Kandi Technolgies Corp (KNDI)

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Kandi SMA7002BEV05 “Luxury” Electric Car Receives Approval To Be Sold In China




Officially, Kandi refers to it as the SMA7002BEV05 (seriously) and is pleased to announce that the:

“…SMA7002BEV05 the first Mid-tier Luxury Pure Electric Vehicle developed by Kandi Electric Vehicles Group Co., Ltd.* (the “JV Company”) has been approved by Ministry of Industry and Information Technology of the People’s Republic of China (“MIIT”) according to No. 69 public announcement of MIIT.”

…makes you want to run right out and get one right? Far too much words (and letters) in play there for us.

What Kandi is trying to say is that its SMA7002BEV05 has been approved for sale in China. Furthermore, Kandi claims that this vehicle is its first mid-tier luxury electric, though we think luxury is a stretch.

Here’s the rest of the press blast from Kandi:

JINHUA, China, Nov. 25, 2014 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (Nasdaq:KNDI), today announced that SMA7002BEV05 the first Mid-tier Luxury Pure Electric Vehicle developed by Kandi Electric Vehicles Group Co., Ltd.* (the “JV Company”) has been approved by Ministry of Industry and Information Technology of the People’s Republic of China (“MIIT”) according to No. 69 public announcement of MIIT.

The SMA7002BEV05 model is among the latest vehicles on the lists of “Approved Manufacturers of Vehicles, Motorcycles, Three-wheeled Vehicles, and Low-speed Trucks & Vehicle Products (No. 266)” and “Recommended Models for Energy Saving & New Energy Vehicle Demonstration and Promotion in China (No. 63)”. As a result, purchasers of such EV will now be the ultimate beneficiaries to receive all levels of national and local subsidies and incentives.

Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, “The approval of the newly added model SMA7002BEV05 is an indication of success in expanding our portfolio of the vehicle products. In addition to meet the demand of the Car-Share market, this mid-tier luxury pure electric vehicle is aiming to serve the government and enterprises’ needs. We are confident that Kandi will be diversifying its product categories to satisfy the market’s growing demands and secure its leading position in manufacturing pure electric vehicle products in China.”

*Kandi Electric Vehicles Group Co., Ltd., a joint venture company established by the Company’s wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. with Shanghai Maple Guorun Automobile Co., Ltd. (“Shanghai Maple”), a 99%-owned subsidiary of Geely Automobile Holdings Ltd. (“Geely Auto”).