Kandi Technologies Announces New Strategic Partnership; Investors Aren't Impressed

Kandi Technologies Group Inc (NASDAQ: KNDI), a China-based company engaged in the design, development, manufacturing and commercialization of electric vehicles, on Tuesday announced it has entered into a new strategic with Pang Da Automobile Trade Co.

Pang Da Automobile Trade is one of China's leading auto dealership and sells vehicles under brands including Mercedes-Benz, Audi, Subaru, Ssang Yong, Brabus, and Volkswagen, among others.

As part of the new 50/50 joint venture, Kandi Technologies Group and Pang Da Automobile Trade will establish sales teams that share marketing resources, jointly devolve customized new energy vehicle for use at campus, and additionally, Pang Da Automobile Trade will be authorized to sell Kandi branded electric vehicles in specific regions.

Shares of Kandi Technologies opened for trading at $7.63 after closing at $7.88 on Monday. The stock traded lower to $7.30 before rebounding in the early afternoon trading session, where shares were trading at $7.60, down 3.57 percent on the day.