Three of Kandi JV’s EV Models Eligible for 110% of Central Government Subsidy
July 14 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 K17A), 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 as a new recommended model vehicle 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 “Sixth Annual Directory of New Energy Vehicles”) in
the MIIT’s third public announcement of 2017.
According to the Ministry of Finance, the
Ministry of Science and Technology, the MIIT, and the National
Development and Reform Commission’s (the "Four Ministries") Notice
of Financial Subsidy Policy Adjustment for Recommended Models for
Energy Saving and New Energy Vehicle Demonstration and Promotion,
new energy passenger vehicles are required to incorporate enhanced
battery power systems with increased energy density quality of
higher than 120wh/kg in order to receive 110% of the central
government subsidy for such vehicles. Three of the JV Company’s EV
models - SMA7000BEV05(K12), SMA7000EV06(K10D), and
SMA7001BEV25(K17A) - have successfully achieved this standard after
receiving technology upgrades. As a result, all three of these
models are eligible to receive a 110% subsidy from the central
government.
Mr. Hu Xiaoming, Chairman of Kandi commented,
“Through a transformation in our technology, Kandi’s battery
systems have obtained much higher quality energy intensities.
Eligibility to receive 110% of the central government subsidy for
our three EV models mentioned above will be a competitive advantage
for us and a significant driver of growth going forward. We believe
the approval of these three models will contribute to the Company’s
continued development in the second half of 2017.”
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
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Sep 2023 to Sep 2024