An Additional Kandi JV EV Model Receives MIIT Recommendation
March 02 2017 - 8:32AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(NASDAQ:KNDI) today announced that the Geely Global Hawk electric
vehicle (“EV”) model SMA7001BEV25 (the Kandi Model K17) developed
by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company”, a
50/50 joint venture between Kandi and Zhejiang Geely Holding Group)
has been included in the Ministry of Industry and Information
Technology of the People’s Republic of China’s (the “MIIT”)
Directory of Recommended Models for Energy Saving and New Energy
Vehicle Demonstration and Promotion (the “Second Annual Directory
of New Energy Vehicles”) in the MIIT’s second public announcement
of 2017. The Second Annual Directory of New Energy Vehicles was
published on March 1, 2017, and highlighted a total of 201
vehicles, of which 36 were passenger vehicles, 128 were commercial
vehicles, and 37 were special purpose vehicles from 40
manufacturers.
Mr. Hu Xiaoming, Chairman of Kandi, commented,
“as we explained in our January press release, due to recently
increased technical requirements for EVs receiving government
subsidies, all EV products manufactured by the JV Company are now
required to submit applications for the updated Directory of New
Energy Vehicles. We believe that all of our EV models will
eventually obtain MIIT recommendations. Currently, the JV Company’s
Global Hawk EV model SMA7001BEV25 (the Kandi Model K17) is included
in the MIIT’s Second Annual Directory of New Energy Vehicles.
Purchasers of our Global Hawk EV models will be eligible to receive
central government subsidies, laying a solid foundation for Kandi’s
business growth in 2017. Kandi’s management remains confident in
the growth of China’s EV industry.”
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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