Kandi’s JV Company Signs Framework Sales Agreement with Pang Da for 60,000 Electric Vehicles
July 25 2016 - 9:03AM
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.) has signed a Framework Sales
Agreement with Pang Da Automobile Trade Co., Ltd. (“Pang Da”) to
sell electric vehicles (“EVs”) tailored for college campuses. Pang
Da anticipates purchasing not less than 60,000 EVs from the JV
Company in the next four years for its time-sharing campus EV lease
program (the “Green Campus Drive Electric Campaign”).
“We are very pleased to cooperate with Pang Da
to further promote its Green Campus Drive Electric Campaign,”
commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of
Kandi. “This is a terrific program that recognizes the positive
impact electric vehicles have on the environment. Pang Da’s
initiative enhances the younger generation’s awareness and
familiarity with EVs. We are honored to serve as the provider of
high-quality EVs for the Green Campus Drive Electric Campaign.”
“In response to the national policy promoting
the adoption of renewable energy vehicles, Pang Da has been
actively working on expanding its Green Campus Drive Electric
Campaign this year,” Mr. Chang Ye, Vice President of Pang Da,
commented. “So far, Pang Da has signed a cooperative agreement with
China Youth Publishing House and had its initial delivery of 50
Global Hawk brand EVs in Dongguan University of Technology offering
time-sharing EV lease programs to university students and staff.
The Global Hawk brand EVs are catering to campus needs and
affordable for the target users. We believe Pang Da’s Green Campus
Drive Electric Campaign will be a great success.”
About Pang Da
Pang Da Automobile Trade Co., Ltd. is primarily
engaged in the distribution, repair and maintenance of automobiles.
The company sells and provides services to passenger automobile
brands including Mercedes-Benz, Audi, Subaru, Ssang Yong, Brabus,
and Volkswagen, among others, and also provides services for
trucks, mini-vans, agricultural vehicles, construction machinery
vehicles and commercial vehicles. In addition, the company engages
in the distribution of spare parts and the provision of after-sale
services. Pang Da operates business through its 4S shops and
wholly-owned subsidiaries throughout China.
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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