Zhejiang Kandi Electric Vehicles (the JV Company) Signed an Agreement With Rugao City Economic Development Zone
November 21 2013 - 8:50AM
Kandi Technologies Group, Inc. (the 'Company' or 'Kandi')
(Nasdaq:KNDI), today announced that Zhejiang Kandi Electric
Vehicles Co., Ltd. (the "JV Company"), a 50-50 joint venture
subsidiary of Kandi and Geely Automobile Holdings Ltd. ("Geely"),
signed an agreement with Jiangsu Province Rugao City Economic
Development Zone ("Rugao Development Zone") to invest and establish
a project company in Rugao City of Jiangsu Province with an
annually capacity to produce 100,000 sets of key components and
parts for EVs upon the completion (the "Project") on November 20,
2013 Beijing time. Ming Miao, the Director of Automobile Office of
Jiangsu Province Economy and Information Commission, Wenbing Zhao,
Vice Mayor of Nantong City, Xiaodong Chen, mayor of Rugao City,
Jinhua Ma, Party Sectary of Rugao City Economic Development Zone,
and Shufu Li, the Chairman Geely & the JV Company and Xiaoming
Hu, the General Manager of the JV Company attended the signing
ceremony.
To view an image of the signing ceremony, please visit:
http://orders.newsfilecorp.com/files/2079/7579_kandi1enhanced.jpg.
The main terms of the Agreement are as follows:
1. In next three to five years, the JV Company plans to invest
approximately RMB 1.2 billion in total to the project. Upon the
completion of the project, the plant is expected to reach a
capacity of 100,000 sets of new energy vehicles parts annually
2. During the construction period of the plant, the JV Company
will start the promotion of public sharing of EV program in Rugao
City and local government will provide preferential treatment to
the program
3. The local government will provide certain income tax and land
value added tax rebates to the project upon its production
4. Upon the establishment of the project, the development zone
will work actively towards gaining national, provincial and
municipal supportive policies for the EV industry, and fully
promote the use and acceptance of Kandi EVs in Jiangsu Province
Located in the Golden Triangle region in the lower reaches of
the Yangtze River, Rugao is a historical and cultural city of
Jiangsu Province and has the reputation of being the world's center
of longevity and good health. Along with being one of China's first
open coastal cities, Rugao is also a key provincial-level
development city with the highest investment value and has a
national first class port, a provincial software park and EV
production base.
To view an image of the signing ceremony, please visit:
http://orders.newsfilecorp.com/files/2079/7579_kandi2enhanced.jpg.
Mr. Xiaoming Hu, Chairman of Kandi and the General Manager of
the JV Company commented, "Jiangsu is one of the most economically
developed provinces in China, the successful reach of an agreement
with Rugao Development Zone is essential for Kandi to enter into
the EV market in Jiangsu Province. With the government support, we
are confident that Rugao will become a model county-level-city for
public EV sharing program in next two years. The cooperation
between the JV Company and Rugao Development Zone will provide a
strong push for Kandi EV to become the leader in China's EV market.
In the meantime, we have full confidence in the EV market of
Jiangsu Province."
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in
Jinhua, Zhejiang Province, is engaged in the research and
development, manufacturing and sales of various vehicles. Kandi has
established itself as the one of the world's largest manufacturer
of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and
utility vehicles (UTVs), among others. More information can be
viewed at its corporate website is http://www.kandivehicle.com.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: 1-212-551-3610
Email: IR@kandigroup.com
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