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What: Shares of Kandi Technologies Group (NASDAQ:KNDI) were getting a bounce today, climbing as much as 11% before finishing up 4% after word that its electrical vehicle sales were improving.
So what: The Chinese maker of EVs, ATVs, and other specialized vehicles said deliveries of electric cars were set to jump to 2,800 in the fourth quarter. The news seems to represent a tipping point for the company. CEO Hu Xiaoming said, "In 2014, we expect our EV business may surpass our legacy go-cart business and become a major revenue generator for the Company." Hu also noted support from the government as driving new business.
Now what: The new-found growth in electric vehicle sales seems to be a result of an expanding car-sharing program in the world's No. 2 economy, as a nascent network in the city of Hangzhou aims to put 100,000 EVs on the road, and Kandi is expected to be the principal provider of vehicles for the car-sharing project. Given the potential in electric vehicles in general, and the explosive growth possibility in the burgeoning car-sharing network in particular, Kandi seems like one stock to keep your eye on. That kind of potential is enough reason for me to give it a thumbs-up in CAPS. You can stay informed on Kandi new by adding the stock to your Watchlist here.
Fool contributor Jeremy Bowman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.