Kandi Announces Establishment of China Battery Exchange Technology Co., Ltd.
September 14 2020 - 9:15AM
Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced the establishment of a
wholly-owned subsidiary for its battery swapping services: China
Battery Exchange Technology Co., Ltd.
By establishing the China Battery Exchange Technology Company,
Kandi can better monetize its dozens of patents in the field of
battery swap systems. The new Company can also attract
strategic investors to participate across the whole sector value
chain, including battery swapping services and used battery
recycling.
Kandi Chairman and CEO Hu Xiaoming commented: “Kandi is a
pioneer in the battery swap concept. As the inventor of the
‘vehicle/battery separation’ battery swap model, we have overcome
many obstacles in the development of our company due to past
controversy around this concept. Fortunately, on April 23,
2020, the Ministry of Finance and other three Ministries in China
jointly issued a paper strongly supporting and encouraging the
‘vehicle/battery separation’ battery swapping model. In a
2020 Government Work Report, for the first time the battery
swapping station is included in infrastructure construction that
promotes renewable energy vehicles. We are gratified to see
the government fully support this model. By establishing the
China Battery Exchange Technology Company, we believe Kandi is even
better positioned to reignite growth in the near future.”
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
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 Phone: +1 (212)
551-3610 Email: IR@kandigroup.com
The Blueshirt GroupU.S.: Mr. Gary Dvorchak
Email: gary@blueshirtgroup.com
China: Ms. Susie Wang
Email: susie@blueshirtgroup.com
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