Kandi Technologies Actively Explores Possibility of Establishing Electric Vehicle Manufacturing Facility in North America
August 20 2020 - 09:00AM
Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced it is actively exploring the
possibility of opening a manufacturing base in North America for
its popular electric vehicles (“EV”) and off-road vehicles.
Kandi plans to more aggressively target the fast-growing
North America market and ensure affordability by eliminating
shipping costs and tariffs. The Company is in preliminary
discussion with various potential partners, including local
government agencies from the US-Mexico border, and has received
positive feedback. The Company cautioned that the exploration
process is in its early stage and any negotiations would not
guarantee a North American plant will be built.
Kandi Chairman and Chief Executive Officer Hu Xiaoming
elaborated: “We have achieved initial success with our strategic
decision to expand to the U.S. electric vehicle market. Over the
near term, we are confident we can meet the growing North American
demand with our existing manufacturing facilities in China. Longer
term, however, we are actively exploring the possibility of
manufacturing EVs and off the road vehicles locally, as we plan to
more aggressively target the fast growing North American
market.”
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 Vehicles Co., Ltd.
("Kandi Vehicles") and its subsidiaries including Zhejiang Kandi
Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC (d/b/a
Kandi America), the wholly-owned subsidiary of Kandi in the United
States and Fengsheng Automobile Technology Group Co., Ltd (formerly
known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate
Company”). Kandi Vehicles has established itself as one of China's
leading manufacturers of pure electric vehicle parts and off-road
vehicles.
In 2013, Kandi Vehicles and Geely Group, China's leading
automaker, jointly invested in the establishment of the Affiliate
Company in order to develop, manufacture and sell pure electric
vehicle ("EV") products. Geely Group (including its affiliate) and
Kandi Vehicles currently holds 78% and 22% of the equity interests
in the Affiliate Company, respectively. The Affiliate Company has
established itself as one of the driving forces in the development
and the manufacturing of pure EV products in China.
More information about KNDI is available on the Company's
corporate website at http://www.kandivehicle.com. The Company
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
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
For More Information:
Kandi Technologies Group, Inc.
Ms. Kewa LuoPhone: +1 (212) 551-3610Email:
IR@kandigroup.com
The Blueshirt Group
U.S.:Mr. Gary DvorchakEmail:
gary@blueshirtgroup.com
China:Ms. Susie Wang Email:
susie@blueshirtgroup.com
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