Kandi Announces $20 Million Share Buyback
Shares in the electric vehicle maker were trading up 6 percent Tuesday afternoon.
The stock of Kandi Technologies Group Inc. (Nasdaq: KNDI) was trading up more than 6 percent late Tuesday afternoon, at $4.84 per American depositary share, after the electric vehicle company announced a share buyback plan.
The Jinhua-based company said in a statement today that it plans to repurchase up to $20 million worth of shares at "between a certain price range" by year-end.
Kandi's chairman and chief executive officer, Xiaoming Hu, said he sees the company's U.S.-listed shares as undervalued, and said the board has confirmed that the buyback plan is in line with the company's strategy.
Last month, the company announced a cooperation agreement with China's ride-hailing giant, Didi Chuxing Technology Co. Its joint venture with Geely Group Ltd., Kandi Electric Vehicles Group Co. Ltd., will supply Didi with electric cars for ride-sharing. On its part, Didi will promote Kandi's EV models, as well as provide leasing-related platform resources.