Kandi’s JV Company Expands Sale of EVs into Shanxi Market
October 20 2016 - 9:15AM
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 strategic
cooperation agreement with Shanxi Coal Asset Management Group
(“Shanxi Coal”) to sell over 50,000 electric vehicles (“EVs”)
during a five-year cooperation period. The agreement was signed by
Mr. Hu Xiaoming, Chairman of the JV Company and Mr. Wang Jianping,
Chairman of Shanxi Coal.
A photo accompanying this announcement is available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/cea9ef83-6b96-4a8c-8f2d-17a817c9efd0.
Shanxi Coal is a subsidiary of Shanxi Financial
Investment Holding Group Co., Ltd. (“Shanxi Holding”), which is a
wholly state-owned company. Established by the People's Government
of Shanxi Province, Shanxi Holding is directly funded and managed
by the Shanxi Finance Bureau. The primary business of Shanxi Coal
is the management, recovery and operation of coal asset development
funds.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi, commented, “The JV Company and Shanxi Coal will
succeed through cooperation. Shanxi abounds in mineral resources
and has tremendous market potential, with a strong demand for zero
emission all-electric vehicles. Our cooperation agreement with
Shanxi Coal is a major milestone in our successful expansion
throughout China.”
“Recently, the industry-wide review of subsidies
has put enormous pressure on us. Additionally, there have been
certain misunderstandings regarding our EV battery exchange method,
which was initiated by the Company for efficient battery
utilization. We have been working diligently with the government
and related authorities to clarify this issue and we believe there
will be a positive outcome. Meanwhile, the Company has started to
strategically optimize our overall business model to cope with
subsidy policy changes, with a focus on manufacturing profitable EV
products even without subsidy payments. We are fully confident that
both the JV Company’s and Kandi’s businesses will continue to
experience rapid growth in 2017,” Mr. Hu concluded.
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. 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: 1-212-551-3610
Email: IR@kandigroup.com
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