Kandi's E-Vehicle K23 to Launch Sales in U.S
A number of Kandi's e-vehicles are eligible for tax credits in the American market. The countdown for its sales in the U.S. has begun.
Kandi Technologies Group Inc. (Nasdaq: KNDI) announced on Wednesday the sales of its K23 is expected to launch in the United States.
The K23, made by Kandi Electric Vehicles (Hainan) Co. Ltd., (Kandi Hainan) received eligibility for up to $7,500 tax credits, the company said in a statement. The move comes under the New Qualified Plug-in Electric Drive Motor Vehicle Credit from the Internal Revenue Service, giving U.S purchasers of the K23 eligibility for the credit, according to Kandi.
Kandi Hainan hosted a conference recently in Garland, Texas, where it attracted over 120 American distributors and performed an on-site test drive of the model. The company signed a $32 million supply contract for a first batch of 2000 K23s with SC Autosports this week, according to the report.
The first 200 vehicles will deliver by the end of the year, Kandi said.
"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," Xiaoming Hu, the chairman and chief executive officer of Kandi, said in a statement on Wednesday.
Kandi's other EV models, the K22 and EX3, also received U.S. tax credit eligibility earlier this year.
The stock in Kandi closed flat on Wednesday, at $4.50 per American depositary share.