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Kandi Technologies Up As Subsidiary Mass Produces Lithium Iron Battery -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Kandi Technologies Group Inc (NASDAQ:) announced Tuesday that its subsidiary Jiangxi Province Huiyi New Energy has started mass production of its lithium iron phosphate battery.

Kandi Technologies shares rose 10% in the wake of this news but are down 47% over the past year.

According to the company, its subsidiary that is wholly owned has achieved “a breakthrough in energy density for its LFP18650 battery.” This is the energy density How much energy a particular battery can store in relation to its weight.

“We are delighted by Huiyi’s technical breakthrough and production achievement,” said Hu Xiaoming, chairman and CEO of Kandi Technologies.

“As technology-leading LFP batteries move into the market, we believe Kandi and Huiyi can harness synergies based on our complementary strengths in R&D and target markets. We are confident that Kandi can strengthen its market position in the supply chains of various electric vehicles as we integrate Huiyi into our operations,” added Xiaoming.

Noble Capital introduced Kandi in December. It received an outperform rating with a $5 price target. Investors were told by Michael Heim at that time that Kandi serves an exclusive niche in electric vehicles.

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