Kandi Technologies (KNDI) on Watch; Foxconn, Tencent Enter Agreement for EV Development

Hon Hai Precision (Foxconn Electronics), Tencent, and China Harmony Auto Holding Ltd. have entered an agreement to develop Internet-connected electric vehicles.

The three companies signed an agreement to cooperate in Zhengzhou in China's Henan province.

Hon Hai plans to use its knowledge and capabilities of manufacturing mobile devices and smart vehicles with Tencent's online platform and China Harmony's post-sale services for a feasible business model.

Notably, Hon Hai made a HK$609 million ($78 million) in China Harmony last December for a 10.5 percent stake in the company.

Amid today's news, Kandi Technologies (Nasdaq: KNDI) will be on watch.

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