KNDI stock has finally gotten Mr. Market’s attention after years of underperformance. Except for a few price spikes to $10, KNDI stock has been stuck under $5 since the 2014 highs of $22 a share. However, this time it’s different. Kandi’s K23 and K27 EV models are ready to hit U.S. showrooms. Now with plenty of bullish enthusiasm and 13% of the float short, we believe this rally has legs.
About KNDI Stock
First up, here’s a little background for those just discovering KNDI stock. Kandi Technologies Group, Inc. (NASD:KNDI) acquired SC Autosports, LLC in 2018 to be its exclusive U.S. distributor, operating as Kandi America. Headquartered in Garland, Texas, Kandi America specializes in the development, manufacturing, and commercialization of electric vehicles, all-terrain vehicles, battery packs, automobile motors, controllers for electric vehicles, and air-conditioning systems. For more information, visit www.kandiamerica.com.
Our History With KNDI Stock
We have been covering KNDI stock since 2017 when we informed our readers that it was a turnaround opportunity. Kandi ended up being a big winner for us that year as KNDI stock ran to $10 a share. Since then, KNDI stock dropped to $2.17 a share earlier this year before yesterday’s 140% move higher on massive volume.
News Driving KNDI Stock Higher
Kandi announced yesterday that the company will kick-off pre-sales on August 18th of its K23 and K27 electric vehicles in the Dallas-Fort Worth area. Priced at $12,999 after federal tax credits, the K27 is the compact model with ample interior space that can comfortably accommodate up to four passengers. The car features a 17.69 kWh Lithium battery and a driving range up to 100 miles, making it an ideal automobile for urban driving.
For those in the market for a larger vehicle with more trunk space, the K23 is an affordable option at $22,499 after federal tax credits. The size of a small SUV, this model includes a 41.4 kWh Ternary Lithium battery and a driving range of more than 180 miles.
Why This Is Big News
Currently, there are no 4 seater EVs in North America that cost from $12,999 to $22,499 after federal tax credit. The most sophisticated Tesla Model 3 starts from $31,690 after taxes. Not everyone can afford this EV with 4 seaters.
Chinese EV maker Kandi came up with affordable models that are convenient to the poor and medium classes who live in densely populated cities. Families with 2 or 3 children may easily buy a K27 without applying for a car loan.
There is strong demand at the lower-end price point. Johnny Tai, CEO of Kandi America, said:
“Electric vehicles have been valued for years for their efficiency, sustainability, and innovation. However, owning the ‘it’ car often eluded consumers who desired a great EV alongside all the other comforts of modern living. Kandi changes that and revolutionizes the EV-buying experience for many. At Kandi, we are on a mission to make electric cars accessible for all. With these first two models, we are starting an Auto EVolution that will allow anyone, regardless of their financial status, to afford a reliable, high-tech EV.”
The other news pushing KNDI stock higher is its Maple 60V all-electric MPV. This multi-purpose vehicle is produced by its affiliate company Fengsheng Automotive and was approved for purchase subsidies by China’s Ministry of Industry and Information Technology. Subsidy approval is a key milestone as Fengsheng brings the 60V to the market in the near future.
The Maple 60V is the next offering in a planned series of versatile, MPV featuring style, performance, and comfort. The Maple 60V follows the recently introduced Maple 30X, which is seeing strong initial interest. A key feature of the 60V will be a swappable battery, which enables quick “refueling” and reduced range anxiety.
Currently trading with a market cap of $515 million, the momentum in KNDI stock looks set to continue. Over 15k Robinhooders added KNDI stock to their portfolios yesterday and more will add at the opening bell. The EV sector is hot and KNDI stock has been a laggard. With sales of the K23 and K27 models set to start next month, look for the shorts to get squeezed as more press releases hit the tape. The question now is – will KNDI stock or NIO stock hit $20 first?
As always, good luck to all (except the shorts)!
We will be updating our subscribers as soon as we know more. For the latest updates on NASDAQ:KNDI, sign up today!
Disclosure: We have no position in NASDAQ:KNDI or any of the securities mentioned. We wrote this article ourselves and it expresses our own opinions. We are not receiving compensation for it. We have no business relationship with any company whose stock is mentioned in this article.