Kandi Technologies (KNDI) - Get Report shares rose Wednesday after the international auto company said that it had received clearance from the Environmental Protection Agency to enter the U.S. market.
The company's Kandi America subsidiary in Garland, Texas, will now be able to sell its K23 and K27 models. The company unveiled the two vehicles in July.
The K27, Kandi's smaller model, has a suggested retail price of $17,499. With federal tax incentives, some buyers can preorder the vehicle for $10,000. Preorders require a $100 fully refundable deposit.
The Jinhua, China, company's SUV-style electric vehicle has an MSRP of $27,499, with incentives the price is lowered to $20,000.
"By way of this final certification requirement, we can officially bring to market America’s most affordable electric vehicles,” said Johnny Tai, CEO of Kandi America.
“We are in the process of finalizing our fulfillment plans and look forward to seeing our EVs on U.S. roads very soon.”
Kandi Technologies shares at last check were up 20% to $8.29.
Last month, the company said it was establishing a ride-sharing service across China. The company will operate as Zhejiang Ruiheng Technology.
The company plans to use a fleet of 300,000 electric vehicles. Kandi expects 1,000 K23 vehicles to receive approval for a pilot program in Hainan province.