JINHUA, China, May 28, 2015 (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. 00175HK) signed a Strategic Cooperation Framework Agreement (the "Agreement") with ZTE Corporation ("ZTE") (0763.HK/000063.SZ), a leading international provider of telecommunications, enterprise and consumer technology solutions for Mobile Internet, and Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY"), an electric vehicle ("EV") leasing company.
Under the Agreement, Kandi, ZTE and ZZY will combine their expertise and resources to promote the Micro Public Transportation ("MPT") program with advanced wireless charging technologies. The parties will jointly:
- Market the MPT program in China and conduct R&D for automotive wireless charging and other core EV technologies.
- Establish a research institute, which will focus on key topics, including MPT operation optimization, big data analysis and self-service EV rental.
- Apply for China's National Program on Key Research Projects to resolve technological challenges for EVs.
- Enhance the MPT operating system with a focus on performance efficiency and user experience.
- Explore and develop an information platform for the MPT program, which facilitates the expansion of the EV infrastructure network.
"We are excited to connect Kandi's innovative MPT model with ZTE's cutting-edge technologies," commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. "By leveraging ZZY's premium services, our goal is to accelerate MPT's market penetration, maintain our leadership position, and achieve greater success in China's booming EV industry."
About Kandi Electric Vehicles Group Co., Ltd.
Kandi Electric Vehicles Group Co., Ltd. (the "JV Company") is a joint venture company established by Kandi Technologies Group, Inc. ("Kandi") 's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. with Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Guorun"), a 99%-owned subsidiary of Geely Automobile Holdings Ltd., a Hong Kong listed public company ("Geely Auto"). Its business focuses on development, manufacturing and sales of EVs and related auto parts, as well as investment in other companies which engage in such business. The JV Company's pure EV sales ranked No.1 in China in 2014.
About ZTE Corporation
ZTE Corporation is a leading global provider of telecommunications equipment and network solutions. With operations in 160 countries, the company is a leader in technology innovation, delivering superior products and business solutions to clients worldwide. Founded in 1985, ZTE is listed on both the Hong Kong and Shenzhen Stock Exchanges and is China's largest listed telecoms equipment company.
About Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd.
Established in July 2013, Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("Zhejiang ZZY") is a service company engaged in various pure EV leasing business services.
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 China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com.
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: Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc. Phone: 1-212-551-3610 Email: IR@kandigroup.com IR Contact: Matthew Abenante The Piacente Group Phone: 1-212-481-2050 Email: firstname.lastname@example.orgSource:Kandi Technologies, Corp.