Kandi Technologies Announces Initial Direct Sales of 1,000 Model K10 Units to Tianjin
November 24 2015 - 9:07AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ
GS:KNDI), today announced that Kandi Electric Vehicles Group Co.,
Ltd. (the "JV Company", a 50/50 Joint Venture between Kandi and
Geely Automobile Holdings Ltd.) has signed a direct sales contract
with Tianjin Pang Da, a subsidiary of Pang Da Automobile Trade Co.,
Ltd. ("Pang Da Company"), for an initial order of 1,000 Kandi-brand
model K10 pure electric vehicles ("EVs"). The delivery of the 1,000
EV units is expected to be completed by the end of 2015. Pang Da
Company plans to launch an EV-sharing program with the purchased
vehicles in Tianjin.
Pang Da Company is one of China's Top 500
Enterprises with a vast distribution network. As of June 30, 2014,
Pang Da Company owned 1,248 sales distribution points, including
1,046 auto dealerships and 202 auto market places throughout 28
provinces, municipalities, autonomous regions in China and
Mongolia. In 2014, Pang Da was the only car dealership selected as
one of the world's Top 100 Automotive Brands.
Tianjin, one of the four direct-controlled
municipalities, is one of China's six largest cities with a total
municipal population of over 15 million. The city is well-known as
the center for advanced industrial manufacturing, Asia-Pacific
regional marine instrument detection and evaluation, Chinese
medicine research and development and financial innovation. Tianjin
is one of the national renewable energy automobile pilot
cities.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (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 one of China's leading manufacturers of pure
electric vehicle ("EV") products (through its joint venture), EV
parts and off-road vehicles. More information can be viewed at the
Company's corporate website at http://www.kandivehicle.com. The
Company routinely updates 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.
Follow us on Twitter: @ Kandi_Group
CONTACT: Company Contact:
Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 212-551-3610
Email: IR@kandigroup.com
IR Contact:
The Piacente Group
Phone: 212-481-2050
Email: kandi@tpg-ir.com
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