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

U.S. officials: Iran and Russia aim to interfere in election

Iran and Russia have obtained voter registration information that can be used to undermine confidence in the U.S. election system, Director of National Intelligence John Ratcliffe announced at a press conference Wednesday evening.

Why it matters: The revelation comes roughly two weeks before Election Day. Ratcliffe said Iran has sent threatening emails to Democratic voters this week in states across the U.S. and spread videos claiming that people can vote more than once.

Obama: Trump emboldens people to be "cruel and divisive and racist"

Former President Barack Obama. Photo: ALEX EDELMAN / Getty Images

In his first campaign rally appearance on behalf of Joe Biden, former President Barack Obama urged Americans to vote, saying "we can't afford another four years" of a Trump presidency.

Why it matters via Axios' Hans Nichols: With less than two weeks until Election Day, Obama made his case for Biden in Pennsylvania, a state that Trump's campaign knows he needs to win.

Quibi says it's shutting down

Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Quibi, the mobile-only video subscription streaming service, is shutting down, the company announced Wednesday. The company said the decision was made to preserve shareholder equity.

Why it matters: Quibi had struggled to hit its subscriber growth targets amid the global pandemic. The app launched six months ago.