Kandi SMA7002BEV05 “Luxury” Electric Car Receives Approval To Be Sold In China

FEB 6 2015 BY ERIC LOVEDAY 37

Kandi's Current EV/NEV Lineup

Some Of Kandi’s Other Vehicles In EV/NEV Lineup

Officially, Kandi refers to it as the SMA7002BEV05 (seriously) and is pleased to announce that the:

“…SMA7002BEV05 the first Mid-tier Luxury Pure Electric Vehicle developed by Kandi Electric Vehicles Group Co., Ltd.* (the “JV Company”) has been approved by Ministry of Industry and Information Technology of the People’s Republic of China (“MIIT”) according to No. 69 public announcement of MIIT.”

…makes you want to run right out and get one right?  Far too much words (and letters) in play there for us.

What Kandi is trying to say is that its SMA7002BEV05 has been approved for sale in China.  Furthermore, Kandi claims that this vehicle is its first mid-tier luxury electric, though we think luxury is a stretch.

Here’s the rest of the press blast from Kandi:

JINHUA, China, Nov. 25, 2014 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (Nasdaq:KNDI), today announced that SMA7002BEV05 the first Mid-tier Luxury Pure Electric Vehicle developed by Kandi Electric Vehicles Group Co., Ltd.* (the “JV Company”) has been approved by Ministry of Industry and Information Technology of the People’s Republic of China (“MIIT”) according to No. 69 public announcement of MIIT.

The SMA7002BEV05 model is among the latest vehicles on the lists of “Approved Manufacturers of Vehicles, Motorcycles, Three-wheeled Vehicles, and Low-speed Trucks & Vehicle Products (No. 266)” and “Recommended Models for Energy Saving & New Energy Vehicle Demonstration and Promotion in China (No. 63)”. As a result, purchasers of such EV will now be the ultimate beneficiaries to receive all levels of national and local subsidies and incentives.

Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, “The approval of the newly added model SMA7002BEV05 is an indication of success in expanding our portfolio of the vehicle products. In addition to meet the demand of the Car-Share market, this mid-tier luxury pure electric vehicle is aiming to serve the government and enterprises’ needs. We are confident that Kandi will be diversifying its product categories to satisfy the market’s growing demands and secure its leading position in manufacturing pure electric vehicle products in China.”

*Kandi Electric Vehicles Group Co., Ltd., a joint venture company established by the Company’s wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. with Shanghai Maple Guorun Automobile Co., Ltd. (“Shanghai Maple”), a 99%-owned subsidiary of Geely Automobile Holdings Ltd. (“Geely Auto”).

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37 Comments on "Kandi SMA7002BEV05 “Luxury” Electric Car Receives Approval To Be Sold In China"

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Cavaron

I always said that the trends to huge SUVs and huge tires are not very efficient. That being said, I have to add that a SUV with tiny wheels – though being more efficient – looks really weird.

JRMW

Kinda rolls off the tongue, doesn’t it? Maybe it’s easier to say in Mandarin

I wonder what the stats are. Looks very similar to the last Gen Lexus RX330

V. Bowman

I was thinking the same thing ….only previous Gen RX (which is likely what you refer to as well). Speaking of Lexus, someday Toyota/Lexus is going to have to pull heads from sand (or other places) and see the industry has passed them by.

James

My question is – are these things pieces of junk? Will they further the cause of electric vehicles or will they make the populace of huge countries moan when they think of junky electric cars?

Truly – my experience with researching electric scooters showed no reliable way of insuring you weren’t purchasing some garbage that would soon be a brick sitting in your garage with no support from a manufacturer.

Hopefully, this SMA700BEVOPH4987P8762REVO99XR is at least a reliable EV inasmuch as this would mean “luxury” in an Asian market where there is a lot of poor quality stuff.

