Kandi Technologies (Nasdaq: KNDI) has announced that its new mid-tier luxury EV has been approved by China’s Ministry of Industry and Information Technology.

The new model, with the cumbersome name SMA7002BEV05, has been added to the list of recommended new energy vehicles, which means that buyers are now eligible for a wide range of national and local subsidies and incentives.

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“The approval of the newly added model SMA7002BEV05 is an indication of success in expanding our portfolio of vehicle products,” said Kandi CEO Hu Xiaoming. “In addition to meeting the demand of the car-share market, this mid-tier luxury pure electric vehicle is aiming to serve the government and enterprises’ needs. We are confident that Kandi will be diversifying its product categories to satisfy the market’s growing demands and secure its leading position in manufacturing pure electric vehicle products in China.”

Source: Kandi Technologies Group via EV News Report