Kandi Technologies to Receive Purchase Tax Break for Model K17

JINHUA, China, Sept. 15, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI), today announced its Pure Electric Vehicle ("EV") model SMA7001BEV04 ("K17" or "Kandi Cyclone") was listed on the fifth approved Directory of New Energy Vehicles published recently by China's Ministry of Industry and Information Technology ("MIIT") and State Administration of Taxation ("SAT"). As a result, the Kandi Cyclone is now qualified for a purchase tax exemption.

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Mr. Hu Xiaoming, Chairman and CEO of Kandi, commented, "As our latest model introduced to the market, Kandi K17 has a sleek, modern look. Its outstanding blend of efficiency and the most advanced technologies available today has fascinated customers even before its official launch. We are very pleased that the K17 is included in the Directory of New Energy Vehicles to benefit from the purchase tax exemption and provide an extra incentive for potential customers. We look forward to seeing the positive impact this will have on K17 sales."

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.

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.

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CONTACT: Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc. Phone: 212-551-3610 Email: IR@kandigroup.com IR Contact: The Piacente Group Phone: 212-481-2050 Email: kandi@tpg-ir.comSource:Kandi Technologies Group, Inc.