Reuters.com reports that Kandi Technologies’ (NASDAQ:KNDI) shares rose on the heels of the launch of their lithium-battery powered car.

The story is quoted as saying:

Shares of Kandi Technologies (KNDI) surged after the company announced it launched their lithium ion battery based electric car, the KD5011, which features a range of 200 – 230km per charge. The previous model (KD5010) used a lead-acid rechargeable battery and had a driving range of 100-150km per charge. They also announced that the new model is eligible for national subsidies of up to $9K per vehicle in all pilot cities (currently five and likely to grow) designated by the Chinese government. This is significant news for Kandi and solidifies them as a top tier electric car play in China. No wonder shares surged more than 15 percent following the news.

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