Kandi Technologies (KNDI) Gets Order From China Postal Service For 60 Electric Vehicles

Kandi Technologies (KNDI) announced that the Postal Service in the Chinese city of Hangzhou has ordered 60 all electric vehicles designed for the Postal Service.  The more than $600K deal may be the first phase of much larger deals to come from other cities especially since the car  was recently approved by the government.  Hangzhou is one of five cities in China in which the government has agreed to offer significant subsidies and incentives to accelerate the use of eco friendly vehicles to cut down on pollution in these congested areas.  The cars for this initial order are expected to be delivered and on the road before the end of July.

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“By improving the environment and raising the standard of service provided by the Postal Service in Hangzhou, we believe this sale will serve as an example of the potential for utilizing electric vehicles for mail delivery throughout all of China,” stated Mr. Xiaoming Hu, Chairman and CEO of Kandi. He added, “We will continue to market our EV products to all major government agencies in China.”

Shares of KNDI gapped up at the open, up nearly 10%, but have given up most of the gains.

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