JINHUA, China, Dec. 1, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (Nasdaq:KNDI) (the "Company" or "Kandi"), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 Joint Venture between Kandi and Geely Automobile Holdings Ltd.) plans to deliver 2,000 Kandi Brand pure electric vehicles ("EV"s) to ZuoZhongYou (Hainan) Electric Vehicle Service Co., Ltd. ("ZZY-Hainan") to launch the Micro Public Transportation ("MPT") Program in Haikou. Delivery of the 2,000 EVs is expected by the end of 2015.
ZZY-Hainan is a wholly owned subsidiary of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY"), which obtained the registration approval on November 16, 2015 from the local Administration of Industry and Commerce to operate the MPT Program in Haikou. In support of the program, the Haikou local administration office of renewable energy vehicle promotion has approved the Kandi Brand EVs to receive both the national and local government per-vehicle subsidy.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "We are very pleased to introduce Kandi brand EVs to the city of Haikou. With the strong local government support, we are confident to provide an efficient and environment-friendly public transportation experience for one of the most well-known travel destinations in China. We look forward to achieving a great success in Haikou, while continuing the rapid expansion of our unique MPT Program into additional cities."
Haikou, situated on the northern coast of Hainan, is the capital and most populous city of Hainan province with a total population of over 2 million. The city is the center of politics, economy, and culture, as well as a newly-constructed International port city. Haikou 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.
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.