Kandi Technologies Announces that SC Autosports Now Accepting Dealer Applications for Kandi Electric Cars in USA
02/04/2020
JINHUA, CHINA-- (February 4, 2020) - Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that its subsidiary SC Autosports (“SCA”), the exclusive distributor of Kandi electric cars in the U.S., has begun taking dealer applications to sell Kandi electric cars in the U.S..
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “After nearly two years of preparation, we are thrilled that SCA is ready to bring Kandi electric cars into the U.S. market. We are confident in our electric cars and firmly believe that SCA will have a successful launch. We have already shipped cars to the U.S. and we look forward to ramping our imports as we build out our distribution network there.”
Key milestones in preparation of the U.S. launch included:
In February 2019, SCA received approval from the U.S. National Highway Traffic Safety Administration (NHTSA) for importation and registration in the U.S. for Kandi electric cars.
In May 2019, SCA entered into an agreement with Northpoint Commercial Finance to provide potential dealers for Kandi electric cars with inventory financing.
In September 2019, SCA received approval from the IRS for a $7,500 federal tax credit for purchases of Kandi Model K23.
In November 2019, SCA subsequently received approval from the IRS for a $7,500 federal tax credit for purchases of Kandi Model K27.
In November 2019, SCA subsequently received approval from the IRS for a $7,500 federal tax credit for purchases of Kandi Model K27.
In September 2019, SCA prepared for the launch of Kandi electric cars in the U.S. by marketing them at SCA’s annual Dealer Summit in Dallas, Texas.
