$Kandi Technolgies (KNDI.US)$ Kandi Technologies Group (NASD...

$Kandi Technolgies(KNDI.US)$ Kandi Technologies Group (NASDAQ:KNDI) was one of the leading gainers in the electric vehicle sector with a 10.81% gain Wednesday morning. Earlier in the session, the EV stock traded at its highest level since January 8.

The biggest news of the week for Kandi Technologies (KNDI) was that the reincorporation merger to redomicile the company as a British Virgin Islands company was completed on April 16. Pursuant to the merger, each outstanding share of the common stock of KNDI is converted into the right to receive one ordinary share of Kandi Technologies Group, which is the British Virgin Islands company.

Alongside the company's last earnings report, CEO Dr. Xueqin Dong said Kandi Technologies (KNDI) will increase its R&D investment this year and launch more competitive all-electric off-road vehicle products. "We are poised to capture the burgeoning demand for fuel-to-electric conversion in off-road vehicles. Building on this confidence, we expect significant growth in 2024, aiming to increase the value we offer to our customers and shareholders," he noted.