JINHUA, China, Nov. 23, 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 Geely Automobile Holdings Ltd.) signed a strategic cooperation agreement with Nanjing Bustil Technology Co., Ltd. ("Nanjing Bustil") and its related subsidiaries for the sale of up to 3,000 Kandi K17 pure electric vehicles ("EVs") with the "Global Hawk" trademark to the Micro Public Transportation ("MPT") program in Nanjing. The initial delivery of 500 Kandi Global Hawk K17 units is expected to be completed by the end of 2015.
Nanjing Bustil is a high-tech company engaged in battery pack assembly, high-current conducting connector and railroad auto transportation equipment business. Nanjing Bustil has participated in the research and development projects of the State Grid Corporation of China on the development of EV charging on AC and DC and the implementation of quick battery exchange. Meanwhile, Nanjing Bustil's research project on the battery pack for commercial electric vehicles is included in China's "863" State High-Tech Development Plan and has received funding support for innovation from the Ministry of Science. The project has provided support for the pilot operation of commercial electric vehicles and the development of the national standard for quick battery exchange.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "We are delighted to introduce one of our most advanced EV models, Kandi K17 with the 'Global Hawk' trademark, to Nanjing city. We look forward to our cooperation with Nanjing Bustil to create a more efficient public transportation experience for Nanjing residents, while accelerating our continued efforts to promote the rapid expansion of electric vehicles in China."
Nanjing, located in eastern China, is the capital city of Jiangsu province with a total population of over 8 million. It is recognized as one of the Four Great Ancient Capitals of China filled with Chinese history and culture. Nanjing is one of the national renewable energy automobile pilot cities.
About Micro Public Transportation Program
Kandi has been advocating, and through Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the "Service Company") and strategic cooperation with other entities, 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 and 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 companies, government entities and residential communities that lease at least 100 EVs on an annual basis. As of the end of third quarter of 2015, the MPT had been launched, through the Service Company, in nine cities including Hangzhou, Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou, Rugao, Kunming, and Luzhou.
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.
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: firstname.lastname@example.orgSource:Kandi Technologies Group, Inc.