JINHUA, China, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its wholly owned subsidiary Zhejiang Kandi Vehicles Co. Ltd. ("Kandi Vehicles") completed the transfer of its entire ownership of Kandi Electric Vehicles (Changxing) Co., Ltd. ("Kandi Changxing") to Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") with local State Administration of Industry and Commerce on November 1st, 2013. The transfer is pursuant to the Joint Venture Agreement of the Establishment of the JV Company between Kandi Vehicles and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd. ("Geely") signed on March 22nd, 2013.
Pursuant to the terms of the JV Agreement, the JV Company has paid RMB 400,000,000 (approximately USD 65,025,800) before September 30th, 2013 and acquired 100% ownership of Kandi Changxing from Kandi Vehicles. Upon the completion of this transfer, Kandi becomes a 50% owner of Kandi Changxing through Kandi Vehicles and its 50% ownership of the JV Company.
Mr. Xiaoming Hu, Chairman of Kandi and General Manager of the JV Company commented, "this ownership transfer better consolidates the resources and expertise of Kandi and Geely in R&D, production, sales and marketing for electric vehicles ("EVs"), so we will be able to develop more affordable pure electric vehicles for residents in China to buy and drive, provide efficient services to our customers, and promote the use EVs in China. With the increase of consumer environmental consciousness and urgent demand for urban green public transportation systems, the EV sector will certainly become a main driving force for the green economy in the near future in China. We will work our best to build a strong and reliable urban green transportation system and make Kandi the leader in the EV industry in China."
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.
CONTACT: Kandi Technologies Group, Inc. Ms. Kewa Luo Phone: 1-212-551-3610 Email: IR@kandigroup.comSource:Kandi Technologies, Corp.