Kandi Announces the Sale and Delivery of 700 Kandi Brand Electric Vehicles in Guangzhou City
December 18 2014 - 09:02AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(Nasdaq:KNDI), today announced that Zhejiang JiHeKang Electric
Vehicle Sales Co., Ltd. ("JiHeKang Sales"), a wholly owned
subsidiary of Kandi Electric Vehicles Group Co., Ltd. (the "JV
Company")* and Guangzhou MingZhi Auto Trade Co., Ltd. ("Guangzhou
Mingzhi"), a local auto distributor in Guangzhou, signed a contract
for sale of 700 Kandi brand electric vehicles ("EVs") in November.
On December 16, all 700 Kandi brand EVs including 550 SMA7000BEV
and 150 SMA7001BEV were delivered to Guangzhou MingZhi. The sales
revenue for the 700 EVs is valued at approximately RMB 90.2 million
or USD 14.5 million.
Guangzhou Mingzhi will be responsible for promoting and
implementing EV leasing businesses in Guangzhou market. Working
directly with the local auto distributor will be an effective
marketing strategy to enhance Kandi brand's market visibility and
attract more renewable energy automobile pilot cities to promote
and purchase Kandi brand EVs. Guangzhou is one of the national
renewable energy automobile pilot cities, therefore, the purchaser
of Kandi's two EV models are eligible to receive the same amount of
subsidy payment from both the national government and the local
government.
Guangzhou, located in South China, is the capital city of
Guangdong province with a population of more than 13 million.
Guangzhou serves as an important national transportation hub and
trading port. Since 1957, in spring and autumn each year, China's
largest trade fair with the most complete exhibit varieties and the
broadest distribution of global buyers, "China Import and Export
Fair", also known as "Canton Fair", is held in Guangzhou.
* The JV Company is a 50/50 joint venture between Kandi and
Geely Automobile.
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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