Kandi Technologies Signs Supply Contract With Lishen Battery System Co., Ltd
April 29 2014 - 9:19AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(Nasdaq:KNDI), announced today that Zhejiang Kandi Vehicles Co.,
Ltd. ("Kandi Vehicles"), the Company's wholly-owned subsidiary in
China, signed a supply contract with Lishen Battery System Co., Ltd
("Tianjin Lishen"), China's largest producer of rechargeable
lithium-ion batteries, for a one-year supply, a minimum of 25,000
cases, of 80V/70AH lithium-ion batteries starting in May 2014. The
contract is valued roughly at RMB 360 million or approximately USD
58.5 million when all the purchase orders have been fulfilled.
Chinese Premier Keqiang Li recently reiterated plans to boost
clean energy by promoting the industrialization of electric
vehicles. Accordingly, the Company's management believes that
Premier Li's remarks foreshadow an acceleration in the
industrialization of pure electric vehicles in China. In light of
Premier Li's remarks, Kandi continues to take steps to develop and
implement its new business model – the public EV sharing system
("Car-Share Program").
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Under this backdrop, Mr. Xingcai Qin, President of Tianjin
Lishen, visited Kandi's public EV sharing facility in Hangzhou last
week. Mr. Xiaoming Hu, President of Kandi, gave Mr. Qin a
first-hand look at the rapid progress the Company has made, and
shared with him the positive public opinion and feedback the
Company received following the launch of trial operations for its
Car-Share Program in Hangzhou.
Mr. Qin was very impressed with the Car-Share Program. He stated
his belief that the Car-Share Program will help relieve many of the
problems faced by major cities in China, such as traffic jams,
environmental pollution and lack of available parking. Mr. Qin
signed the supply contract and concluded, "We hope this contract
marks the beginning of a long and mutually beneficial partnership
between Tianjin Lishen and Kandi."
About Lishen Battery System Co., Ltd.
Tianjin Lishen, established on December 25, 1997 at Tianjin,
specializes in the technological development, manufacture and sales
of Li-ion batteries. So far, Lishen has grown its annual production
capacity up to 500 million Ah, and its products include six series,
i.e., cylindrical battery, prismatic battery, polymer battery,
power battery, photovoltaic, ultracapacitor, and hundreds of models
with applications including a wide range of personal electronic
consumer products, power tools, transportation, energy storage
system, etc.. Lishen, ranked among the top five Li-ion battery
makers in the global high-end market, is a company which presently
has the largest investment and the most advanced technology in
China, and has become a leading brand of Chinese Li-ion
battery.
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 one of the world's largest manufacturers 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.
Kandi routinely posts important information on its website.
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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