The Kandi store is open: Chinese automaker begins retail EV sales

Kandi

Kandi Technologies Group (Nasdaq: KNDI), which operates a car-sharing service that dispenses EVs from automated multilevel garages (“Kandi Machines”) in 8 Chinese cities, has announced that it is starting retail sales of EVs.

Kandi is selecting dealers in 26 Chinese provinces and will begin selling its latest EV models, Chairman Hu Xiaoming told Bloomberg. The company also plans to expand its car-rental network to about 15 cities this year.

Kandi Technologies Group

Other Chinese automakers are going electric too, encouraged by government subsidies that can cut retail prices by as much as 60 percent. Total production of EVs grew fourfold in the first quarter of 2015 compared to a year earlier, according to the Ministry of Industry and Information Technology.

“People recognize on a daily basis the negative impact of pollution in China,” said David Smith, a portfolio manager at Greentech Capital Advisors. “The government is starting to take action, and there are incentives in place to push electric vehicles.”

 

Source: Bloomberg