JINHUA, China, Aug. 18, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq: KNDI ), today announced that the first 208 Kandi brand electric vehicles ("EV") were delivered as the official launch of Shanghai Jinshan public pure EV sharing program (the Shanghai Jinshan "Car-Share" Program) and Long-term Group Leasing Program. On August 14, 2014, ZuoZhongYou (Shanghai) Electric Vehicle Service Co., Ltd. ("ZZY-Shanghai"), which was formally established on June 16, 2014 in Shanghai by Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the "Service Company" or "ZZY") hosted a launching ceremony at Jinshan District in Shanghai. All of 208 EVs were sent to rental stations in Zhu Jing, Shi Hua, Feng Jing and Ting Lin, four towns at Jinshan for users' immediate use.
As previously announced on April 14, 2014, Mr. Ma Jing the Deputy Director of Electric Vehicles Development from the Shanghai Municipal Commission of Economic and Information Technology and his delegation group visited Kandi Electric Vehicles (Shanghai) Co., Ltd. ("Kandi Shanghai")'s production base and initiated Shanghai Public EV Sharing System Pilot Project. During the visit, Mr. Ma Jing laid out the targeted plan for the delivery of 3000-5000 Kandi Brand pure EVs by the end of 2014.
"The official launch of Shanghai Jinshan Car-Share Program has demonstrated the expansion of Hangzhou Car-Share Program into other major cities in China as the most preferred business model for EV development. We anticipate to see more and more cities adapting the Car-Share Program and Long-term Group Leasing Program in the near future," Mr. HuXiaoming, Chairman and Chief Executive Officer of Kandi Technologies, commented.
About the Car-Share Program
Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") is the first in market to initiate the public pure EV sharing program (the "Car-Share" Program). Kandi Technologies, through its 50% ownership interest in Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), indirectly holds a 9.5% interest in ZZY.
Individually driven pure EVs are used in the Car-Share Program. The charging/parking stations which provide a variety of services, such as charging, maintenance, battery recycling, are located at airports, train stations, hotels, business centers, selected residential areas and other places that are typically congested. A network system provides EV rental service to individual drivers in and around the city. It also provides EV maintenance and battery charging to self-service users. Lastly, a tracking system allows the Car-Share Program management to keep a close watch at the status and precise location of each vehicle.
This Car-Share Program model has been implemented in Hangzhou since the second half of 2013, and has now begun to expand into other major cities in China.
The Group Long-term Lease Project is a lease model that uses enterprise, community or village as a lease unit and each unit leases a minimum of 100 EVs with a group lease term at a minimum of three years.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq: KNDI ), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicles. Kandi has established itself as one of the world's largest manufacturers of pure electric vehicle (EV) products, Go-Kart vehicles, and tricycle and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com . Kandi 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.
Kandi Technologies Group, Inc. Ms. Kewa Luo Phone: 1-212-551-3610 Email:
