Kandi America Acquires New Distribution Center to Accommodate Planned Growth

Rhea-AI Summary

Kandi America acquires distribution center in Texas to accommodate accelerating momentum in its U.S. all-electric sport vehicle business.

Positive

• Acquisition of state-of-the-art distribution center in Texas to support expansion in North America
• Newly constructed facility with 74,758 square feet of warehouse space on a 4.56-acre lot
• Expecting DC to be fully operational in the next few months

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Kandi America (“Kandi” or the “Company”), a leading distributor of all-electric personal transportation and utility vehicles, a.k.a. SC Autosports, LLC, a fully owned subsidiary of Kandi Technologies Group, Inc., (Nasdaq: KNDI), today announces the acquisition of a state-of-the-art distribution center (“DC”) in suburban Dallas, Texas. This DC to be operated by Kandi reflects the necessity to accommodate steadily accelerating momentum in its U.S. all-electric sport vehicle business.

Kandi America Acquires Distribution Center in Texas (Photo: Business Wire)

Completed in 2023, the newly constructed facility is located at 3301 Marquis Drive in Garland, Texas and boasts a sprawling 74,758 square feet of warehouse space on a 4.56-acre lot. The acquisition was closed on September 13, 2023. Kandi expects to have the DC fully operational in the next few months.

Johnny Tai, CEO of Kandi America, noted: “This newly built facility enables us to support our accelerating expansion in North America. Having established the Kandi brand through product quality, attractive pricing, and marketing support, we now intend to drive growth through geographic penetration across the U.S. Additional distribution centers will be key to fulfilling demand in a timely and cost-effective manner.”

Olen Rice, President of Northern Group, Inc, a wholly owned subsidiary of Kandi America, commented, “Renowned for its business-friendly environment, the city of Garland in North Texas is a pivotal hub, situated conveniently near Interstate Highway 635. This location aligns seamlessly with our near-term strategy to drive penetration in adjacent states, even as we set our eyes on building a country-wide distribution network.”

About Kandi America

SC Autosports, LLC is the U.S. subsidiary of Kandi Technologies Group, Inc. (NASDAQ: KNDI), doing business under the name Kandi America. Headquartered in Dallas, Texas, Kandi America is primarily engaged in the distribution of electric recreational vehicles and electric equipment. Kandi has been committed to designing and producing electric vehicles along with other innovative products. The company acquired SC Autosports in 2018 to be its exclusive U.S. distributor. Throughout the years, Kandi Technologies has become a name for pure electric vehicles manufacturing and its subsidiaries are known as specialists in making parts and batteries for electric vehicles. Now with its U.S. operations launching in 2018, Kandi America is well positioned to design and distribute its vehicles through dealer partners nationwide so consumers who want environmentally conscious transportation have access to affordable options for electric vehicles along with service and support from their local dealership. The company is on a mission to bring affordability and accessibility to the electric vehicles market. With the launch of its electric personal transportation models, Kandi America is beginning a revolution – or rather an Auto Evolution – for all.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230927901722/en/

Ms. Fion Tsao

+1-972-271-0888 x 107

pr@kandiamerica.com

Source: Kandi America