Kandi Passes Regulations, Ready to Ship K23 to U.S.
Kandi is set to deliver its K23 to the U.S. after it passed a series of test drives and vehicle inspections conducted by SC Autosports.
Kandi Technologies Group Inc. (Nasdaq: KNDI) announced on Monday that its K23 electric vehicle (EV) passed regulatory requirements and is ready for shipment to the United States.
The K23, made by Kandi Electric Vehicles (Hainan) Co. Ltd., passed a series of test drives and vehicle inspections, the Jinhua-based company said in a statement today. The tests were conducted from Oct. 23 to Oct. 27 by an inspection team based in Texas, SC Autosports LLC, at Kandi's factory in Hainan, the report said.
The move today follows Kandi receiving the eligibility for $7,500 tax credits earlier this month. Kandi signed a $32 million supply contract for the first set of 2000 K23s with SC Autosports.
The U.S. market for EVs is projected to growt to 7.6% of the market share by 2026 compared with 1.2% from 2018, according to Statista. U.S. market leader Tesla Inc. (Nasdaq: TSLA) has just completed the construction of its Shanghai factory to produce Model 3s.
Kandi received approval from the National Highway Traffic Safety Administration, to import its EX3 and K22 EV models, in the U.S., as announced earlier this year.
Shares in Kandi were sent more than 2% lower to $5.26 per American depositary share on Monday afternoon.
Tesla ended the day 42 cents lower, at $327.71 per share.