RJ
James, You are concerned that these vehicles might be pieces of junk. Well, does Geely make junk? Did Geely get to be the large company it is by making junk? Would they allow a new EV being made for the Joint Venture – which is modeled after an ICE model previously made by Geely – to be a piece of junk? Does that make any sense? Have you done your DD to find out whether renters of the 2 door and 4 door for car share and community renting like the cars or not? If you had, you would have found out that most users of those cars find them to be just fine. Did you know that Geely held up the production of ‘Cowboy’ and ‘Beauty’ so those cars would be more attractive, more up to date and acceptable to the populace? Finally, that which will be acceptable to the Chinese would not necessarily be acceptable to us but, you must take the differences in cultures and levels of prosperity into consideration. To move up to a 4 door EV Panda from a bicycle or a little motor scooter is a huge step for them whereas it means little… Read more »
James
In the 1960s, before you were born ( presumably ), Made In Japan meant cheap, copycat garbage. Why? It was. The first Toyota Corolla I drove in had doors made of tin foil that clanged so loud when you shut them you could wake up your neighbor. That is, of course, when it would start and not burn oil like a banshee. It took Toyota a concerted effort to slow the copying and begin innovating. They had the staying power back then to get it done – to gain a foothold in America, and eventually dominate certain segments. Hyundai – the S. Korean industrial superpower – made garbage and exported it to the USA. Remember the ads on TV that it was too cheap to pass up – and you were covered by the industry’s best warranty? You had to be! – Our highways and byways were littered with broken down Hyundais. So bad was it that Hyundai started to be used in the same sentence as Yugo! The S. Koreans had the perseverance to get it right too. They bought out KIA ( even tinnier and more pathetic than Hyundai ) and began the road to quality product. Today,… Read more »
James

The proportion of the vehicle’s mass with it’s small tires and wheels makes it look like a caricature of a small/midsize SUV.

Mister G

Don’t like it.

Panda Bear

So ugly!

RJ

Mr G,

It matters not a whit if you like the car or not. This is a car meant for the Chinese; they have different standards and priorities. Believe me, I have been to China numerous times and the cars most Chinese auto makers produce are not things of beauty by most measures.

James

It’s the copying that rubs people the wrong way the most. The net is full of photos of Chinese cars on Chinese roadways that literally stole their body design from another marque. Plus, the implementation leaves much to be desired. It’s pointless to sue in China – an uphill battle – ask Apple and Microsoft. Those products give the real thing a bad name.

Even if Chinese carmakers hire Westerners to design their cars – it would be a big step up until they gain confidence to do originals. The kid who copies from his neighbor in class is not a hero, RJ.

James

Is this announcement enough for you to add Kandi to the website’s list of EV manufacturers? L 🙂 L

Mr T

Kandi should NOT be included on a list of EV manufacturers because (Kandi Technologies Group Inc – Nasdaq ticker KNDI) does not manufacture EVs.

Kandi is primarily a parts supplier or battery pack reseller.

You can read this in KNDI’s latest Form 10-Q:

Among our total revenues during the three months ended September 30, 2014, approximately $35,805,450, or 81.0%, resulted from the sale of EV parts. We started the EV parts business in the first quarter of 2014, and our revenue of EV parts increased $18,581,219 or 107.9% in the third quarter as compared to the second quarter of 2014. Our EV parts sales primarily consisted of the sales of battery packs, body parts, EV drive motors, EV controllers, air conditioning units and other auto parts to the JV Company for manufacturing of EV products. Of the total EV parts revenue during the three months ended September 30, 2014, approximately $30,404,499, or 84.9%, resulted from the sale of battery packs.

The JV Company that buys the battery packs from KNDI then manufacturers the electric vehicle… but that JV Company entity is only 50% owned by KNDI and 50% owned by Shanghai Maple Guoron Auto, a division of Geely.

James

Wow!

Eye Kandi.

OK, OK, I’ll stop…..hahaha

Mr T

This beauty is on a list of “Approved … Low-speed Trucks & Vehicle Products (No. 266)”

What does low-speed imply?
Has anyone actually test driven this thing?
Can this drive at highway speeds?
Or is it like the rest of the Condi product line and can’t exceed 35mph?

Its truly amazing how Kandi has transformed from a go-kart manufacturer to a supposed EV leader without any R&D.

wheeler

“Its truly amazing how Kandi has transformed from a go-kart manufacturer to a supposed EV leader without any R&D.”

Mr T you are right. Kandi suddenly appeared out from under a rock, and really has no track record in building cars that are street legal. This should be interesting to watch. Of course Geely has a lot to lose if Kandi fails, so its reputation is also on the line.
I’ll be looking for a review of these full-sized Kandi models real soon……

Sam

The “code name” SMA7002BEV05 is the MIIT assigned code which refers as an approved car to be on the road in China. All cars manufacturers have an assigned “code name” which differs from the actual “marketing name”.

Google “miit sma7002” and check the first link which is the MIIT approved list: Look at the right-end column, all cars approved by MIIT have a weird code name.

The actual car name for consumers is “Kandi K30” and is based on the Geely Emgrand EC7-RV SUV.

They have another one to be released this year named Kandi K17 (Cyclone) with a dashboard based on the Volvo XC90 Senso and a an announced battery range of 400km.
http://www.kandigroup.com.cn/CarStyle.aspx

Like it or not, Kandi is the #1 Pure EV manufacturer in China.

Mr T

Kandi is certainly not #1 in China.

