Kandi Technologies Endorses Service Company’s Announcement of Receipt of RMB200 Million Subsidy From Hangzhou Government fo...
December 22 2015 - 9:29AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(NASDAQ:KNDI), today endorsed the announcement from Zhejiang
ZuoZhongYou Electric Vehicle Service Co., Ltd (the “Service
Company” or “ZZY”) of receiving an initial subsidy payment of
RMB200 Million, or approximately US$30.9 million, from the Hangzhou
local government. The payment is a result of 4,806 Kandi brand
electric vehicle (EV) products used in the Micro Public
Transportation program to support Zhejiang province’s target of
promoting the use of 6,000 EVs from 2013 to 2015, as outlined in
Hangzhou Municipal People’s Government Meeting Minutes Regarding
Renewable Energy Automobile Application (Hangzhou Office Summary
[2015] No.98).
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi,
commented, “The initial subsidy payment demonstrates the Hangzhou
government’s commitment to promoting the adoption of renewable
energy vehicles, while providing a solid foundation to achieve its
goals for 2016-2020. We believe our unique Micro Public
Transportation program will receive further recognition and
support, and its expansion will be one of the key engines for
Kandi’s future growth.”
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.
About Zhejiang ZuoZhongYou Electric Vehicle Service Co.,
Ltd.
Established in July 2013, Zhejiang ZuoZhongYou Electric Vehicle
Service Co., Ltd. (“ZZY”) is a service company engaged in various
pure EV leasing business services. Kandi Technologies Group, Inc.'s
wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd.
owns 9.5% of ZZY.
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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