Why Shares of Kandi Technologies Are Trading Higher

Kandi Technologies Group Inc KNDI announced on Thursday that its wholly-owned subsidiary Zhejiang JiHeKang Electric Vehicle Sales Co., along with Guangzhou MingZhi Auto Trade Co, a local auto distributor in the Guangzhou district signed a contract for the sale of 700 Kandi branded electric vehicles in November.

The company on Tuesday reported that all 700 Kandi brand vehicles were delivered to Guangzhou MingZhi. The total sales revenue for all the vehicles was $14.5 million.

Guangzhou MingZhi is tasked with promoting and implementing electric vehicle leasing businesses within the Guangzhou market.

Kandi Technologies stated in a company press release that "working directly with the local auto distributor will be an effective marketing strategy to enhance Kandi brand's market visibility and attract more renewable energy automobile pilot cities to promote and purchase Kandi brand electric vehicles."

Shares of Kandi Technologies were trading higher by 2.8 percent at $11.53 Thursday morning.