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.
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