Chinese Tesla competitor skyrockets nearly 350% in 2 days after announcing it will launch vehicles in the US next month

Shares of Kandi Technologies have surged as much as 350% from Tuesday’s close, fueled by the Chinese electric-vehicle maker’s announcement that it will launch two cars in the US next month.

On Wednesday, Kandi America, the US subsidiary of the Chinese company — which competes with the likes of Tesla and Nio — said customers would be able to put down $100 fully refundable deposits for two of its vehicles, the K27 and the K23, starting August 18.

The company said the vehicles would be ready for delivery beginning in the fourth quarter of 2020.

“Electric vehicles have been valued for years for their efficiency, sustainability and innovation. However, owning the ‘it’ car often eluded consumers who desired a great EV alongside all the other comforts of modern living,” Johnny Tai, the CEO of Kandi America, said in a statement. “Kandi changes that and revolutionizes the EV-buying experience for many.”

Kandi’s vehicles cost much less than the models offered by Tesla. Kandi said its compact K27 model starts at $12,999 after federal tax credits, while the larger K23 model, about the size of a small SUV, starts at $22,499 after federal tax credits.

Tesla’s Model 3, its lowest-priced vehicle, starts at $31,690, including savings through tax credits, according to the company’s website.

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