JINHUA, China, July 13, 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.) plans to deliver an initial order of 2,000 Kandi Brand electric vehicles ("EVs") to launch Kunming's Micro Public Transportation ("MPT") program.
The JV Company and the Kunming municipal government agreed to promote the MPT program after a delegation from Kunming visited the JV Company last week and reviewed the progress of the MPT program in Hangzhou. The delegation was led by Mr. Wang Chunyan, a Deputy Mayor of Kunming, and included government officials from Kunming Development and Reform Commission, Finance Bureau, Industry and Information Committee, Science and Technology Bureau, Communication Bureau, Public Security, Housing and Construction Bureau, Urban Planning Bureau, and the Kunming University of Science.
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During the visit, Mr. Zhang Geng, a Deputy Mayor of Hangzhou, described how the MPT program has achieved remarkable progress in alleviating Hangzhou's traffic congestion, and contributed to Hangzhou being ranked China's Number One city in promoting renewable energy vehicles. Mr. Wang Chunyan also acknowledged the success of the MPT program and put forth the targeted plan for delivery of no less than 2,000 Kandi Brand pure EVs in Kunming by the end of 2015. The Kunming municipal government will support the MPT through financial subsidies and favorable land-use planning.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "We are very confident about the launch of the MPT program in Kunming and the delivery of 2,000 Kandi Brand EVs by the end of 2015. With strong government supporting policies, the MPT program will be the most efficient solution for easing Kunming's traffic and environment concerns, while also promoting the city's development and use of EVs."
Kunming, well known as Spring City, is the capital and largest city in Yunnan Province, with a population of over 10 million people. It is the provincial political, economic, communications and cultural center, as well as the most popular tourist destination in southwest China. Due to its location, Kunming also serves as a transportation hub to Southeastern Asian Countries, and has been chosen by the national government to be one of the pilot cities for the national renewable energy automobile program.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (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. The Company routinely posts important information on its website.
About Micro Public Transportation ("MPT") Program
Kandi has been advocating, and through Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the "Service Company"), implemented the "Micro Public Transportation" model, or MPT, which provides a shared pure EV transportation platform that has not been previously afforded to urban residents. It is a network system for EV sharing & leasing as a model for public transportation to alleviate traffic congestion. It also includes a variety of the Long-term Group Leasing options, ideal for the companies, government entities and residential communities which lease at least 100 EVs on an annual basis. As of the end of 2014, the MPT had been launched, through the Service Company, in nine cities including Hangzhou, Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou and Rugao.
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: The Piacente Group Phone: 1-212-481-2050 Email: email@example.comSource:Kandi Technologies, Corp.