Kandi Technologies Reports the JV Company’s EV Models Receive Tax Exemption Approval
April 18 2016 - 9:02AM
Kandi Technologies Group, Inc. (the “Company” or “Kandi”)
(NASDAQ:KNDI), is pleased to announce two Geely Global Hawk brand
electric vehicles (“EV”) models SMA7001BEV25 and SMA7000BEV05,
manufactured by Kandi Electric Vehicles Group Co., Ltd. (the "JV
Company", a 50/50 joint venture between Kandi and Geely
Automobile), are listed on the 7th approved Directory of New Energy
Vehicles, known as Public Notice No. 54 published by China’s
Ministry of Industry and Information Technology (“MIIT”) and State
Administration of Taxation (“SAT”) on April 15, 2016. As a result,
purchasers of SMA7001BEV25 and SMA7000BEV05 would be exempted from
paying the purchase tax of approximately 10% of the purchase price.
Additionally, SMA7000BEV06 and SMA7001BEV05, also produced by
the JV Company, now under the new trademark “Global Hawk”, are
included in the MIIT and SAT’s published Public Notice No.16 the
282nd approved directory on April 1, 2016.
“EV sales for the JV Company were negatively impacted in the
first quarter due to the long awaited trademark change application
for SMA7000BEV06 and SMA7001BEV05, as well as the tax exemption
approval on the model SMA7001BEV25 and SMA7000BEV05. The latest
development is a strong indication of the JV Company’s EV products
to be acknowledged by the government. The JV Company is now well
prepared for effective production to accelerate the sales. The
management team is expecting the JV Company to achieve better than
the projected unit sales in 2016.” Chairman and Chief Executive
Officer Mr. Hu Xiaoming commented.
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 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 posts important information on its website.
Safe Harbor StatementThis 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 LuoKandi Technologies
Group, Inc.Phone: 212-551-3610Email: IR@kandigroup.com
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