Three Kandi Pure EV Models Are Included in China's First List of Purchase Tax Exemption for New Energy Vehicles

JINHUA, China, Sept. 3, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that, according to public Notice No. 54 issued by China's Ministry of Industry and Information Technology ("MIIT") and State Administration of Taxation ("SAT"), three of Kandi's pure Electric Vehicle ("EV") models were chosen to be on the first approved list of New Energy Vehicles to qualify for a purchase tax exemption at the amount of 10% of the vehicle's total purchase price.

The list, effective on September 1, 2014, granted 17 passenger vehicles from 11 domestic auto manufacturers and 5 special purpose motor vehicles from 4 domestic automakers a purchase tax exemption. Kandi brand SMA7000BEV & SMA7001BEV model are among the list of approved passenger vehicles and Kandi's KD5011XXYEV is included in the list of special purpose motor vehicles. As a result, purchasers of such vehicles would exempt from the purchase tax

Approved Kandi Passenger Vehicles

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Approved Kandi Special Purpose Motor Vehicle

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Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "We are very pleased that Kandi's three EV models now enjoy the tax break, which offers EV perspective buyers extra incentives. Most importantly, it indicated that Chinese government has made significant efforts in actively advocating the development of new energy vehicles to reach production and sales targets of 0.5 million New Energy Vehicles (NEVs) by 2015 and 5 million NEVs by 2020. We believe the latest tax exemption, along with a series of government incentives and subsidies, will have a very positive impact on the sales of Kandi Brand EV in China going forward."

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 vehicle products. Kandi has established itself as one of the world's largest manufacturers of pure EV products, Go-Kart vehicles, and tricycle and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is Kandi routinely posts important information on its website.

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CONTACT: Kandi Technologies Group, Inc. Ms. Kewa Luo Phone: 1-212-551-3610 Email: IR@kandigroup.comSource:Kandi Technologies, Corp.