China’s Kandi Technologies (KNDI) Gets US Tax Credit Approval For COCO Electric Car

China electric car manufacturer Kandi Technologies (KNDI) is announcing this morning that the US Dept of Treasury has approved its low speed, convertible electric vehicle for meeting the requirements of a Qualified Plug-In Electric Vehicles which gives purchasers of the vehicle a tax credit of $4,434.  It should be noted that this is only valid for this year, but the company is confident the certification will be extended to next year.

Said the CEO, “While these certifications are valid only through December 31, 2009, we have submitted the tax credit applications for 2010 and are confident our application to renew acknowledgement of the KD08E as a Qualified Electric Plug-in Vehicle will be approved. Further, we are planning to submit applications for additional vehicles, which we believe also will meet the requirements.”

The COCO convertible is currently being sold in the US and travels up to 60 mph and 25 miles on a single charge.  It retails for around $12,000 but there are a few sites selling used ones for around $10K.

KNDI is currently trading up about 10% in premarket trading.

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