Kandi Reports The Anticipated Receipt of RMB 305 Million Due to Tax Credit Refund
October 01 2018 - 9:03AM
Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”)
(NASDAQ GS: KNDI), announced today that Zhejiang Geely Auto Limited
- Shanghai Subsidiary (“Zhejiang Geely”), a business partner of
Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a joint
venture owned by Kandi Vehicles, Geely Group, Ltd., and Geely Group
(Ningbo) Ltd. 50%, 26.08%, and 23.92% respectively), received a
total of RMB 305 million (approximately USD 44.3 million) in tax
credits. The refund of the Value Added Tax (“VAT”) remaining tax
credit is made by the State Administration of Taxation (the “SAT”)
through a new policy intended to promote sustainable economic
development. A select number of advanced equipment manufacturers
were given tax refunds on the VAT remaining tax credit at the end
of 2018’s tax season. The amount refunded to Zhejiang Geely
corresponds to the production and sale of Kandi products by the JV
Company in the years of 2015, 2016, and 2017. As a result, the JV
Company expects to receive such a payment from Zhejiang Geely.
Mr. Hu Xiaoming, Chairman and CEO of Kandi
commented, “we are very pleased to have the prospect to receive
such a substantial amount of additional capital. The refunded tax
credits demonstrate that the State’s focus is on supporting the
advanced manufacturing industry. This additional cash flow will
further improve the JV Company’s competitiveness.”
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”),
SC Autosports, LLC – previously Sportsman Country, LLC, 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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Contact:
Ms. Kewa LuoKandi Technologies Group, Inc.Phone:
1-212-551-3610Email: IR@kandigroup.com
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