JINHUA, China, Dec. 29, 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"), Dongchuang Jianguo Auto Group ("E-Kingo"), a well-known local car dealer, and ZuoZhongYou (Chengdu) Electric Vehicle Service Co., Ltd. ("ZZY-Chengdu"), a leasing company signed a strategic cooperation agreement for the sale and lease of a total of 5,000 Kandi brand electric vehicles ("EVs") in Chengdu at the EV launching ceremony on December 28.
According to the agreement, E-Kingo will sell the EVs to ZZY-Chengdu at the discounted price that reflects the deduction of the local subsidy and ZZY-Chengdu will be in charge of the overall EV leasing operations. Given the success of 1,000 Kandi brand EVs delivery in the fourth quarter, 4,000 EVs are expected to be delivered in Chengdu by the end of 2015.
* 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.