Kandi Receives an Initial $4 Million Payment from Shanxi Coal
October 26 2016 - 8:57AM
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 received an initial payment
of RMB 27,408,000 (or approximately USD $4 million) from Shanxi
Coal Asset Management Group (“Shanxi Coal”), as provided for under
their previously-announced strategic cooperation agreement to
produce and sell more than 50,000 electric vehicles (“EVs”) during
a five-year period.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi, commented, “Receiving the initial multi-million
dollar payment from Shanxi Coal is a strong indicator that both
parties have made substantial progress under our strategic
cooperation agreement, and we look forward to continued successful
cooperation between Kandi and Shanxi Coal in the future.”
“Although the national government will begin
reducing the amount of renewable energy subsidies to all EV
manufacturers in 2017, the subsidy program itself will continue
through 2020. Under the Government’s current subsidy policy, the
EVs produced and sold by the JV Company meet national renewable
energy subsidy requirements and are eligible to receive subsidy
payments. Kandi is currently developing EV market growth strategies
that do not rely solely on subsidy payments and is identifying key
areas of focus in which to improve Kandi’s earnings capabilities,”
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
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Apr 2023 to Apr 2024