Kandi Technologies Announces the JV Company’s Plan to Sell 1,500 Electric Vehicles for Launching Micro Public Transportatio...
July 21 2016 - 8:02AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(NASDAQ: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.) plans to sell 1,000 and 500
electric vehicles (“EVs”) to the two cities in China, namely,
Tianjin and Jiangyin, respectively, ZuoZhongYou (Tianjin) Electric
Vehicle Service Co., Ltd. (“ZZY-Tianjin”) and ZuoZhongYou
(Jiangyin) Electric Vehicle Service Co., Ltd. (“ZZY-Jiangyin”),
wholly owned subsidiaries of Zhejiang ZuoZhongYou Electric Vehicle
Service Co., Ltd. (“ZZY”) have obtained the registration approval
from the local State Administration of Industry and Commerce for
the formation. The Micro Public Transportation (“MPT”) Program is
expected to be officially launched and administered by ZZY-Tianjin
and ZZY-Jiangyin with the expectation for the delivery of 1,000 EVs
in Tianjin and 500 EVs in Jiangyin by the end of 2016.
Tianjin, one of four direct-controlled
municipalities of China, is a central city in China and the center
of the Bohai Bay Economic Rim, with a total municipal population of
over 15 million. Tianjin is well-known as the base for advanced
manufacturing industry in China. It also regularly hosts the World
Economic Forum, Annual Meeting of the New Champions, also known as
the “Summer Davos Forum”. Tianjin has been selected by the
central government as one of China’s pilot cities for renewable
energy automobiles. Purchasers of Kandi brand EVs are the ultimate
beneficiaries of, on a per car basis, the national government
subsidy of RMB 45,000.00 (Approximately USD 6,718.00) and the
Tianjin local government subsidy under its local policy.
Jiangyin is a county-level city of China with
approximately 1.6 million inhabitants. It is located on the
southern bank of the Yangtze River and administered by Wuxi City,
Jiangsu Province. Jiangyin is one of the most important
transportation hubs in China and its overall competitiveness is top
ranked among China’s hundred counties. Purchasers of Kandi brand
EVs in Jiangyin are eligible to receive, on a per car basis, the
national government subsidy of RMB 45,000.00 (Approximately USD
6,718.00), as well as additional provincial and municipal
government subsidies under the respective local policies.
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 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
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