JINHUA, China, April 29, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), the Company's wholly-owned subsidiary in China, signed a supply contract with Lishen Battery System Co., Ltd ("Tianjin Lishen"), China's largest producer of rechargeable lithium-ion batteries, for a one-year supply, a minimum of 25,000 cases, of 80V/70AH lithium-ion batteries starting in May 2014. The contract is valued roughly at RMB 360 million or approximately USD 58.5 million when all the purchase orders have been fulfilled.
Chinese Premier Keqiang Li recently reiterated plans to boost clean energy by promoting the industrialization of electric vehicles. Accordingly, the Company's management believes that Premier Li's remarks foreshadow an acceleration in the industrialization of pure electric vehicles in China. In light of Premier Li's remarks, Kandi continues to take steps to develop and implement its new business model – the public EV sharing system ("Car-Share Program").
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Under this backdrop, Mr. Xingcai Qin, President of Tianjin Lishen, visited Kandi's public EV sharing facility in Hangzhou last week. Mr. Xiaoming Hu, President of Kandi, gave Mr. Qin a first-hand look at the rapid progress the Company has made, and shared with him the positive public opinion and feedback the Company received following the launch of trial operations for its Car-Share Program in Hangzhou.
Mr. Qin was very impressed with the Car-Share Program. He stated his belief that the Car-Share Program will help relieve many of the problems faced by major cities in China, such as traffic jams, environmental pollution and lack of available parking. Mr. Qin signed the supply contract and concluded, "We hope this contract marks the beginning of a long and mutually beneficial partnership between Tianjin Lishen and Kandi."
About Lishen Battery System Co., Ltd.
Tianjin Lishen, established on December 25, 1997 at Tianjin, specializes in the technological development, manufacture and sales of Li-ion batteries. So far, Lishen has grown its annual production capacity up to 500 million Ah, and its products include six series, i.e., cylindrical battery, prismatic battery, polymer battery, power battery, photovoltaic, ultracapacitor, and hundreds of models with applications including a wide range of personal electronic consumer products, power tools, transportation, energy storage system, etc.. Lishen, ranked among the top five Li-ion battery makers in the global high-end market, is a company which presently has the largest investment and the most advanced technology in China, and has become a leading brand of Chinese Li-ion battery.
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 one of the world's largest manufacturers 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. Kandi 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.
CONTACT: Kandi Technologies Group, Inc. Ms. Kewa Luo Phone: 1-212-551-3610 Email: IR@kandigroup.comSource:Kandi Technologies, Corp.