JINHUA, China, Jan. 11, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (NASDAQ: KNDI ), today announced that the Micro Public Transportation (“MPT”) program has expanded to 16 cities in China as of the end of 2015, exceeding the Company’s previous target of 15 cities. The cities include Hangzhou, Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou, Rugao, Kunming, Tianjin, Jinhua, Chongqing, Haikou, Shenzhen and Xiangtan. The Company launched the MPT program in the second half of 2013.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “The Micro Public Transportation program is a unique business model specializing in the hourly sharing and leasing of electric vehicles (EVs) as an extension of public transportation, and is supported by the government’s dedication to developing the EV industry and emerging cities in China. We believe the expansion of the MPT program is one of the key engines for Kandi’s future growth, which will further enhance our competitive advantages in the EV market.”
About Micro Public Transportation (“MPT”) Program
Kandi has been advocating, and through Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. or through the cooperation between Kandi Electric Vehicles Group Co., Ltd. (the "JV Company") and the local business partners, implemented the “Micro Public Transportation” program, or MPT program, which provides a shared pure EV transportation platform that has not been previously afforded to urban residents. It is a network system for EV sharing and leasing as a model for public transportation to alleviate traffic congestion. It also includes a variety of the Long-term Group Leasing options, ideal for companies, government entities and residential communities that lease at least 100 EVs on an annual basis. As of the end of 2015, the MPT program had been launched in sixteen cities, including Hangzhou, Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou, Rugao, Kunming, Tianjin, Jinhua, Chongqing, Haikou, Shenzhen, and Xiangtan.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com . The Company routinely posts importation 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.
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CONTACT: Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc. Phone: 212-551-3610 Email: IR@kandigroup.com IR Contact: The Piacente Group Phone: 212-481-2050 Email: kandi@tpg-ir.com
