JINHUA, CHINA, Oct. 16, 2009 (Marketwire) --
JINHUA, CHINA -- (Marketwire) -- 10/16/09 -- Kandi Technologies, Corp. (NASDAQ: KNDI), a China-based leader in the design and manufacture of electric powered vehicles, announced today it has received a letter from the US Department of The Treasury notifying the Company that its low speed electric vehicle, the Kandi "COCO" convertible (Kandi KD08E), has met the requirements of the Qualified Plug-in Electric Vehicle Credit as a Qualified Plug-in Electric Vehicle. Consequently, qualifying purchasers of this vehicle will receive a tax credit in the amount of $4,435.
Simultaneously, the Company announced that the KD08E also has been determined by the Oklahoma Tax Commission to be a qualified electric vehicle for which qualifying purchasers can receive a tax credit amounting to 50% of the purchase cost.
"While these certifications are valid only through December 31, 2009," Mr. Xiaoming Hu, Kandi's CEO and Chairman, stated, "we have submitted the tax credit applications for 2010 and are confident our application to renew acknowledgement of the KD08E as a Qualified Electric Plug-in Vehicle will be approved. Further, we are planning to submit applications for additional vehicles, which we believe also will meet the requirements."
"Kandi's goal is to provide reliable electric powered cars at affordable prices and, clearly, these tax credits will significantly reduce the cost of purchasing our vehicles and bring us a step closer to this goal," said Mr. Hu. "As a result," he said, "we believe Kandi's electric car will attract many new potential customers and we anticipate a strong boost to the Company's sales in the US market."
About the COCO Electric Car
The beautifully designed two-seater battery powered COCO convertible being sold by Kandi in the US travels up to 60 miles at speeds reaching 25mph on a six-hour charge.
About the Company
In 2008, Kandi Technologies, Corp. (NASDAQ: KNDI) generated nearly $41 million in sales and profits of about $5 million, principally from its core All Terrain Recreational Vehicle (ATRV) businesses. The Company 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, 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. While nearly all Kandi products are exported, including more than 65% to the US, the Company is intensifying efforts to shift 50% of its sales to China where markets have continued to be strong.
The Company's products can be viewed at 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.
Kandi Technologies, Corp.
President and CEO
86-579 - 83906856
Focus Asia Partners