Kandi Technologies Group, Inc.: On-Street EV Charging/Parking Stations Added to Hangzhou Car-Share Program Network
July 30 2014 - 9:05AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(Nasdaq:KNDI), today announced that, due to the high demand for EV
charging and parking facilities in Hangzhou city, Zhejiang province
in China, on-street EV charging/parking stations have been added to
the Hangzhou Car-Share Program network to meet the needs of the
Car-Share Program participants. Zhejiang ZuoZhongYou Electric
Vehicle Service Co., Ltd. (the "Service Company" or "ZZY") owns and
runs the Car-Share Program. The Company, through its 50% ownership
interest in Kandi Electric Vehicles Group Co., Ltd. (the "JV
Company"), indirectly holds a 9.5% interest in the Service Company.
The on-street EV charging/parking stations are in addition to
the vertical parking and charging facility that the Service Company
has constructed to accelerate the establishment of the Car-Share
Program.
The first on-street EV charging/parking station was launched at
the beginning of June this year, and has received strong support
from the government of Hangzhou municipal and West Lake District.
The launch of the first on-street station was also well publicized
by the various national media outlets, including China Central
Television (CCTV) Channel 2, Channel 4, Channel 13 and other
provincial TV stations.
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In contrast to the complex construction process for the vertical
parking and charging facility, the on-street stations can be built
more quickly and easily. As of now, there have been 30 on-street
stations completed and added to the Hangzhou Car-Share Program
network. Each on-street station has the capacity to park between 10
and 30 electric vehicles depending on the location, and includes
charging facilities and onsite customer services.
At present, ZZY has a total of 50 stations within the Hangzhou
Car-Share network including on-street stations, high-end hotel EV
charging/parking stations, and smart vertical charging/parking
garages. Additionally, through its long-term group leasing program
ZZY has over 2000 EVs that benefit from use of the charging
facilities. The long-term group leasing program is designed to meet
the long-term rental needs of enterprises and community groups.
Group leases require a minimum term of three years and a minimum of
100 EVs per group. Each group entity is responsible for its own
charging facility, but ZZY provides each group entity with a
maintenance service team for any technical support.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi,
commented "ZZY's additional charging and parking stations for the
Car-Share Program will enhance the EV network and provide Hangzhou
residents with more convenient EV rental experience. Furthermore,
the long-term group leasing program has also been highly recognized
by various enterprises. We are confident that both of ZZY's leasing
models (the long-term group leasing and the Car-Share Program) will
continue to succeed, which will benefit Kandi's EV
development."
About the Car-Share Program
ZZY is the first in the market to have proposed the public pure
electric vehicle sharing program (the "Car-Share" Program). Besides
the zero-emission benefit, the Car-Share Program combines city
taxis, the resident cars, rental cars and traditional mass
transportation advantages, along with vertical automatic
charging/parking garage and on-street EV charging/parking stations.
This new business model for urban public transportation is designed
to greatly improve the efficiency of urban car usage, as well as
ease traffic congestion, alleviate demand for scarce parking
resources, and reduce the environmental impact. Additionally, it
will likely help to promote the global development of pure electric
vehicles.
Individually driven pure EVs are utilized in the Car-Share
Program. Its automated charging parking system is located at
airports, train stations, hotels, business centers, selected
residential areas and other places in the city that are typically
congested due to commuter traffic. The network system provides EV
rental service to individual drivers in and around the city. The
network system also provides centralized management of EV
maintenance, and battery charging to disperse self-service users.
The EV rental station (or the charging/parking station) is the
basic unit of the network system, providing a variety of services
and transactions, such as charging, maintenance, battery recycling
and other services related to the rental of EVs. In addition, a
tracking system allows the Car-Share Program management to know at
all times the precise location and the status of each vehicle.
This Car-Share Program model has been implemented in Hangzhou
since the second half of 2013.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in
Jinhua, Zhejiang Province, is engaged in the research and
development, manufacturing and sales of various vehicles. Kandi has
established itself as one of the world's largest manufacturers of
pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and
utility vehicles (UTVs), among others. More information can be
viewed at its corporate website is http://www.kandivehicle.com.
Kandi routinely posts important information on its website.
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
securities laws, the Company does not assume a duty to update these
forward-looking statements.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: 1-212-551-3610
Email: IR@kandigroup.com
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