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Kandi Model K27. Image courtesy of Kandi America

Kandi America's Model K27, a small EV from the U.S. subsidiary of China's Kandi Technologies Group, is slated to begin limited U.S. delivery late this year.

Why it matters: The cost — Kandi says the K27 starts at $12,999 once you include the $7,500 federal tax credit and has an estimated 100-mile range.

  • The company says it will be the lowest-cost EV in the U.S. market, and I'm not aware of anything cheaper (readers, please LMK if I'm wrong).
  • A larger model with a bigger battery and an estimated 188-mile range, called the K23, starts at $22,499 when the federal incentive is included.

The intrigue: Kandi Technologies' stock surged this week — up 350% at one point, per Business Insider — after the company announced the launch.

  • The share price has come back down but remains about twice the level it started at this week.

What's next: Kandi said this week that it's holding a virtual launch on Aug. 18 to open reservations for the cars, which will initially be available in the Dallas area.

Go deeper

24 mins ago - Technology

Big Tech bolts politics

Illustration: Eniola Odetunde/Axios

Big Tech fed politics. Then it bled politics. Now it wants to be dead to politics. 

Why it matters: The social platforms that profited massively on politics and free speech suddenly want a way out — or at least a way to hide until the heat cools. 

Felix Salmon, author of Capital
30 mins ago - Economy & Business

GameStop as a metaphor

Illustration: Aïda Amer/Axios

A half-forgotten and unprofitable videogame retailer is, bizarrely and incredibly, on the lips of the nation. That's because the GameStop story touches on economic and cultural forces that affect everyone, whether they own a single share of stock or not.

Why it matters: In most Wall Street fights, the broader public doesn't have a rooting interest. This one — where a group of small traders won a multi-billion-dollar bet against giant hedge funds by buying stock in GameStop — is different.

"Megacities" on the rise

Data: Macrotrends; Map: Andrew Witherspoon/Axios

Places with more than 10 million residents — known as megacities — are becoming more common as people from rural areas migrate to urban ones.

Why it matters: The benefits of megacities — which include opportunities for upward mobility and higher wages — can be offset by their negatives, like the fact that they're breeding grounds for COVID-19.