Chinese electric-car rental company, Kandi Technologies Group Inc., has risen to a new record in share trading after announcing its profitability and expansion plans.
Signaling China’s political opening to the electric cars, Kandi’s stock was risen by investors to $15.56 yesterday, a 16 % surge and the highest since the company was first listed. Taking advantage of the new climate of support, the car rental company announced its expansion plans, which include targeting the country’s biggest cities.
Kandi currently operates in Hangzhou, providing together with its joint venture partner Geely electric cars from automated multilevel garages on a short-term hire system.
“I have been meeting local officials from other cities who have been visiting our company almost daily in the past few months,” Kandi Chairman Hu Xiaoming said in an interview at the company’s office in Hangzhou, Zhejiang province. “They are very interested in our model and keen on promoting use of electric vehicles in their cities.”
Hu added that now the company is preparing to select local partners for its planned offensive to Shanghai, Beijing and Chengdu, the capital of southwestern Sichuan province. In its home town of Hangzhou, they are also working with the local authorities to make the service even wider available, in a strive to add rental locations to public parking lots, hotels, department stores and high-speed train stations.