JINHUA, China, July 21, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ: KNDI ), today announced that Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”, a 50/50 Joint Venture between Kandi and Geely Automobile Holdings Ltd.) plans to sell 1,000 and 500 electric vehicles (“EVs”) to the two cities in China, namely, Tianjin and Jiangyin, respectively, ZuoZhongYou (Tianjin) Electric Vehicle Service Co., Ltd. (“ZZY-Tianjin”) and ZuoZhongYou (Jiangyin) Electric Vehicle Service Co., Ltd. (“ZZY-Jiangyin”), wholly owned subsidiaries of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (“ZZY”) have obtained the registration approval from the local State Administration of Industry and Commerce for the formation. The Micro Public Transportation (“MPT”) Program is expected to be officially launched and administered by ZZY-Tianjin and ZZY-Jiangyin with the expectation for the delivery of 1,000 EVs in Tianjin and 500 EVs in Jiangyin by the end of 2016.
Tianjin, one of four direct-controlled municipalities of China, is a central city in China and the center of the Bohai Bay Economic Rim, with a total municipal population of over 15 million. Tianjin is well-known as the base for advanced manufacturing industry in China. It also regularly hosts the World Economic Forum, Annual Meeting of the New Champions, also known as the “Summer Davos Forum”. Tianjin has been selected by the central government as one of China’s pilot cities for renewable energy automobiles. Purchasers of Kandi brand EVs are the ultimate beneficiaries of, on a per car basis, the national government subsidy of RMB 45,000.00 (Approximately USD 6,718.00) and the Tianjin local government subsidy under its local policy.
Jiangyin is a county-level city of China with approximately 1.6 million inhabitants. It is located on the southern bank of the Yangtze River and administered by Wuxi City, Jiangsu Province. Jiangyin is one of the most important transportation hubs in China and its overall competitiveness is top ranked among China’s hundred counties. Purchasers of Kandi brand EVs in Jiangyin are eligible to receive, on a per car basis, the national government subsidy of RMB 45,000.00 (Approximately USD 6,718.00), as well as additional provincial and municipal government subsidies under the respective local policies.
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 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 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.
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Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc. Phone: 212-551-3610 Email: IR@kandigroup.com
