Kandi Technologies (KNDI) on Watch Following Geely Auto's Nov. Sales Numbers

Kandi Technologies (Nasdaq: KNDI) is on watch Thursday following November sales volume results from partner Geely Automobile.

Earlier, Geely announced that the total sales volume of the Group for the month of November 2014 was 44,517 units, a decrease of approximately 22% over the same period last year, but was up approximately 1% from October 2014 and was the Group’s highest monthly sales volume so far in 2014.

Geely's spokesperson commented, During the month of November 2014, the combined sales volume of ‘EC7’ and the newly launched ‘Xindihao’ of the Group was 21,827 units, an increase of about 4% from the same period last year and representing about 49% (versus an average of 37% in the first ten months of 2014) of the total sales volume of the Group during the month. Of which, the sales volume of newly launched “Xindihao” was 19,597 units in November 2014, up around 24% from October 2014. The aggregate sales volume of ‘GX7’ and ‘SX7’, the Group’s Sport Utility Vehicles (SUVs) was 6,985 units in November 2014, an increase of about 10% from the corresponding period last year.

Kandi Technologies previously announced that, on March 22, 2013, the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') entered into a Joint Venture Agreement with Shanghai Maple Guorun Automobile Co., Ltd. ('Shanghai Maple'), a 99 percent owned subsidiary of Geely Automobile Holdings Ltd. to establish a joint venture company of Zhejiang Kandi Electric Vehicles Co., Ltd.

Shares of Kandi are indicated higher in pre-market trading.

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