JINHUA, China, Sept. 06, 2016 (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.) has signed a purchase and sale agreement with Qingdao TELD New Energy Co. Ltd. (“Qingdao TELD”) to sell its “Global Hawk” series all-electric vehicles (“EVs”) in Qingdao City, Shandong Province. The JV Company has received an initial payment of RMB56 million (approximately US$8.4 million) from Qingdao TELD.
Qingdao City is the sub-provincial city of Shandong Province and one of China’s national social and economic developing municipalities. Since the China State Council approved the plan to develop a “Blue Economic Zone” on the Shandong Peninsula - the nation’s first regional development strategy centered on the marine economy - Qingdao City has become a leading city of the Blue Economic Zone. On April 25, 2016, CBNWeekly (a magazine published by China Business Network Co., Ltd.) published an article indicating that Qingdao City made its list of new first-tier cities in China (according to a comprehensive city ranking survey). Qingdao City has a resident population of approximately 9 million and is one of China’s first pilot cities for the expanded use of renewable energy automobiles.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Shandong Province is a pioneer market in the electric vehicle industry and has rapidly increasing consumer awareness of electric vehicles. Our expansion in the Shandong market will provide fantastic new opportunities to grow Kandi’s brand and capture greater market share. We expect to exceed our sales goal of 3,000 electric vehicles in Qingdao City by the end of 2016.”
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.
Follow us on Twitter: @Kandi_Group
Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc. Phone: 1-212-551-3610 Email: IR@kandigroup.com
Source:Kandi Technologies Group, Inc.