Kandi Technologies Reports the Receipt of RMB100 Million in Second Subsidy for R&D Expenditures for a New Model of Electric V...
November 29 2016 - 8:32AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(NASDAQ:KNDI) today announced that its wholly-owned subsidiary
Kandi Electric Vehicles (Hainan) Co. Ltd (“Kandi Hainan”) has
received a second subsidy payment of RMB 100 million (approximately
USD 14.5 million*) from the Hainan Provincial Government. Pursuant
to an agreement with the Hainan Provincial Government, Kandi Hainan
will receive a total of RMB 300 million (approximately USD 43.4
million) in subsidy payments to support its research and
development expenditures for a new model of electric vehicle
(“EV”). The subsidy payment schedule is based on the progress of
Kandi Hainan’s new EV model development, and to date Kandi Hainan
has received total payments of RMB 200 million (approximately USD
29.0 million).
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi,
commented, “This second timely subsidy payment from the Hainan
Provincial Government has helped to ensure the continued progress
of EV research and development at our Hainan facility. We are very
grateful for the Hainan government’s generous support and will use
the subsidy funds to develop the best possible EV products that
also satisfy market needs.”
Note: All the currency conversions from RMB to
USD referred to in this press release is based on the exchange rate
of 1RMB = 0.1447 USD, published by www.xe.com on the date before
the release of this press release.
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 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 Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: IR@kandigroup.com
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