| Kandi Reports Another of Its EVs -- Model KD5010XXYEV -- Has Been Approved for Sale in China by the Ministry of Industry and Information Technology |
Kandi Technologies, Corp. /quotes/comstock/15*!kndi/quotes/nls/kndi (KNDI 2.96, +0.01, +0.34%) reported today that following the Chinese governmental approval it received for the sale domestically of its EV vehicle types 5012xxybev and 5020xxybev (batch 203 and batch 212, respectively) published by the Ministry of Industry and Information Technology (MIIT) on May 26, 2010, it has received another approval for the sale of its new EV, the KD5010xxyev, in MIIT announcement No. 104 (batch 214).
As previously reported, upon receiving its first EV approval on May 26, 2010, after many years of effort, the Company gained the right to manufacture finished automobiles for Chinese consumers. This was a milestone event which it believes has set the foundation for developing domestic EV sales.
According to the Company, however, its first two models to receive government approval are suitable for limited consumer groups, and the Company does not intend for them to be mass produced. In contrast, in the Company's view, the applicable sphere of the new faster and larger KD5010xxyev is much broader and it has great market potential. Not only does it potentially provide families with low cost, environmentally friendly all electric transportation, but it also is expected to meet the needs of government agencies such as the post office and power supply providers. As such, the Company is optimistic that the new KD5010xxyev will achieve popularity and contribute to the Company's future development.
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