JINHUA, China, May 02, 2017 (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 Zhejiang Geely Holding Group) has for the first time obtained a RMB 730 million (approximately US$105.8 million) supply chain finance (SCF) program, to be used as capital support for the JV Company, from the National Economic and Technological Development Zone of Rugao City. The first tranche of RMB 197 million (approximately US$28.6 million) has already been received, and the remainder will be provided according to the JV Company’s capital requirements.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “The JV Company’s production and sales were significantly impacted over the past year because of confusion regarding certain EVs manufactured and sold by the JV Company during 2013 and 2014 that used the reusable battery exchange model. Fortunately, these difficulties were resolved after dialogue with government authorities. With the subsidy installment payments we are now receiving and with the generous support of the Rugao Economic and Technological Development Zone, the JV Company will resume normal production activities in May. The JV Company’s management team is confident about regaining the momentum in EV sales in 2017.”
Note: All the currency conversions from RMB to USD referred to in this press release are based on an exchange rate of 1RMB = 0.1450 USD, published by www.xe.com on the date before the release of this press release.
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 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: 1-212-551-3610 Email: IR@kandigroup.com
