Kandi Pure Electric Vehicle Product Pursuing Expansion to the American Market
June 12 2018 - 8:52AM
Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ GS:KNDI), today announced that Zhejiang
JiHeKang Electric Vehicle Sales Co., Ltd. (“JiHeKang”), a 100%
owned subsidiary of Kandi Electric Vehicles Group Co., Ltd (the “JV
Company”, a 50/50 joint venture between Kandi and Geely Group
(Ningbo) Ltd.), signed a Framework Sales Agreement with Sportsman
Country, LLC (“Sportsman”) on June 10th, 2018 for bringing its pure
electric vehicles to the United States.
According to the terms, the JV Company will ship
pure electric vehicle prototypes to the United States before August
10th, 2018. The shipment will include Model EX3 and Model K22,
which are designed for the American market in order to precede
opportunity analysis and market assessment. Sportsman is
responsible for all necessary application procedures for the sale
of the JV Company’s pure electric vehicles that are required in the
United States. Detailed purchase and procurement plans will be
determined based on the progress of preparation work.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi commented, "The pure electric vehicle market in
the United States is full of potentials. The JV Company’s EV
products are competitive in price and quality. Sportsman, as the
wholly owned subsidiary of the Company, is capable of growing the
EV business and expanding the sales channel in the United
States.”
Mr. David Shan, Chairman of Sportsman said, “The
electric vehicles that are manufactured by the JV Company possess a
trendy appearance as well as good performance and affordable
pricing; these are highly competitive in the US market. Sportsman
is confident that this will be an opportunity to add variety in
order to expand its product sales to maximize shareholders’
value.”
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. Kandi conducts its primary business
operations through its wholly-owned subsidiary, Zhejiang Kandi
Vehicles Co., Ltd. (“Kandi Vehicles”), and the partially and
wholly-owned subsidiaries of Kandi 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.
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Company Contact:
Ms. Kewa LuoKandi Technologies Group, Inc.Phone:
1-212-551-3610Email: IR@kandigroup.com
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