Making a late entry into the highly competitive US electric vehicle market is Chinese firm Kandi Technologies (KNDI). The Zhejiang-based firm said on Wednesday that it has received approval from the National Highway Traffic Safety Administration (NHTSA) to import its electric cars – Model EX3 and Model K22 – into the US.
Shares of Kandi Technologies soared over 40% following this announcement. The stock has gained 57% in the trailing 52 weeks.
The company, which produces electric vehicles in a joint venture with Chinese automotive giant Geely, said they received the approval after the NHTSA was convinced that the two models conform with its standards.
CEO Hu Xiaoming said, “We believe both the EX3 and K22 are competitive in price and quality with advanced tech features that are in demand by American consumers.”
The company is yet to reveal the price of its vehicles, though it is speculated to be about $20,000. In the American market, Kandi would compete with Tesla (TSLA), General Motors (GM), Ford (F), Chinese counterpart Nio (NIO), as well as numerous global EV manufacturers.
However, unlike Tesla or Nio, Kandi’s vehicles cannot be termed as pure-breed electric cars.
Kandi’s electric cars can reportedly achieve a top speed of 100 km/h and come with a range of about 380 km.
The business world is still struggling to come out of the virus-induced slowdown, but it seems almost every retail segment benefited from the pandemic at some point. The vaccination drive
General Mills (GIS): Three factors that are expected to help drive growth for the food company going forward
Shares of General Mills Inc. (NYSE: GIS) were up 3.2% on Wednesday after the company delivered better-than-expected results for the first quarter of 2022. Net sales rose 4% year-over-year to
It is estimated that the alternative investments industry has expanded at a compound annual rate of 10.2% over the past ten years and had $11 trillion in assets under management