Kandi (KNDI) Pops Higher; Plans 'Car Vending Machines' in China
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Kandi Technologies (Nasdaq: KNDI) is up Monday following a positive mention made in Forbes over the weekend.
While Kandi and Geely Automobile Holdings entered a joint venture last week, some might not know what that might mean for Kandi.
Forbes noted that Kandi will be making 100,000 electric vehicles available to the residents of Hangzhou -- a city of 8.7 million people -- over the next few years and plans to build a swath of automated garages, which can best be described as car vending machines. Like the business model behind ZipCar (Nasdaq: ZIP), many companies realize that those living in cities don't need an automobile all the time, but might rent one for a few hours to get errands done or to go on a longer road trip.
Kandi is planning on 750 such facilities in Hangshou which will hold 30 to 300 cars apiece. By next March, is expected that 50 facilities will be operational. Users can rent the autos for about $3.25 per hour. Each EV has a top speed of 50 MPH and and range of 75 miles on a charge.
Unlike ZipCar, Kandi's effort allows for one-way trips, just like Car2Go in the U.S.
Kandi will also run a
The article is a solid read and, with Kandi up 16 percent on the session, might be a development for traders to keep an eye on.
While Kandi and Geely Automobile Holdings entered a joint venture last week, some might not know what that might mean for Kandi.
Forbes noted that Kandi will be making 100,000 electric vehicles available to the residents of Hangzhou -- a city of 8.7 million people -- over the next few years and plans to build a swath of automated garages, which can best be described as car vending machines. Like the business model behind ZipCar (Nasdaq: ZIP), many companies realize that those living in cities don't need an automobile all the time, but might rent one for a few hours to get errands done or to go on a longer road trip.
Kandi is planning on 750 such facilities in Hangshou which will hold 30 to 300 cars apiece. By next March, is expected that 50 facilities will be operational. Users can rent the autos for about $3.25 per hour. Each EV has a top speed of 50 MPH and and range of 75 miles on a charge.
Unlike ZipCar, Kandi's effort allows for one-way trips, just like Car2Go in the U.S.
Kandi will also run a
long-leaseprogram, which will allow consumers to come closer to ownership by paying $130 to $160 per month for a 1 to 3 year time frame, and get insurance, maintenance, and power in return.
The article is a solid read and, with Kandi up 16 percent on the session, might be a development for traders to keep an eye on.
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