Look out Tesla, there's a new kid in town.June 17, 2013: 11:04 AM ET
Electric cars are becoming all the rage. And this time, it's not about Tesla.
Chinese electric vehicle maker Kandi Technologies (KNDI) has been moving ahead with an aggressive plan to bring 5,000 to 10,000 electric vehicles to market in the next year or so.
And Kandi's stock has nearly doubled since June 1. Seems like it's not just Americans who are enamored with the idea of 'plug and drive.'
StockTwits traders sure like what they're hearing.
Kandi has already started work on its first parking and charging station fully dedicated to electric vehicles in Gudang Technology Park. That's the first step in a five-year plan to create a mini public transport hub, which would include up to 100,000 electric vehicle rentals.
If you thought 12% was good, the stock more than doubled that when trading opened and is now up about 22%. Lamonicabuzz, you hit the nail on the head with the Tesla comparison.
Shares of Tesla (TSLA) have surged more than 200% so far this year, and Kandi is catching up.
Fair enough. But if you make electric vehicles, can your stock still overheat? Probably, but it's clear from the strong sales of Tesla's Model S that there is a strong appetite for electric cars.
That's an extra dose of good news for Kandi. The index is designed to offer investors access to companies that offer "unique economic opportunities" in China. Kandi joins the likes of LDK Solar (LDK), JA Solar (JASO ) and China Ming Yang Wind Power (MY).
I'm sensing a clean energy theme here.