JINHUA, China, Oct. 13, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that the Shanghai's local subsidy policy for renewable energy vehicles was released by Shanghai Municipal Commission of Economy and Information after China's National Day Holiday Week. There are three vehicle models chosen, two of which are Kandi's SMA7000BEV and SMA7001BEV models. As a result, the purchaser of these two models in Shanghai will be qualified to receive both national and local subsidies. Additionally, these two vehicle models also qualify for free license plates in Shanghai. The license plates in Shanghai are auctioned to the public at an averaged price between RMB 70,000.00 to RMB 80,000.00 (USD 11,410.00 to USD 13,040.00) per license plate.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi Technologies commented, "The approval of Shanghai's subsidy policy will provide the incentive to further promote the purchase and use of electric vehicles. At Present, the service company ZuoZhongYou (Shanghai) Electric Vehicle Service Co., Ltd. has five EV Parking/Charging Stations at Jinshan District in Shanghai and over 400 Kandi Brand pure EVs delivered for both Car-Share Program and Long-term Group Leasing Program."
"As the Car-Share Program continues to progress within the increasing network infrastructure, we believe this will better fit the residents' needs and lifestyles while improving the city's public transport efficiency," Mr. Hu Concluded.
About the Car-Share Program
Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") is the first in market to initiate the public pure EV sharing program (the "Car-Share" Program). Kandi Technologies, through its 50% ownership interest in Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), indirectly holds a 9.5% interest in ZZY.
Individually driven pure EVs are used in the Car-Share Program. The charging/parking stations which provide a variety of services, such as charging, maintenance, battery recycling, are located at airports, train stations, hotels, business centers, selected residential areas and other places that are typically congested. A network system provides EV rental service to individual drivers in and around the city. It also provides EV maintenance and battery charging to self-service users. Lastly, a tracking system allows the Car-Share Program management to keep a close watch at the status and precise location of each vehicle. ZuoZhongYou (Shanghai) Electric Vehicle Service Co., Ltd. ("ZZY-Shanghai"), a wholly owned subsidiary of ZZY which was formally established on June 16, 2014 in Shanghai.
This Car-Share Program model has been implemented in Hangzhou since the second half of 2013, and has now begun to expand into other major cities in China.
The Group Long-term Lease Project is a lease model that uses enterprise, community or village as a lease unit and each unit leases a minimum of 100 EVs with a group lease term at a minimum of three years.
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 electric vehicle ("EV") products, Go-Kart vehicles, three-wheel motorcycles 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.