Kandi Technologies to Launch Micro Public Transportation Program in Haikou
December 01 2015 - 9:02AM
Kandi Technologies Group, Inc. (Nasdaq:KNDI) (the "Company" or
"Kandi"), today announced that Kandi Electric Vehicles Group Co.,
Ltd. (the "JV Company", a 50/50 Joint Venture between Kandi and
Geely Automobile Holdings Ltd.) plans to deliver 2,000 Kandi Brand
pure electric vehicles ("EV"s) to ZuoZhongYou (Hainan) Electric
Vehicle Service Co., Ltd. ("ZZY-Hainan") to launch the Micro Public
Transportation ("MPT") Program in Haikou. Delivery of the 2,000 EVs
is expected by the end of 2015.
ZZY-Hainan is a wholly owned subsidiary of Zhejiang
ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY"), which
obtained the registration approval on November 16, 2015 from the
local Administration of Industry and Commerce to operate the MPT
Program in Haikou. In support of the program, the Haikou local
administration office of renewable energy vehicle promotion has
approved the Kandi Brand EVs to receive both the national and local
government per-vehicle subsidy.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi, commented, "We are very pleased to introduce
Kandi brand EVs to the city of Haikou. With the strong local
government support, we are confident to provide an efficient and
environment-friendly public transportation experience for one of
the most well-known travel destinations in China. We look forward
to achieving a great success in Haikou, while continuing the rapid
expansion of our unique MPT Program into additional cities."
Haikou, situated on the northern coast of Hainan,
is the capital and most populous city of Hainan province with a
total population of over 2 million. The city is the center of
politics, economy, and culture, as well as a newly-constructed
International port city. Haikou is one of the national renewable
energy automobile pilot cities.
About Micro Public Transportation Program
Kandi has been advocating, and through Zhejiang ZuoZhongYou
Electric Vehicle Service Co., Ltd. (the "Service Company") and
strategic cooperation with other entities, implemented the "Micro
Public Transportation" model, or MPT, which provides a shared pure
EV transportation platform that has not been previously afforded to
urban residents. It is a network system for EV sharing and leasing
as a model for public transportation to alleviate traffic
congestion. It also includes a variety of the Long-term Group
Leasing options, ideal for companies, government entities and
residential communities that lease at least 100 EVs on an annual
basis. As of the end of third quarter of 2015, the MPT had been
launched, through the Service Company, in nine cities including
Hangzhou, Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha,
Changzhou, Rugao, Kunming, and Luzhou.
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.
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.
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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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