- Kandi enters agreement with Hunan Hengrun Automobile for battery-swappable EV production
- KNDI stock slipped 3.25% early Monday as pressure from tech sell-off continues
Kandi Technologies Group (NASDAQ: KANDI), a figurehead in Chinese EV battery swapping, today announced that it has officially entered a framework agreement with Hunan Hengrun Automobile Co; for the joint production of electric vehicles that are viable for battery-swapping; an emerging niche angle of the EV market. Despite the promising partnership, Kandi stock is currently down 3.25% in early Monday trading.
To be sold under the “Henghe” brand name, Kandi and Hengrun’s agreement is set to bolster the already blooming Chinese EV market by utilizing their collective capability to manufacture battery-swappable electric vehicles.
Read Also: 3 EV Stocks For 2022
Hu Xiaoming, Chairman of the Board of Directors of Kandi, announced his firm belief in the partnership:
“Kandi is pleased to partner with Hengrun. We are a pioneer of EV battery swapping in China. Our accumulated experience of building over 50,000 electric vehicles combined with our dozens of battery-swap patents gives us a strong competitive advantage in this initiative.”
“By utilizing our battery swap expertise and Hengrun’s vehicle production expertise, together we expect to create meaningful new benefits for customers and thus promote the development of China’s EV industry.”
This is definitely a further flame in the bright furnace of the Chinese EV industry. Kandi stock, although in a heavy downtrend, can’t blame today’s selling on the news announcement – rather it’s more likely the stock has fallen victim to the wider selloff that continues to weigh on the NASDAQ.