KNDI stock rose in after-hours trading on July 29, 2020, after the company announced a virtual event to kick-off pre-sales of its EVs.
Kandi America, the U.S. subsidiary of Kandi Technologies Group, Inc. (NASDAQ GS: KNDI), an international automotive manufacturer, announced today its formal launch of the most affordable electric vehicles (EVs) on the U.S. market, with an initial focus on the Dallas-Fort Worth metroplex.
In conjunction, it has unveiled the “Kandi. Auto EVolution for all” campaign that centers around a live virtual launch event on August 18 to kick-off pre-sales and allow customers to put a fully-refundable $100 deposit down for models K27 and K23, which will be available for delivery in fourth quarter 2020.
“Electric vehicles have been valued for years for their efficiency, sustainability and innovation. However, owning the ‘it’ car often eluded consumers who desired a great EV alongside all the other comforts of modern living. Kandi changes that and revolutionizes the EV-buying experience for many,” said Johnny Tai, CEO of Kandi America. “At Kandi, we are on a mission to make electric cars accessible for all. With these first two models, we are starting an Auto EVolution that will allow anyone, regardless of their financial status, to afford a reliable, high-tech EV.”
The virtual launch will take place at 10 a.m. CST on August 18. Participants will engage in a meaningful experience, including an exclusive look at the sleek design and advanced technology features of models K27 and K23. Kandi will also conduct a drawing, with the lucky winner receiving a model K23. Registration for the giveaway will open in August.
Priced at $12,999 after federal tax credits, the K27 is the compact model with ample interior space that can comfortably accommodate up to four passengers. The car features a 17.69 kWh Lithium battery and a driving range up to 100 miles, making it an ideal automobile for urban driving.
For those in the market for a larger vehicle with more trunk space, the K23 is an affordable option at $22,499 after federal tax credits. The size of a small SUV, this model includes a 41.4 kWh Ternary Lithium battery and a driving range of more than 180 miles.
“This is an exciting time for Kandi Technologies as we successfully roll-out the sales of the K27 and K23 in the United States,” said Kewa Luo, Investor Relations Director of Kandi Technologies Group. “Since early 2019, we have been working hard to identify the right distributor, secure regulatory approvals and demonstrate readiness for success in this emerging and dynamic market. With those milestones achieved, we now look forward to this exciting next phase of growth.”
To register for the virtual event, visit www.drivekandi.com.
Kandi Technologies Group, Inc. (NASD:KNDI) acquired SC Autosports, LLC in 2018 to be its exclusive U.S. distributor, operating as Kandi America. Headquartered in Garland, Texas, Kandi America specializes in the development, manufacturing and commercialization of electric vehicles, all-terrain vehicles, battery packs, automobile motors, controllers for electric vehicles, and air-conditioning systems.
On July 22, 2020, Kandi Technologies (NASDAQ GS: KNDI) announced that the Maple 60V all-electric MPV (Multi-purpose Vehicle) produced by its affiliate company Fengsheng Automotive (the “Affiliate Company” or “Fengsheng”) was approved for purchase subsidies by China’s Ministry of Industry and Information Technology (“MIIT”). Subsidy approval is a key milestone as Fengsheng brings the 60V to market in the near future.
The Maple 60V is the next offering in a planned series of versatile, MPV featuring style, performance and comfort. The Maple 60V follows the recently introduced Maple 30X, which is seeing strong initial interest. A key feature of the 60V will be a swappable battery, which enables quick “refueling” and reduced range anxiety.
“We are pleased that Fengsheng is announcing the fulfillment of this key milestone for the Maple 60V,” commented Xiaoming Hu, Kandi Technologies Chairman and Chief Executive Officer. “With sales starting for the 30X and the 60V coming soon, we are impressed with the burgeoning family of city pure electric vehicles being produced by our affiliate company. We look forward to growing sales as distribution expands and the Chinese economy gradually returns to normal.”