Kandi Technologies KNDI Stock News

Kandi Technologies Group Inc (NASDAQ: KNDI) had an incredible day in the market yesterday, closing the session on gains of more than 140%. Today, those gains are continuing, with the stock trading on well over 80% gains in the premarket hours.

The gains come after the company announced that it will launch the lowest cost electronic vehicle in the United States. Here’s what’s going on:

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KNDI Stock Is Soaring On Electric Vehicle News

In the press release issued yesterday, Kandi Technologies said that its subsidiary, Kandi America, will launch the most affordable electric vehicles on the United States market. The company said that the launch will focus on the Dallas-Fort Worth metroplex to start.

Along with the announcement of the vehicle launch, KNDI unveiled a campaign known as “Kandi. Atuo EVolution for all.” The company said that the campaign centers around a live virtual launch event on August 18 to kick off preesales. Following the event, customers will be able to put a $100 deposit down for K27 and K23 models. It is expected that these models will be available in the fourth quarter.

The company said that during the virtual launch, participants will engage in a meaningful experience, including an exclusive look at the design and advanced technologies associated with these models. Moreover, a drawing will be conducted with one winner taking home a model K23

KNDI said that the K27 will come with a price of $12,999 after all federal tax credits. While the model is compact, it features what the company calls ample interior space and comfortability. The car features a 17.69 kWh Lithium battery and a driving range of up to 100 miles.

The K23 will start at a price of $22,499 after all federal tax credits. The vehicle is the size of a small SUV and comes with a driving range of more than 180 miles.

In a statement, Johny Tai, CEO at KNDI, had the following to offer:

Electric vehicles have been valued for years for their efficiency, sustainability and innovation. However, owning the ‘it’ car often eluded consumers who desired a great EV alongside all the other comforts of modern living. Kandi changes that and revolutionizes the EV-buying experience for many. At Kandi, we are on a mission to make electric cars accessible for all. With these first two models, we are starting an Auto EVolution that will allow anyone, regardless of their financial status, to afford a reliable, high-tech EV.

The above statement was followed up by Kewa Luo, the company’s investor relations director. Here’s what he had to say:

This is an exciting time for Kandi Technologies as we successfully roll-out the sales of the K27 and K23 in the United States. Since early 2019, we have been working hard to identify the right distributor, secure regulatory approvals and demonstrate readiness for success in this emerging and dynamic market. With those milestones achieved, we now look forward to this exciting next phase of growth.

This News Is Huge

As consumers around the world continue to work to reduce their carbon footprints, demand for clean energy products like solar panels and electric vehicles is only likely to climb. Kandi Technologies seems to be on a mission to capitalizeon this trend.

With the lowest priced electric vehicles in the United States market, KNDI has the ability to attract the masses, many of who could not afford current electric vehicle options. Ultimately, this is the new wave of the electric vehicle evolution in the United States, and KNDI stock is one to watch closely as a result.

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