U.S. National Highway Traffic Safety Administration (NHTSA) Approves Kandi’s Two Pure Electric Vehicle Models
February 20 2019 - 7:33AM
Kandi Technologies Group, Inc. (the
“Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that
Kandi brand electric vehicle (“EV”) Model EX3 and Model K22 have
been approved for importation and registration in the USA by the
National Highway Traffic Safety Adminstration (“NHTSA”). More
information can be found by visiting the NHTSA’s website at
https://vpic.nhtsa.dot.gov, clicking the “vPIC Decoder” link and
entering 7KZ in the Vehicle Identification Number (“VIN”) field.
This is another significant milestone after qualifying for a $7,500
U.S. Federal tax credit in October 2018. The NHTSA approval is an
assurance that Kandi’s two EV models conform to NHTSA standards and
are registered in the U.S.. The JV Company will begin the process
of launching the Model EX 3 and Model K22 for the American
market.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi commented, “we are thrilled Kandi Model EX3
and Model K22 received approval from the NHTSA. The approval has
demonstrated our EV models meet all the necessary requirements and
standards of the U.S. government. With this, we are confident in
introducing our reliable vehicles to the American public. We
believe both the EX3 and K22 are competitive in price and
quality with advanced tech features that are in demand by American
consumers. We are confident that SC Autosports, our U.S.
subsidiary, will have a successful launch and grow the EV market in
addition to its powersports business.”
About Kandi Technologies Group,
Inc.
Kandi Technologies Group, Inc. (KNDI),
headquartered in Jinhua Economic Development Zone, Zhejiang
Province, is engaged in the research, development, manufacturing,
and sales of various vehicular products. Kandi conducts its primary
business operations through its wholly-owned subsidiary, Zhejiang
Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), SC Autosports, LLC,
the wholly-owned subsidiary of Kandi Vehicles, and Kandi Electric
Vehicles Group Co., Ltd. Kandi Vehicles has established itself as
one of China's leading manufacturers of pure electric vehicle parts
and off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China's
leading automaker, jointly invested in the establishment of the JV
Company in order to develop, manufacture and sell pure electric
vehicle ("EV") products. As of 2018, each party has invested RMB
1.045 billion in the JV Company, for a total investment of RMB 2.09
billion with each party holding a 50% stake in the JV Company. The
JV Company has established itself as one of the driving forces in
the development and the manufacturing of pure EV products in
China.
More information about KNDI is available on the
Company's corporate website at http://www.kandivehicle.com. The
Company routinely posts important information on its website.
Safe Harbor Statement
This press release contains certain statements
that may include "forward-looking statements." All statements other
than statements of historical fact included herein are
"forward-looking statements." These forward-looking statements are
often identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involving known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Company Contact: Ms. Kewa Luo Kandi Technologies
Group, Inc. Phone: 1-212-551-3610 Email: IR@kandigroup.com
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