While Kandi did not provide details on the LOIs, Xiaoming Hu, Kandi’s chief executive officer and chairman, stated, We see these agreements as paving the way for the sale of our low cost, battery powered super mini cars to these and other post offices throughout China, who with the aid of strong government financial incentives are aiming to convert their fleets to low cost, pollution free electric vehicles. Xiaoming Hu continued, We believe we can produce high quality vehicles that meet and exceed Post Office requirements throughout the country, as well as those of other governmental agencies that qualify for government grants. Fleet sales such as these, if concluded, combined with sales to individual consumers, will help us achieve our sales objectives.
Passing All Tests With Flying Colors:
With respect to the timing of final government approvals for sales of the COCO in China, Hu stated, Since November, the COCO has undergone testing by the required government agencies in China and thus far has emerged ‘with flying colors,’ including the rigorous 15,000 kilometer safety and stability test run by the Chinese Automobile Quality Monitor Authority.
We believe we are now in the final stage of the approval process with the Ministry of Industry and Information Technology of the PRC (MIIT). The feedback we’ve gotten thus far is quite positive, especially with regard to COCO’s appearance and quality, which all seem to agree are second to none, said Hu.
Meanwhile, Hu stated, we are continuing to move ahead with our marketing campaign with dealers and consumers. We believe the plug-in COCO, with its low price tag, low maintenance costs and the ability to travel on a single charge up to 45 miles or so at a top speed of 25 mph, will be an ideal vehicle for many commuters, who also will be attracted to its eyestopping appearance. This is a very exciting time for Kandi.
