Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Kandi Technologies Group Inc (NASDAQ:KNDI) were flying higher today after turning in a blowout first-quarter earnings report this morning. 

So what: The maker of electric and other vehicles said revenue jumped 174% to $40.2 million on a 384% increase in electric vehicle sales to $8.4 million. Much of that growth did not trickle to the bottom line, however, as gross profit grew 44% and adjusted net income increased 30.4% to $1.6 million. That discrepancy would seem to owe to Kandi's transition to a company perhaps now best known for the electric-vehicle sharing networks it plans to build out in several Chinese cities. 

Now what: Remarking on the subject, CEO Xiaoming Hu said, "The Public EV Sharing Project in Hangzhou is making modest progress and several other cities have approached us to discuss implementation of the project in their cities." Excitement about the EV sharing network drove Kandi shares up more than 400% at one point in the last year, but the stock has fallen recently along with the momentum sell-off across the market. While today's top-line jump is certainly promising, operating income plummeted in the quarter because of a spike in SG&A expenses and a non-cash loss on financial derivatives based on its own stock price. Still, if the EV-sharing program takes off, Kandi shares could soar. I'd recommend keeping an eye on the stock by adding it to your watchlist here.

Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.