Kandi Announces the Sale and Delivery of 1,000 Kandi Brand Electric Vehicles to Chengdu City
December 17 2014 - 9:02AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group
Co., Ltd. (the "JV Company")* completed the sale and delivery of
1,000 Kandi brand electric vehicles ("EVs") to the leasing company,
ZuoZhongYou (Chengdu) Electric Vehicle Service Co., Ltd.
("ZZY-Chengdu"), a wholly owned subsidiary of Zhejiang ZuoZhongYou
Electric Vehicle Service Co., Ltd. ("ZZY") on December 16. The
sales revenue for the 1,000 EVs is approximately RMB 133 million
(USD 21.5 million) including 500 of each SMA7000BEV and SMA7001BEV,
which will be used for the newly launched Car-Share Program and
Group Long-term Leasing Program in Chengdu upon the receipt of the
vehicle license plate registration approval.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi,
commented, "The growth in EV industry in China is driven by the
much-needed improvement in environmental contamination, traffic
congestion, and scarce parking. We expect demand for EVs to
accelerate going forward given government policies at all levels.
Despite the weakness in crude oil price, our innovative Car-Share
business model will continue to expand rapidly into more regions
throughout China."
* The JV Company is a 50/50 joint venture between Kandi and
Geely Automobile.
About the Car-Share Program
Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY")
is the first in market to initiate the public pure EV sharing
program (the "Car-Share" Program). Kandi, through its 50% ownership
interest in Kandi Electric Vehicles Group Co., Ltd. (the "JV
Company"), indirectly holds a 9.5% interest in ZZY.
Individually driven pure EVs are widely used in the Car-Share
Program. The charging/parking stations which provide a variety of
services, such as charging, maintenance, battery recycling, are
located at airports, train stations, hotels, business centers,
selected residential areas and other places that are typically
congested. A network system provides EV rental service to
individual drivers in and around the city. It also provides EV
maintenance and battery charging to self-service users. Lastly, a
tracking system allows the Car-Share Program management to keep a
close watch at the status and precise location of each vehicle.
This Car-Share Program model has been implemented in Hangzhou
since the second half of 2013, and has now begun to expand into
other major cities in China.
The Group Long-term Lease Program is a lease model that uses
enterprise, community or village as lease units and each unit
leases a minimum of 100 EVs with a group lease term at a minimum of
three years.
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 vehicle products.
Kandi has established itself as the one of the world's largest
manufacturers of pure electric vehicle ("EV") products, Go-Kart
vehicles, three-wheel motorcycles 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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