BYD is clear EV leader in China with 18,000 elective vehicle passenger cars sold in 2014.

Kandi sold parts into approx 11,000 EV units in 2014, if you believe their numbers. And there are plenty of reasons to be skeptical of Kandi’s reports given related-party and round tripping sales shenanigans.

Sam

BYD Qin best seller is not a pure EV but an hybrid.

Kandi JV with Geely has sold more Pure EV cars than BYD with more than 11,000 CARS and not EV parts in 2014.

Chinese EV manufacturers receive subsidies from central government, so you can verify if the sales reported are true, which so far have all been approved by the PRC central government.

I’m sure you don’t know how to read Chinese but I suggest you translate the following “康迪电动汽车集团” which is the company manufacturing the cars. Yes the company registered name is Kandi Electric Vehicle.

Mr T
You’re exactly right that BYD Qin is a “hybrid” electric vehicle as the Qin can operate in full electric mode for the first approximately 40 miles and also has a 1.5L internal combustion engine in case its needed. Perhaps an appropriate analogy is that the BYD Qin is like the Chevrolet Volt which is an EV with ICE available if/when EV range is exceeded. To suggest that BYD Qin is not the leading electric passenger car in China is like denying that the Chevy Volt is an electric vehicle. By your logic, some BWM i3’s are also “hybrids” rather than EVs as BMW offers an option for a “range extender” lawn mower engine as back up. I get your point, but I don’t believe most people would consider a US market survey or ranking of electric vehicles that excludes Volt and i3 as very credible. If you think KNDI manufactures EVs, I would suggest that you need to do more due diligence. Kandi Technologies Group (KNDI) is a battery pack reseller to Kandi Electric Vehicle and also operates a legacy go kart and all-terrain vehicle business. KNDI can invent whatever EV parts sales figures they care to because they are… Read more »
JakeY

If the list is talking about “electric cars” AKA BEVs it’s credible to exclude the Volt (but not the i3 as there’s a BEV version). If the list is talking about “plug-ins” then both would be included (the Prius plug-in also).

So your point is BYD may outnumber Kandi in plug-in sales, but it’s unclear for BEV sales (which was Sam’s point). I know BYD has their e6 which is used by a lot of taxis so it’ll be interesting to see who outnumbers who.

Ellen

You’re confusing the parts manufacturer KNDI with the Geely Joint Venture company Kandi Electric Vehicles Group, Inc. which does manufacture electric cars. The Qin is a hybrid, definitely not a pure EV like Kandi’s cars. Many Qin owners only operate them on gasoline, never on electric. The Qin does not qualify for the same subsidy level as Kandi’s cars do for that reason. The Kandi JV is the #1 pure EV manufacturer of passenger cars in China. The cars are only available for rent by the hour or day, or lease for 1-3 years. They are not for sale to consumers, although there may be fleet sales to gov’t or corporations in the future, or possible exports to Europe or other Asian countries.

scr

Looks great! Another excellent offering from KNDI.

Rich Fitzpatrick
Kandi has been one of my major holdings for almost two years now. In September – I spent ten days visiting China and Kandi’s facilities first hand. Highlights of the trip included meeting with the founder and CEO, Mr. Hu, and visiting multiple production facilities as well as CarShare garages. It was an impressive visit to say the least – I have increased my holdings since. Here are the highlights of my Due Diligence on Kandi Technologies KNDI. I hope you find it helpful and enlightening. Thanks for reading….. The single biggest concern of China’s urban population is air pollution…. It is hard watching your child grow and develop all the time breathing fumes. Kandi’s home city is Hangzhou – about the same population as NYC. Hangzhou is also home to Alibaba and is the origin of City bike share schemes, it now being the biggest bike share scheme on the planet***** China has 120 cities bigger than San Francisco. 85 of the biggest cities have been given targets for EV adoption***** In addition, 30% of all new government vehicle purchases must be EVs***** Kandi is about to release a model specifically for Government use. Two other brand new models… Read more »
James

You and Warren Buffet can afford to speculate on up-and-coming Chinese EV makers. Good for you! It’s a long shot to be sure which hasn’t paid off for Buffet yet, but he can afford to wait – and wait and wait and wait.

I’m hoping you find prosperity. Good wishes to you and good fortune. Of course, most of us can’t invest deeply in such a long Great White Hope. Sure, the Chinese car market has great big upside. So far, it’s the foreign carmakers that have gained market share, and these Chinese companies are desperate for intellectual properties and experience to build momentum.

You may be looking at a decade to gain a good return on your investment. Good luck to you!

