Kandi Technologies Group, a lesser-known Chinese budget electric carmaker, is exploring establishing an electric and off-road vehicle plant in North America.
Nasdaq-listed Kandi said that it is in preliminary negotiations with various potential partners, including local government agencies from the U.S.-Mexico border, but warned there is no guarantee a deal will result, according to a company statement on Thursday.
The Zhejiang-based company said that it is looking to strengthen its foothold in North America’s electric vehicle market by offering more affordable models after eliminating shipping costs and tariffs.
The announcement comes after Kandi began accepting pre-orders for its K23 and K27 electric vehicles in the U.S., which are set to start deliveries in this year’s fourth quarter.
In addition to attracting investment from companies like Kandi, the U.S. has also become a hot destination for Chinese electric carmakers to go public. Nio is already listed there, and Alibaba-backed Xpeng recently filed for an initial public offering (IPO) on the New York Stock Exchange.
Contact reporter Ding Yi (yiding@caixin.com)
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