Kandi Technologies Signs Cooperation Agreement Regarding Relocation of Hainan Production Facility
December 15 2015 - 9:17AM
Kandi Technologies Group, Inc. (NASDAQ:KNDI) (the "Company" or
"Kandi"), today announced that its wholly owned subsidiary,
Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") signed a
cooperation agreement (the "Agreement") with the Haikou municipal
government ("Haikou Government") and the Haikou National Hi-Tech
Industrial Development Zone ("Haikou Hi-Tech Zone") on December 11,
2015 to establish a production facility in Haikou ("Haikou
Facility") with an annual capacity of 100,000 electric vehicle (EV)
products (the "Project"). The Haikou Facility will include
equipment transferred from Kandi Vehicles’ facility that was
previously under construction in Wanning City due to strategic
changes in Wanning’s urban planning. The Agreement marks Hainan’s
strategic effort to accelerate adjustment in the industrial
planning process.
Key terms of the Agreement are as follows:
- As a relocation of Kandi Vehicles’ facility in Wanning City,
Hainan province, the Haikou Facility will have an annual capacity
of 100,000 EV products after completion, with a preliminary
expectation of starting production in 15 months.
- Haikou Government and Haikou Hi-Tech Zone are committed to:
- Supporting the facility as a key project in Hainan province
with favorable policies and financial incentives;
- Actively seeking the Hainan provincial government’s approval to
launch the Micro Public Transportation Program ("MPT Program") in
the entire Hainan province; and
- Achieving local subsidies and all levels of the government’s
preferential treatment for the Kandi Brand EV products used in the
MPT Program.
To view an enhanced version of Figure 1: Kandi Technologies -
Hainan production facility signing ceremony, please visit:
http://orders.newsfilecorp.com/files/2079/18507_kandi2.jpg
Mr. Ni Qiang, Mayor of Haikou, stated, "This project is an
essential part of Haikou’s effort to implement the State Council’s
plan of strengthening economic and industrial development. With the
consumers’ increasing awareness of environment protection and the
growing demand for an environmentally friendly urban public
transportation system, electric vehicles will soon become a driver
of China’s economy. This project is the perfect initiation for
Hainan to further improve our green and ecologically sensitive
industry."
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi,
commented, "We are excited to establish a facility in the National
Hi-Tech Industrial Development Zone in Haikou, which is the capital
city of Hainan province. Despite the relocation from Wanning City
and a production delay, we believe the new location will accelerate
Kandi’s expansion in Hainan with favorable policies. Kandi Vehicles
has also reached an agreement with the Wanning government and will
be compensated for the capital expenditure that cannot be moved to
Haikou. As we continue to integrate all available resources to
develop cost-effective pure electric vehicles and promote EV
adoption in Hainan, we look forward to establishing an
environmentally friendly public transportation network, while
making significant contributions to Hainan’s urban
development."
Municipal government officials attending the signing ceremony
included Sun Xinyang, member of the Provincial Standing Committee
and Party Secretary, Ni Qiang, Mayor, Yuan Guangping, Executive
Deputy Mayor, Lin Haining, Party Secretary-General, and Ju Lei,
Deputy Mayor.
*Please note the cooperation agreement supersedes the October
2012 agreement by and between the Company and the Wanning
government for the production of 100,000 EV products.
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.
Follow us on Twitter: @ Kandi_Group
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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