JINHUA, China, Oct. 03, 2018 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI)’s 100% owned subsidiary SC Autosports, LLC announced today that Kandi Pure EV Models EX3 and K22 continue to make significant progress in the American marketplace. Both models have received the written acknowledgement of eligibility for credit and the amount of the qualifying credit from Department of the Treasury of Internal Revenue Service for the New Qualified Plug-in Electric Drive Motor Vehicle Credit (the “Credit”) effective immediately. According to Internal Revenue Code Section 30D, manufacturers must provide appropriate information to be eligible for the Credit. Kandi has completed the entire application process. As a result, a purchaser of 2019 Kandi Models EX3 and K22 electric vehicles in America may claim the Credit of up to $7,500.00 during the tax year under Internal Revenue Code Section 30D.
For more information about the tax credit, please visit https://www.irs.gov/businesses/corporations/30d-new-qualified-plug-in-electric-drive-motor-vehicles-kandi-zhejiang-kangdi-vehicles-co-ltd.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “The pure electric vehicle market in the United States is full of potential. Following the approval of federal tax credit, Kandi’s EV products have become more competitive in both price and quality. I am confident that SC Autosports will successfully grow the EV business in addition to the powersports business.”
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”), SC Autosports, LLC – previously Sportsman Country, LLC, and the partially and wholly-owned subsidiaries of Kandi Vehicles.
More information can be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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Company Contact:
Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: IR@kandigroup.com