Kandi JV Company Signs Strategic Cooperative Agreement with China Resources (Zhejiang) Vehicle and Ship Natural Gas Co., Ltd
March 04 2019 - 8:33AM
Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ GS: KNDI), announced today further steps
it has taken in order to maintain favorable momentum generated by
its recent establishment of the Government-accredited Online
Ride-hailing Vehicle Alliance (“Accredited Vehicle Alliance”) on
January 13, 2019. Kandi Electric Vehicles Co., Ltd. (the “JV
Company”, an equally held joint venture by Kandi Vehicles and Geely
Group, Ltd. including its affiliate) signed a strategic cooperative
agreement for operating government-accredited vehicles with China
Resources (Zhejiang) Vehicle and Ship Natural Gas Co., Ltd (“China
Resources Zhejiang”) on March 2, 2019. The JV Company led the
efforts in organizing the Accredited Vehicle Alliance, which
includes over 10 vehicle service providers such as Zhejiang Ruibo
and Hangzhou Ruixiang. The mission of the Accredited Vehicle
Alliance is to provide 300,000 government-accredited vehicles for
the ride-hailing service within five years. The JV Company will be
the primary vehicle supplier in the Accredited Vehicle Alliance,
responsible for delivering pure electric vehicles with quick
battery exchange features. Going forward, China Resources Zhejiang
will be in charge of investment and operations of Accredited
Vehicle Alliance’s vehicle battery exchange business.
China Resources Zhejiang is a subsidiary of
China Resources Gas Group (“CR Gas”), which is a subsidiary
substantially owned by China Resources (Holdings) Company Limited
(“China Resources Group”). China Resources Group, headquartered in
Hong Kong, is a state-owned enterprise supervised by the
State-owned Assets Supervision and Administration Commission of the
State Council. China Resources Group is number eighty-six on the
2017 Fortune 500 list. CR Gas is among China Resources Group’s
strategic business segments, mostly engaged in downstream city gas
distribution businesses including piped natural gas distribution
and natural gas filling stations. CR Gas’s portfolio extends
throughout the nation covering 25 provinces, municipals, and direct
administrative municipalities. CR Gas has become China’s largest
city gas distribution business operator. At the end of October
2008, CR Gas successfully listed in the Hong Kong Stock Exchange
(01193.HK) and is a constituent stock in Hong Kong’s Hang Seng
Composite Index. Its subsidiary, China Resources Zhejiang, is
mainly engaged in gas station management consulting, gas vehicle
refueling operations, charging and replacing facilities operations,
and other service related businesses.
Mr. Hu Xiaoming, Chairman of Kandi Electric
Vehicle Group, commented, “We are thrilled to have the opportunity
to collaborate with such a respectable enterprise—China Resources
Zhejiang. Given their rich reserved resources and distribution
networks, China Resources Zhejiang is well equipped to take
advantage of such a favorable operating environment to provide
operational efficiency of battery exchange services for 300,000
government accredited online ride-hailing vehicles within five
years.”
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"), SC Autosports, LLC,
the wholly-owned subsidiary of Kandi Vehicles, and Kandi Electric
Vehicles Group Co., Ltd. (the “JV 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 JV
Company in order to develop, manufacture and sell pure electric
vehicle ("EV") products. As of 2018, each party has invested RMB
1.045 billion in the JV Company, for a total investment of RMB 2.09
billion with each party (including Geely Group’s affiliate) holding
a 50% stake in the JV Company. The JV 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
Company Contact: Ms. Kewa Luo Kandi Technologies
Group, Inc. Phone: 1-212-551-3610 Email: IR@kandigroup.com
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