JINHUA, China, July 14, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ: KNDI ) today announced that the Geely Global Hawk electric vehicle (“EV”) model SMA7001BEV25 (the Kandi Model K17A), developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company”, a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group), has been included as a new recommended model vehicle in the Ministry of Industry and Information Technology of the People’s Republic of China’s (the “MIIT”) Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (the “Sixth Annual Directory of New Energy Vehicles”) in the MIIT’s third public announcement of 2017.
According to the Ministry of Finance, the Ministry of Science and Technology, the MIIT, and the National Development and Reform Commission’s (the "Four Ministries") Notice of Financial Subsidy Policy Adjustment for Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion, new energy passenger vehicles are required to incorporate enhanced battery power systems with increased energy density quality of higher than 120wh/kg in order to receive 110% of the central government subsidy for such vehicles. Three of the JV Company’s EV models - SMA7000BEV05(K12), SMA7000EV06(K10D), and SMA7001BEV25(K17A) - have successfully achieved this standard after receiving technology upgrades. As a result, all three of these models are eligible to receive a 110% subsidy from the central government.
Mr. Hu Xiaoming, Chairman of Kandi commented, “Through a transformation in our technology, Kandi’s battery systems have obtained much higher quality energy intensities. Eligibility to receive 110% of the central government subsidy for our three EV models mentioned above will be a competitive advantage for us and a significant driver of growth going forward. We believe the approval of these three models will contribute to the Company’s continued development in the second half of 2017.”
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
