Kandi Affiliate Fengsheng Announces Subsidy Approval for new Maple 60X
July 22 2020 - 9:07AM
Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced that the Maple 60V all-electric
MPV (Multi-purpose Vehicle) produced by its affiliate company
Fengsheng Automotive (the “Affiliate Company” or “Fengsheng”) was
approved for purchase subsidies by China’s Ministry of Industry and
Information Technology (“MIIT”). Subsidy approval is a key
milestone as Fengsheng brings the 60V to market in the near future.
The Maple 60V is the next offering in a planned series of
versatile, MPV featuring style, performance and comfort. The
Maple 60V follows the recently introduced Maple 30X, which is
seeing strong initial interest. A key feature of the 60V will
be a swappable battery, which enables quick “refueling” and reduced
range anxiety.
“We are pleased that Fengsheng is announcing the fulfillment of
this key milestone for the Maple 60V,” commented Xiaoming Hu, Kandi
Technologies Chairman and Chief Executive Officer. “With sales
starting for the 30X and the 60V coming soon, we are impressed with
the burgeoning family of city pure electric vehicles being produced
by our affiliate company. We look forward to growing sales as
distribution expands and the Chinese economy gradually returns to
normal.”
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, SC Autosports, LLC,
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 Luo Phone: +1 (212) 551-3610 Email:
IR@kandigroup.com
The Blueshirt Group
U.S.: Mr. Gary Dvorchak Email: gary@blueshirtgroup.com
China: Ms. Susie Wang Email: susie@blueshirtgroup.com
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