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What: Shares of electric-vehicle (EV) maker Kandi Technologies Group, Inc. (NASDAQ:KNDI) surged 17% today after its quarterly results topped Wall Street expectations.
So what: The stock has skyrocketed over the past year on optimism over growing EV adoption, and today's Q4 results -- non-GAAP net income spiked 259% on a revenue surge of 92% -- only confirm those good vibes. In fact, Kandi sold 3,568 units of electronic vehicles during the quarter, reinforcing its place in Mr. Market's mind as a particularly pure EV play.
Now what: Don't expect Kandi's growth momentum to slow anytime soon. "Together with JV partner, Geeley Auto, we now have three full-scale specialized EV production facilities, located in Shanghai, Changxing and Jinhua, which enable us to meet the strong market demand for electric vehicles in coming years," Chairman and CEO Xiaoming Hu said. "We look forward to another stellar year in 2014 as Kandi continues to expand our EV sharing business in our existing markets as well as other major cities in China." Of course, with the stock now up a staggering 490% over its 52-week lows, much of that growth potential might already be baked into the valuation.
Brian Pacampara has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.