Kandi (NASDAQ: KNDI) blasts off 140.83% on 58,586,235 shares after announcing a virtual event on August 18th to start pre-sales of K27 and K23 that may penetrate the American market of EVs.
Currently, there are no 4 seater EVs in North America that cost from $12,999 to $22,499 after federal tax credit. The most sophisticated Tesla Model 3 starts from $31,690 after taxes. Not everyone can afford this EV with 4 seaters.
Chinese EV maker Kandi came up with affordable models that are convenient to the poor and medium classes who live in densely populated cities. Families with 2 or 3 children may easily buy K27 without applying for the car loan.
Very soon Tesla might develop a model costing less than $20,000 after taxes to compete with counterparts from overseas. However, it is very late because Tesla’s Q4 revenue may shrink due to K27 and K23 pre-orders.