Shares of Chinese electric-vehicle (EV) maker Kandi Technologies (NASDAQ: KNDI) were up 10% as of 9:45 a.m. EST on Tuesday. The stock has been on a bumpy ride the past two months, more than doubling before dropping back down after a short-seller report.
Today’s move is related to a new strategic business arrangement the company announced.
Kandi said it has entered into an agreement with the Hangzhou branch of the Agricultural Bank of China. The agreement also includes rideshare company Zhejiang Ruiheng Technology and battery-swap company China Battery Exchange. China Battery is a subsidiary of Kandi, and Kandi owns 10% of Zhejiang Ruiheng.