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By Chris Wack Kandi Technologies Group Inc. said Tuesday it entered into a strategic cooperation agreement with the Hangzhou Branch of the Agricultural Bank of China. The company said the strategic partnership was established among Zhejiang Kandi Vehicles Co., Zhejiang Ruiheng Technology Co., China Battery Exchange Technology Co. and the Hangzhou Branch of the Agricultural Bank of China. The parties will promote the implementation of the 300,000 government-accredited pure electric vehicles with battery swap model within five years of rideshare program. The Agricultural Bank of China Hangzhou Branch will provide Kandi with a $76.5 million line of credit to support the first phase of the program, and will treat Kandi Vehicles, Zhejiang Ruiheng, and China Battery as VIP customers to offer comprehensive financial services from the Bank s available financial resources. ....
Provided by Dow Jones By Chris Wack Kandi Technologies Group Inc. shares were up 5% at $7.20 after the company said it entered into a strategic cooperation agreement with the Hangzhou Branch of the Agricultural Bank of China. Volume for the stock was 15.2 million shares at 12:35 p.m. ET, compared with its 65-day average volume of 11.7 million shares. The stock hit its 52-week high of $17.45 on Nov. 24. The company said the strategic partnership was established among Zhejiang Kandi Vehicles Co., Zhejiang Ruiheng Technology Co., China Battery Exchange Technology Co. and the Hangzhou Branch of the Agricultural Bank of China. The parties will promote the implementation of the 300,000 government-accredited pure electric vehicles with battery swap model within five years of rideshare program. ....