Kandi Receives Final Payment from Fengsheng Sale
September 13 2021 - 9:05AM
Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced that it received the final
payment from the sale of its 22% equity in Fengsheng Automotive
Technologies Group Co., Ltd. back to Geely.
According to the Equity Transfer Agreement,
Kandi sold back its interest for RMB 308 million (approximately
$47.3 million). Kandi received 50% of the amount after the
sale was approved by local Zhejiang provincial authorities and the
second 50% installment within six months as stipulated in the
agreement.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi, commented, “Receipt of this final payment on time
adds to our substantial cash position, enabling us to pursue
strategic market opportunities as they arise. In addition to the
cash infusion, the exit from Fengsheng improves our flexibility to
embrace opportunities up and down the supply chain without concerns
about competitive conflicts. We are increasingly optimistic
about our prospects, given our financial and technological
strengths.”
About Kandi Technologies Group,
Inc.
Kandi Technologies Group, Inc. (KNDI),
headquartered in Jinhua Economic Development Zone, Zhejiang
Province, is engaged in the research, development, manufacturing,
and sales of various vehicular products. Kandi conducts its primary
business operations through its wholly-owned subsidiary, Zhejiang
Kandi Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”),
formerly, Zhejiang Kandi Vehicles Co., Ltd.) and its subsidiaries
including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd,
and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned
subsidiary of Kandi in the United States, and its wholly-owned
subsidiary, Kandi America Investment, LLC. Zhejiang Kandi
Technologies has established itself as one of China's leading
manufacturers of pure electric vehicle parts and off-road
vehicles.
Safe Harbor Statement
This 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
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group,
Inc.Ms. Kewa Luo+1 (212) 551-3610IR@kandigroup.com
The Blueshirt GroupMr. Gary
Dvorchak, CFAgary@blueshirtgroup.com
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Apr 2023 to Apr 2024