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Kandi Endorses Service Company’s Partnership With Yangtze Alliance to Promote Micro Public Transportation Program for Self-Guided Trips

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

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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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.com

Source:Kandi Technologies Group, Inc.