Kandi Technologies Up 12% On Strong Q2 Sales Report

Kandi Technologies Group KNDI shares shot up more than 12 percent Monday on a strong sales report for its branded electric vehicles.

The China-based company sold 4,114 of the Kandi brand vehicles in the second quarter, a 238 percent increase from 1,215 a year earlier.

The vehicles are manufactured in a 50-50 joint venture with Geely Automobile's Shanghai Maple Guorun unit.

Short interest accounts for 6.1 million of Kandi's 40.7 million shares outstanding.

Kandi, which expects to post second-quarter results on August 11, saw its shares traded recently at $16.55, up 12.43 percent.