JINHUA, China, Aug. 13, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq: KNDI ), today announced that on August 12, 2013, Shanghai New Energy Vehicle Promotion Office's senior officials Mr. Hailin Chen and Mr. Jun Xiang, along with other officials from their office visited Zhejiang Kandi Electric Vehicles Co., Ltd. (the 'JV Company') located on Xixi Road, Hangzhou and the first pure EV smart vertical parking and charging facility in Gudang Technology Park of Xihu District, Hangzhou.
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Mr. Xiaoming Hu, the Chairman of Kandi & the General Manager of the JV Company provided to the delegation a detailed introduction on the Hangzhou public EV sharing system as well as the potential pilot project of public EV sharing system in Jinshan District of Shanghai. During the meeting, Mr. Hu also reported the progress of establishing Kandi Electric Vehicles (Shanghai) Co., Ltd ('Kandi Shanghai'), which has just received the approval for business license in Shanghai. Kandi Shanghai was established by Shanghai Maple Guorun Automobile Co., Ltd. ('Shanghai Maple'), a subsidiary of Geely Automobile Holdings Co., Ltd. and the parent company of Zhejiang Kandi Electric Vehicles Co., Ltd. Shanghai Maple will contribute Kandi Shanghai to the JV Company pursuant to the joint venture arrangement with Kandi.
The pilot project for Public EV sharing project is very well received by Jinshan District of Shanghai and the local government is in the process of the location selection. The trial operation of Shanghai's public EV sharing system is expected to be launched before the end of 2013.
Mr. Hailin Chen said in his remarks: "The public EV sharing system is highly recognized and we look forward to adopting this system in Shanghai. Furthermore, we are very confident about Kand's expansion in Shanghai."
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 the one of the world's largest manufacturer of pure electric vehicles (EVs), 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 .
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. China: Email: Phone: 86-579-82239856 U.S.A.: Email: Phone: 1-212-551-3610
