Chinese EV maker Kandi announced today that it is actively looking to build an electric car factory in North America.
Kandi already has some success in the booming electric vehicle space in China, but it wants to be the first Chinese automaker to replicate that success in North America.
They are moving fast to make it happen.
After officially launching its electric cars in the US just yesterday, Kandi announced that it is looking to establish manufacturing capacity in North America:
“Kandi Technologies Group, Inc. (NASDAQ GS: KNDI), today announced it is actively exploring the possibility of opening a manufacturing base in North America for its popular electric vehicles (“EV”) and off-road vehicles. Kandi plans to more aggressively target the fast-growing North America market and ensure affordability by eliminating shipping costs and tariffs. The Company is in preliminary discussion with various potential partners, including local government agencies from the US-Mexico border, and has received positive feedback. The Company cautioned that the exploration process is in its early stage and any negotiations would not guarantee a North American plant will be built.”
The fact that Kandi mentioned “North America” and not the US and it referred to the US-Mexico border could mean that Kandi is looking at sites in Mexico.
Kandi Chairman and Chief Executive Officer Hu Xiaoming commented on the new effort:
“We have achieved initial success with our strategic decision to expand to the U.S. electric vehicle market. Over the near term, we are confident we can meet the growing North American demand with our existing manufacturing facilities in China. Longer term, however, we are actively exploring the possibility of manufacturing EVs and off the road vehicles locally, as we plan to more aggressively target the fast growing North American market.”
After the launch of the Kandi K27 and K23 models yesterday, Kandi announced that it received over 400 pre-orders and nearly 11,000 “potential buyers”:
“Nearly 11,000 potential buyers registered for the event, which was widely attended by tens of thousands of people across each of the 50 states and around the world. As of 11 a.m. CT this morning, merely 24 hours after the live virtual launch, Kandi America has received 436 pre-order reservations for the newly launched models, and the number is expected to increase further based on the level of interest received from consumers wanting to own a Kandi EV.”
Kandi says that deliveries are going to start in Q4 in the US.
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