Kandi America Expands Product Categories, Launches NEV Models

Rhea-AI Summary

Kandi America, the U.S. subsidiary of Kandi Technologies Group (NASDAQ: KNDI), is expanding its automotive operations into the Neighborhood Electric Vehicle (NEV) market with the launch of the NEV K23 and NEV K27 models. Priced at $22,499 and $15,499, respectively, both models meet Federal Motor Vehicle Safety Standards and include key safety features like seatbelts and airbags. As demand for NEVs grows, the company aims to fill a gap in the market that prioritizes modern technology and driver safety. Tax incentives for these vehicles vary by state.

Positive

• Expansion into the NEV market with new models increases product offerings.
• NEV K23 and K27 certified to meet Federal Motor Vehicle Safety Standards.
• Kandi vehicles priced competitively at $22,499 and $15,499.

Negative

• None.

Kandi America, the U.S. subsidiary of Kandi Technologies Group Inc. (NASDAQ GS: KNDI), an international automotive and powersports manufacturer, today announced the strategic expansion of its automotive business to fulfill the largely untapped Neighborhood Electric Vehicle (NEV) market. Now available for order and delivery through select dealerships, the Kandi NEV K23 and NEV K27 models have been certified to meet Federal Motor Vehicle Safety Standards (FMVSS) 500 requirements.

Kandi America is expanding its automotive business to the Neighborhood Electric Vehicle (NEV) market. Now available for order and delivery through select dealerships, the Kandi NEV K23 (priced at $22,499) contains safety features such as seatbelts and airbags, much-desired HVAC, and can comfortably fit up to four passengers. The back seats fold down completely to provide ample cargo space, making it perfect for active lifestyles and running errands around town. Unique to the NEV market, it comes standard with backup camera, Bluetooth capability and a high-tech touchscreen – everything the modern driver needs. Tax incentives for the NEV K23 vary by state. (Photo: Business Wire)

Increasing demand in recent years has resulted in steady growth of the NEV market, especially as it pertains to local transportation within cities and communities. However, there is a clear gap in the market when it comes to meeting the needs of the modern-day driver, especially the technology and safety features they have come to expect.

“In the U.S., most NEVs are converted from golf carts and are not as safe or comfortable as regular cars,” said Johnny Tai, CEO of Kandi America. “We are excited to have harnessed Kandi’s groundbreaking technology used for electric cars to create an elite, industry-leading category of models within the NEV space known for sophistication and dependability.”

Commonly referred to as “daily drivers” for passenger treks, NEVs are most often designed to supplement traditional vehicles rather than serve as replacements. They are convenient to maneuver and park due to their small size and eliminate the cost for gas while keeping miles off existing cars.

Priced at $22,499 and $15,499 respectively, the Kandi NEV K23 and NEV K27 models are eligible for tax incentives that vary by state.

Unique to the NEV market, Kandi’s NEV K23 and NEV K27 models contain safety features such as seatbelts and airbags, much-desired HVAC, and can comfortably fit up to four passengers. The back seats fold down completely to provide ample cargo space, making it perfect for active lifestyles and running errands around town. Both models come standard with a backup camera, Bluetooth capability and a high-tech touchscreen – everything the modern driver needs.

“NEVs provide a viable alternative for people of all ages looking for an environmentally-friendly mobility solution in a world that will soon be dominated by all things electric,” said Tai. “This includes varying types of use – from city-dwellers with short commutes to leisure drivers in communities to transport and delivery professionals within establishments.”

Last week, Kandi America announced the first step of its expansion plans – a substantial investment made to relocate its corporate headquarters from Garland to a premier location near the intersection of U.S. Highway 75 and Forest Lane that will feature a dedicated area for test drives. The purchase closed on March 4 with an anticipated move date in April. Located at 8050 Forest Lane, the 54,372-square-foot building sits on a 5-acre lot and will house Kandi America’s corporate offices, as well as a show room and distribution center.

The company’s long-term strategic plans include continued investment in the development and rollout of electric vehicles and powersports, including the highly anticipated passenger cars which remain in development per the decision in late 2020 to make several interior and exterior enhancements.

Prospective dealers looking to gain additional information on how to become a Kandi America partner can visit KandiAmerica.com/dealer-inquiry.

About Kandi America

Kandi America is the U.S. subsidiary of Kandi Technologies Group, Inc. (NASDAQ GS:KNDI). Headquartered in Garland, Texas, Kandi America is primarily engaged in the wholesale distribution of off-road vehicle products and electric vehicles. Since 2008, Kandi Technologies has been publicly traded on the Nasdaq Stock Exchange under the symbol KNDI. For more information, visit KandiAmerica.com.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005527/en/

FAQ

What is Kandi America's latest press release about?

Kandi America announced its expansion into the Neighborhood Electric Vehicle (NEV) market with the launch of NEV K23 and NEV K27 models.

What are the prices for the Kandi NEV K23 and K27 models?

The Kandi NEV K23 is priced at $22,499 and the NEV K27 at $15,499.

Are Kandi's NEV models compliant with safety standards?

Yes, the NEV K23 and K27 have been certified to meet Federal Motor Vehicle Safety Standards (FMVSS) 500.

What tax incentives are available for Kandi's NEV models?

Tax incentives vary by state for the Kandi NEV K23 and K27.

What features do Kandi's NEV K23 and K27 include?

Both models feature safety enhancements like seatbelts and airbags, HVAC, a backup camera, Bluetooth capability, and a high-tech touchscreen.