All bets have been on Tesla Inc TSLA, General Motors Company GM and market newbie Nio Inc - ADR NIO. But in the final lap of the electric-vehicle race, Kandi Technologies Group Inc KNDI has made an unexpected surge.
The Chinese joint venture company announced Wednesday the U.S. National Highway Traffic Safety Administration approved two purely electric models for importation and registration.
“The approval has demonstrated our EV models meet all the necessary requirements and standards of the U.S. government,” Kandi Chairman and CEO Hu Xiaoming said in a press release. “With this, we are confident in introducing our reliable vehicles to the American public.”
Kandi subsidiary SC Autosports will pioneer the launch of Model EX3 and Model K22 in the U.S. market.
This progress marks Kandi’s second significant milestone in the last five months. In October, the firm qualified for the U.S.’s $7,500 EV tax credit — a pricing advantage that Tesla and GM have nearly exhausted. The subsidies help Kandi meet demand at more competitive consumer prices.
Kandi shares popped more than 20 percent on the news, trading around $7.24 at time of publication.
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