JINHUA, China, Oct. 20, 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 strategic cooperation agreement with Shanxi Coal Asset Management Group (“Shanxi Coal”) to sell over 50,000 electric vehicles (“EVs”) during a five-year cooperation period. The agreement was signed by Mr. Hu Xiaoming, Chairman of the JV Company and Mr. Wang Jianping, Chairman of Shanxi Coal.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/cea9ef83-6b96-4a8c-8f2d-17a817c9efd0.
Shanxi Coal is a subsidiary of Shanxi Financial Investment Holding Group Co., Ltd. (“Shanxi Holding”), which is a wholly state-owned company. Established by the People's Government of Shanxi Province, Shanxi Holding is directly funded and managed by the Shanxi Finance Bureau. The primary business of Shanxi Coal is the management, recovery and operation of coal asset development funds.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “The JV Company and Shanxi Coal will succeed through cooperation. Shanxi abounds in mineral resources and has tremendous market potential, with a strong demand for zero emission all-electric vehicles. Our cooperation agreement with Shanxi Coal is a major milestone in our successful expansion throughout China.”
“Recently, the industry-wide review of subsidies has put enormous pressure on us. Additionally, there have been certain misunderstandings regarding our EV battery exchange method, which was initiated by the Company for efficient battery utilization. We have been working diligently with the government and related authorities to clarify this issue and we believe there will be a positive outcome. Meanwhile, the Company has started to strategically optimize our overall business model to cope with subsidy policy changes, with a focus on manufacturing profitable EV products even without subsidy payments. We are fully confident that both the JV Company’s and Kandi’s businesses will continue to experience rapid growth in 2017,” Mr. Hu concluded.
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.
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Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc. Phone: 1-212-551-3610 Email: IR@kandigroup.com
Source:Kandi Technologies Group, Inc.