Kandi Hainan Manufactured Pure EV Model K23 to be Launched in the American Market
10/07/2019
JINHUA, CHINA-- (October 2, 2019) - 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 theNew 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 distributorsfrom 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 endof 2019.
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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 Manufacturersunder Kandi is effectivelyentitled 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 tosecure Kandi’s market share in the United States’ pure electric vehicle market.”
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 Manufacturersunder Kandi is effectivelyentitled 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 tosecure Kandi’s market share in the United States’ pure electric vehicle market.”
