Wednesday, June 5, 2013

$KNDI $TSLA Kandi jumps after Chinese government approves electric car

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  Shares of Chinese automaker Kandi Technologies (KNDI) are soaring after
the company announced that its electric car was approved by the Chinese
government. WHAT'S NEW: Kandi announced that the electric car it developed
jointly with China's Geely Automobile has been approved by the country's
Ministry of Industry and Information Technology. As a result of the approval,
buyers of Kandi's car will be eligible to receive all the subsidies and
incentives that China gives to purchasers of electric vehicles, Kandi stated.
TODAY'S PRICE ACTION: In early trading, Kandi jumped $2.40, or 61%, to
$6.30. WHAT'S NOTABLE: Shares of American electric car maker Tesla (TSLA) have
surged about 65% in the last month, although the stock is down 4.5% today, to
$90.60 in early trading.

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