Rich Fitzpatrick
Also …..Here is an excellent article showing the ongoing and unwavering commitment (even with significant recent reductions in oil prices) of China’s Central Government towards reducing pollution and dominating the future of the automotive industry…. The “China 2015 new car sales will become the world’s first energy” (In 2015, China will become #1 in world NEV sales) http://goo.gl/29hKWS article seemed to have an abundance of relevant information. I summarized the key points below… – Despite oil prices dropping below $50/Barrel – China’s commitment to the EV industry remains VERY FIRM. – The Shanghai Expressway – China’s first fast charging HIGHWAY NETWORK has just been completed. – 2014 was a year of significant NEV PROGRESS ….. production, sales and marketing. – Since September when the EV Tax exemption went into effect ….. Monthly EV sales have grown RAPIDLY. – China’s 2014 NEV sales of 74,800 is 3.2 times HIGHER than 2013. – During the “China Electric Vehicle Forum Hundred” (a really big EV forum with industry leaders, government officials, academics, etc.) Wan Gang, Minister of Science and Technology said: China’s NEV industry has unprecedented OPPORTUNITIES for development. – The ministry will coordinate and support the acceleration of the CHARGING FACILITY network.… Read more »
Bones

Great to hear about your trip to China! Be careful not to confuse legitimate themes supporting electric vehicles with a likely fraudulent company.

RJ

Bones,

You say – “Be careful not to confuse legitimate themes supporting electric vehicles with a likely fraudulent company.”

You make an accusation with ABSOLUTELY NOTHING to back up that assertion. If you want to be taken seriously then back up your assertion with something solid. Otherwise, you are not worth the time of day. And worse, you will be a liar.

GeorgeSosebee

I like the car. If I I am young man in China and I can afford it, I get a full subsidy, free tag, no waiting on a tag, no sales tax. I think it will sell great.

Bones

Why haven’t you bought one yet? When and where will they be available to purchase?

James

If you cannot afford a trip to China, look to YouTube to see the sheer miles and miles of lithium battery production facilities that exist there. You can literally drive for an hour and not run out of electric motor and lithium ion battery production facilities.

Quality is again, a factor. Look to Ebay and other outlets to buy cheaper Chinese lithium batterys for EV projects. It’s a big gamble. You may or may not get a battery that will work. This is the bad experiences we all have seen up to 2015. These guys seem to be telling us – “you in the West don’t understand Communist Chinese will accept poor quality because they haven’t been exposed to good quality from non-Communist countries”. LOL! That is absurd! The next step is to imagine this unreliable quality catching on in a Western marketplace!

James

The Chinese are always seeming to use their governmental power to lure Western technology and manufacturing experience to their lands. The trick is their hunger to own intellectual property without really paying the going rate for it. So the copy route still reigns within this constricted economy. The copies don’t come near the originals, and until they gain enough knowledge and skill to match and possibly exceed Western levels of competence – they will have what they have – a 2nd or 3rd rate product to sell Chinese that can’t afford the better ones.

James

Sorry for the sound of disrespect from those of us who haven’t speculated our investments in Chinese industry.

It’s not that I don’t believe China will get there someday, I just know they’re pretty far off as of today.

I do believe a free market economy will be able to remain much more flexible to change than one that is hogtied by it’s government. It’s great to see China converting it’s economy to some form of hybrid using a free market as example. Sadly, everyone knows their government can snatch up and posess anything they see as valuable and the private businessman has no choice but to conform.

That is no environment for innovation. Surely no environment to gain manufacturing from foreign companies unwilling to share intellectual property. This way, you can expect only Western products to be made in China that are inferior or with old technology not prized in the West as cutting edge or revolutionary.

James

It’s like that pesty friend who subscribes to a cult religion, who you try very hard to like – but he’s always trying to justify ripping you off by his own ideologies. When he realizes he might not be able to get your trust, he constantly tries to negotiate some kind of pathetic deal where he wins and you lose.

James

Depending upon your point-of-view, it’s either a negative or positive that our two countries ( USA and China ) are tied at the hip economically due to our reliance on China for cheap manufacturing.

If one fails the other sinks, plain and simple. A free country and a slave Communist state working together yet not liking each other very much.

I personally support the rise of manufacturing again in the United States. I don’t see how depending upon a country who not-so-secretly wants us to fail is a very wise policy.

Sam

Yeah yeah, all China is fake, garbage, corruption,….

Even the $1 Trillion they own in US treasuries and their $4 trillion in FX Reserve must be fake as well!

Their auto industry is at the same stage the Japanese was in the 80’s. They will catch up and probably offer superior products within the next decade, if not earlier.

James

Hardly.

Try the 1960s.