Xiaoming said in a statement. "We believe both the EX3 and K22 are competitive in price and quality with advanced tech features that are in demand by American consumers."

While the two cars are all-electric, Kandi is not a "pure play" electric automaker like Tesla TSLA or Nio NIO . Kandi Technologies is the joint venture of Kandi Vehicles and Geely Group, which is one of China's largest automakers.

Kandi shares have risen more than 120 percent in the past year and hit a new 52-week high on Wednesday of $8.37 a share.

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