JINHUA, China, Dec. 22, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI), today endorsed the announcement from Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd (the “Service Company” or “ZZY”) of receiving an initial subsidy payment of RMB200 Million, or approximately US$30.9 million, from the Hangzhou local government. The payment is a result of 4,806 Kandi brand electric vehicle (EV) products used in the Micro Public Transportation program to support Zhejiang province’s target of promoting the use of 6,000 EVs from 2013 to 2015, as outlined in Hangzhou Municipal People’s Government Meeting Minutes Regarding Renewable Energy Automobile Application (Hangzhou Office Summary  No.98).
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “The initial subsidy payment demonstrates the Hangzhou government’s commitment to promoting the adoption of renewable energy vehicles, while providing a solid foundation to achieve its goals for 2016-2020. We believe our unique Micro Public Transportation program will receive further recognition and support, and its expansion will be one of the key engines for Kandi’s future growth.”
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.
About Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd.
Established in July 2013, Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (“ZZY”) is a service company engaged in various pure EV leasing business services. Kandi Technologies Group, Inc.'s wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. owns 9.5% of ZZY.
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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Source:Kandi Technologies Group, Inc.