Kandi's JV Entered Strategic Partnership With Ant Financial Services Group to Launch Electric Payment Service for Its Car-Share Program

JINHUA, China, Nov. 3, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 joint venture between Kandi and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd.) signed a Strategic Cooperation Framework Agreement with Ant Financial Services Group ("Ant Financial") to launch Alipay and Alipay Wallet services to the Car-Share Program, Kandi's innovative Pure EV Sharing Program. Mr. Hu Xiaoming, Chairman of the JV Company, Mr. Liu Jinliang, President of the JV Company, Mr. Eric Jing Xiandong, COO of Ant Financial, Mr. Deng Yiming, Director of Credit Business at Ant Financial, and other executives from both parties attended the signing ceremony on October 29, 2014 in Hangzhou.

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The scope of the agreement includes, but not limited to utilizing mobile application Alipay Wallet, China's leading electronic and mobile payment service for Kandi's Car-Share Program, and co-developing other innovative services, such as customer credit system, online booking, and membership management. Alipay Wallet offers the convenience of renting Kandi's EV through a smart phone. Additionally, it allows zero deposit and guarantee for qualified renters with good credit records based on Alipay's proprietary transaction data. Kandi expects to launch the first mobile application for the Car-Share Program based on Alipay Wallet platform by the end of November.

Mr. Hu Xiaoming, Chairman of the JV Company commented, "We are very excited to announce the strategic partnership with China's leading online financial service provider, Ant Financial Service, and to further grow our Car-Sharing Program in China. The Alipay Wallet technology not only enhances user experience which enables our customers to make reservation and payment through PCs, smart phones and other mobile devices, it also broadens our customer base to the ever growing Alipay users with better credit and payment term. We are extremely confident about our EV business model and we will continue to focus on the execution of our strategic growth plan in China's EV industry."

About Ant Financial Services Group

Formally established in October 2014, Ant Financial Services Group is focused on serving small and micro enterprises as well as consumers. With the vision of "to turn trust into wealth," it is dedicated to building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include Alipay, Alipay Wallet, Yu'e Bao, Zhao Cai Bao, Ant Credit and MYbank (under formation). For more information, please visit http://www.alibabagroup.com/en/news/article?news=p141016

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 the 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

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