KNDI - Why Kandi Technologies Stock Just Rocketed 22%
Investors in Kandi Technologies (NASDAQ: KNDI) are getting a sugar rush Tuesday afternoon, as shares of the Chinese electric-car maker had jumped ahead 21.5% as of 2:30 p.m. EST Tuesday.
What's making Kandi stock zoom today? This morning, the company announced that the Texas Commission on Environmental Quality has confirmed that both of the company's electric-car mdels , the K23 electric SUV and K27 compact car, qualify for Texas' offering of a $2,500 state tax rebate on purchases of renewable fuel -powered automobiles.
Kandi America CEO Johnny Tai seemed very excited by the news, and called "the additional $2,500 rebate in Texas ... a great incentive to encourage consumers to consider switching to an EV." When combined with a $7,500 federal tax credit, the incentives, said Kandi, mean that a consumer can now buy a Kandi car "for less than $8,000."
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Why Kandi Technologies Stock Just Rocketed 22%