Kandi soars after China gives nod to electric car

The Associated Press

Shares for Kandi Technologies Group soared 36 percent Wednesday after the Chinese government gave the stamp of approval to an electric sedan it developed with Geely Automobile Holdings.

The government classifies the new sedan as an energy saving model, which means that customers who buy it can get government subsidies.

Kandi Technologies, based in Jinhua in the Zhejiang province of China, specializes in developing electric vehicles. Geely, in Hong Kong, is an automobile manufacturer.

Shares of Kandi Technologies rose $1.41 to $5.33.