JINHUA, China, Jan. 21, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI), today announced that Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd (the “Service Company” or “ZZY”) has signed a strategic partnership memorandum with China (Yangtze River Delta) High-speed Railway Tourism Alliance (“Yangtze Alliance”) to provide hourly car rental services under the Micro Public Transportation (“MPT”) program at railway stations within Yangtze Alliance’s network. ZZY and Yangtze Alliance aim to jointly establish a “Railway + MPT hourly rental” model to promote an environmentally friendly alternative for tourists’ self-guided trips. ZZY is a service company engaged in various pure electric vehicle leasing business services. Kandi owns 9.5% of ZZY through a wholly owned subsidiary.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “The partnership between ZZY and Yangtze Alliance will significantly increase the number of MPT stations within the regional high-speed railway tourism network, while accelerating the adoption of electric vehicle hourly rental services. We believe our unique Micro Public Transportation program will receive further recognition and support, and its rapid expansion will become one of Kandi’s key growth engines.”
Yangtze Alliance was formed on January 17, 2016 by Shanghai Railway International Travel (Group) Limited, Zhejiang Daily Media Group and Travel Times, with support from the Shanghai Railway Bureau and the Tourism Administrations of Shanghai, Jiangsu, Zhejiang and Anhui.
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
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Ms. Kewa Luo
Kandi Technologies Group, Inc.
The Piacente Group
Source:Kandi Technologies Group, Inc.