China’s Kandi announces US approval to sell EX3 and K22 EVs, stock up 40%

China’s Kandi says it has received approval from the National Highway Traffic Safety Administration to import two of its electric cars to the U.S.

Kandi intends on importing its Model EX3 and Model K22 to the U.S. The company made its ambitions clear last year when it showed off new U.S. versions of the EVs in Texas.

Kandi unveiled both the EX3, an all-electric SUV, and the K22, a subcompact electric car, last year. It introduced the cars in conjunction with Sportsman Country, a Texas-based ATV dealer/distributor it acquired in 2018.

A number of financial outlets, including CNBC, noted the swift rise of Kandi’s stock after the company announced NHTSA approval. Kandi Technologies Group stock jumped more than 40 percent on Wednesday.

In a press release, Kandi CEO Hu Xiaoming said,

“We are thrilled Kandi Model EX3 and Model K22 received approval from the NHTSA. The approval has demonstrated our EV models meet all the necessary requirements and standards of the U.S. government. With this, we are confident in introducing our reliable vehicles to the American public. We believe both the EX3 and K22 are competitive in price and quality with advanced tech features that are in demand by American consumers.”

The K22 is a two-seater with an advertised range of 83 miles (134 km) and a top speed of 65 mph. Hu told Bloomberg in January that it will be priced at less than $20,000 in the U.S.

He didn’t have any pricing information at the time about the EX3, which boasts a range of 188 miles (303 km) and seats five. Kandi sells the EX3 in China as an electric version of Geely’s EX3 SUV, where it is available for less than $20,000 after incentives. It will very likely cost more in the U.S.

Kandi announced last October that the cars would qualify for the $7,500 U.S. federal tax credit. The company said it will now “begin the process of launching the Model EX3 and Model K22 for the American market.” No firm timeline is known at this point.