JINHUA, China, Oct. 02, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that Kandi brand electric vehicle (“EV”) model K23, manufactured by the Company’s wholly-owned subsidiary Kandi Electric Vehicles (Hainan) Co., Ltd.* (“Kandi Hainan”), received eligibility for up to $7,500.00 in tax credits under the New Qualified Plug-in Electric Drive Motor Vehicle Credit (the “Credit”) from the Internal Revenue Service. Therefore, new U.S. buyers who purchase model K23 will qualify for the Credit. SC Autosports, LLC (“SC Autosports”), Kandi’s wholly-owned subsidiary, hosted EV model K23 Launch Conference in Garland, Texas during September 21-23, 2019. Over 120 distributors from all over the U.S. attended the conference. After an on-site test drive, the distributors were enthusiastic about K23’s market potential in the U.S. and showed their high interest in distributing model K23. As a result, Kandi Hainan signed a Supply Contract (the “Contract”) for the initial 2000 model K23 with SC Autosports on October 1, 2019. The value of the Contract is about $32 million. According to the Contract, the first 200 vehicles are expected to be delivered by the end of 2019.
To view an enhanced version of this graphic, please visit:
For more information about the Credit, please visit https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit
* Zhejiang Kandi Vehicles Co., Ltd., the one listed in the Index to Manufacturers under Kandi is effectively entitled to 100% of the economic benefits, voting rights and residual interests (100% of the profits and losses) of Kandi Hainan.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented: “We are very pleased that Kandi EV model K23 is qualifying for the U.S. federal tax credit in 2020 and the success of the model K23 launch conference in Texas. Following the model K23’s entry into the U.S. Market, we are confident in our ability to secure Kandi’s market share in the United States’ pure electric vehicle market.”
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries, SC Autosports, LLC, the wholly-owned subsidiary of Kandi in the United States and Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the JV Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. As of September 30, 2019, Geely Group (including its affiliate) holds 78%, and Kandi Vehicles holds 22% in the JV Company. The JV Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.
More information about KNDI is available on the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Ms. Kewa Luo
Kandi Technologies Group, Inc.