- Kandi Technologies (KNDI +12.5%) is now up 59% from its Dec. 20 close. Shares have rallied thanks to a deal struck by a 50%-owned Kandi JV to assume full control of an EV company from Chinese automaker Geely, and growing enthusiasm about a project to offer EV rentals in Chinese cities via giant automated vending machines.
- Kandi has set up two vending machines in the Chinese city of Huangzhou (pop. 8.7M); each offers EV car rentals for a price of $3.25/hour. Kandi plans to eventually offer 100K cars available to Huangzhou residents via 750 facilities, and to also expand to Beijing, Shanghai, and other cities.
- No one will confuse Kandi's EVs with a Tesla Model S: The tiny cars have a maximum range of 75 miles, and a top speed of 50 mph. Kandi is counting on the convenience and cost savings it provides to urban Chinese consumers who don't need a car full-time to drive rental growth, and government interest in curbing pollution to yield continued state support.