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Geely-Kandi EV Qualifies for Chinese Subsidies
Kandi Technologies Group Inc. says Chinese regulators have approved an electric sedan developed by its joint venture with Geely Automobile Holdings Ltd.
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Kandi Technologies Group Inc. says Chinese regulators have approved an electric sedan developed by its joint venture with Geely Automobile Holdings Ltd.
The authorization means the car called the Kandi Brand/JL7001BEV qualifies for national and local government subsidies and incentives for electric vehicles. Jinhua-based Kandi, which makes EVs, go-karts and all-terrain vehicles, did not describe the new model or say when it would go on sale.
Geely and Kandi formed their 50:50 joint venture in March to develop, produce and sell EVs and parts. Each company contributed its EV technology to the venture.
The Chinese government aims to have 500,000 hybrid and electric vehicles on the road by 2015 and 5 million such vehicles by 2020. But consumers there bought only 11,400 EVs last year, according to the China Assn. of Automobile Manufacturers.
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