SOURCE: Kandi Technologies, Corp.
April 26, 2010 08:00 ET
Kandi Technologies Introducing Another COCO Model in the U.S.; Confirms the New All Electric Hardtop Model KD18E Also Is Eligible for 10% U.S. 2010 Tax Credit
JINHUA, CHINA--(Marketwire - April 26, 2010) - Kandi Technologies, Corp. (NASDAQ: KNDI), a leading Chinese exporter of recreational vehicles and developer of the "COCO" all electric LSV -- which recently forged a China-based multi-company Alliance to create a large-scale, "daily commuter" electric vehicle (EV) model city in Jinhua City, Zhejiang Province -- announced today that its sole distribution agent in the U.S., SOLUS INTERNATIONAL CORPORATION, has been notified by the U.S. Internal Revenue Service that Kandi's newest COCO all electric vehicle for the U.S. market, the COCO KD18E hardtop, is eligible for the U.S. 2010 10% tax credit for qualified plug-in electric vehicles. Earlier this year, SOLUS applied for the tax credit on the hardtop model after receiving IRS confirmation of the eligibility of the COCO KD08E convertible for the credit.
Mr. Xiaoming Hu, Chairman and CEO of the Company, stated, "Our hardtop introduction is in response to requests from our U.S. distributor SOLUS. The KD18E comes with the comfort of air conditioning, and continues to offer a driving range of up to 80 miles on a single charge at a top speed of 25 mph. The new model will be put into the market in May 2010. We believe the hardtop will broaden the appeal of the COCO for consumers seeking a low cost, non-polluting all-weather vehicle for neighborhood driving, with a tax credit that further lowers the price of the car."
|Spec Sheet for Kandi All Electric COCO Hard-top, Model KD18E
||Axle base mm
||Wheel base mm
||Max speed (km/h)
||maximum gradability %
|Rated Power KW
|max power KW
|rated speed rpm
|Max speed rpm
||Rated Voltage V
|Max Voltage V
|Min Voltage V
About Kandi Technologies, Corp.
Kandi Technologies, Corp. (NASDAQ: KNDI) ranks as one of the largest manufacturers and exporters of go-karts in China, making it a world leader in the production of this popular recreational vehicle. It also ranks among the leading manufacturers in China of all terrain vehicles (ATVs), and specialized utility vehicles (UTVs), especially for agricultural purposes. Recently, it introduced a second generation high mileage, two seater three-wheeled motorcycle. A major company focus also has been on the manufacture and sales of a highly economical, beautifully designed, all electric super mini car -- the COCO -- for neighborhood driving and commuting. Kandi believes that battery powered, electric super minis will become the Company's largest revenue and profit generator. The Company's products can be viewed at http://www.kandivehicle.com. Its corporate/ir website is http://www.chinakandi.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the Securities and Exchange Commission.