Kandi Technologies Exits Geely Affiliation
March 15 2021 - 8:45AM
Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or
“Kandi”) announced today that it exited its position in Fengsheng
Automotive Technologies Group Co., Ltd (the “Affiliate Company” or
“Fengsheng”).
To formalize the exit, Kandi’s wholly owned subsidiary, Zhejiang
Kandi Vehicles Co., Ltd. ("Kandi Vehicles") completed an Equity
Transfer Agreement (the “Transfer Agreement”) with Geely, in which
Kandi’s 22% equity interest in Fengsheng was transferred to Geely
in exchange for RMB 308 million (approximately $47.3 million) in
cash.
Zhejiang Provincial Administration for Market Regulation
recorded the update of the ownership of Fengsheng on March 9,
2021.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi,
commented, “Since Geely took control of Fengsheng, it experienced
large losses for a variety of reasons. To eliminate the
impact of these losses on Kandi, our senior management-- authorized
by the Board of Directors-- decided to transfer our ownership
position to Geely. After friendly negotiations, the terms of
the transfer were agreed upon and approved by the Zhejiang
Provincial Administration for Market Regulation.”
Hu continued, “By exiting the Fengsheng partnership, Kandi is no
longer bound by the associated non-compete provisions. We are
now free to more aggressively pursue the burgeoning electric
vehicle opportunity in China.”
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.
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 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 applicable securities laws, the Company does not
assume a duty to update these forward-looking statements.Follow us
on Twitter: @ Kandi_GroupContacts:Kandi Technologies Group, Inc.Ms.
Kewa Luo+1 (212) 551-3610IR@kandigroup.com
The Blueshirt GroupMr. Gary Dvorchak,
CFAgary@blueshirtgroup.com
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