Boston, MA 10/03/2014 (wallstreetpr) – Kandi Technologies Group Inc (NASDAQ:KNDI)’s pure electric vehicle brand SMA7001BEV has cleared the Nanjing local inspection related with the licensed plate. It intends to launch the car-share program with its electric car vehicles after the clearance. Nanjing comes in the list of national renewable energy automobile pilot towns.
The details
ZuoZhongYou Electric Vehicle Service Co., Ltd. has received the approval for the formation of ZZY-Nanjing. The approval comes from the local state administration of Industry & Commerce. ZuoZhongYou Electric Vehicle Service Co., Ltd. is a known subsidiary of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. Once the ancillary process for ZZY-Nanjing’s establishment completes, Kandi will launch the Car-share program officially in Nanjing. Kandi’s models SMA7000BEV and SMA7001BEV will receive the national government subsidy of approximately USD 7,738.00. Also, the models will be eligible to receive the local government subsidy of approximately USD 7,738.00 from Nanjing municipal government, and Jiangsu provincial government combined.
Car-share program
The car-share program initiated in Hangzhou in year 2013 and now will also take place in Nanjing. It indicates good news for Kandi as it can now expand the car-share program in the other cities of China. Kandi Technologies Group Inc (NASDAQ:KNDI)’s measures to encourage the use of electric vehicles are backed by the Chinese government initiatives.
Role of electric vehicles
The Chinese government wants to reduce carbon emissions in the country. One of the ways to achieve its target is by promoting greener transportation. The car-share program of Kandi spreads the same message. Also, Chinese government has plans to invest $16 billion to build charging stations across the country. It wants electric vehicles to form 305 of the new vehicle purchases. The news of license plate approval came as a breather for Kandi Technologies Group Inc (NASDAQ:KNDI)’s stocks as they were on the losing spree in the last month. The stock surged by more than 18% on Thursday’s trading session.
