JINHUA, China, Dec. 18, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. ("JiHeKang Sales"), a wholly owned subsidiary of Kandi Electric Vehicles Group Co., Ltd. (the "JV Company")* and Guangzhou MingZhi Auto Trade Co., Ltd. ("Guangzhou Mingzhi"), a local auto distributor in Guangzhou, signed a contract for sale of 700 Kandi brand electric vehicles ("EVs") in November. On December 16, all 700 Kandi brand EVs including 550 SMA7000BEV and 150 SMA7001BEV were delivered to Guangzhou MingZhi. The sales revenue for the 700 EVs is valued at approximately RMB 90.2 million or USD 14.5 million.
Guangzhou Mingzhi will be responsible for promoting and implementing EV leasing businesses in Guangzhou market. Working directly with the local auto distributor will be an effective marketing strategy to enhance Kandi brand's market visibility and attract more renewable energy automobile pilot cities to promote and purchase Kandi brand EVs. Guangzhou is one of the national renewable energy automobile pilot cities, therefore, the purchaser of Kandi's two EV models are eligible to receive the same amount of subsidy payment from both the national government and the local government.
Guangzhou, located in South China, is the capital city of Guangdong province with a population of more than 13 million. Guangzhou serves as an important national transportation hub and trading port. Since 1957, in spring and autumn each year, China's largest trade fair with the most complete exhibit varieties and the broadest distribution of global buyers, "China Import and Export Fair", also known as "Canton Fair", is held in Guangzhou.
* The JV Company is a 50/50 joint venture between Kandi and Geely Automobile.
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
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.