JINHUA, China, March 13, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ('Kandi Vehicles') has established Kandi Electric Vehicles (Changxing) Co., Ltd. ('Kandi Changxing') in Changxing (National) Economic and Technological Development Zone to meet the requirements of the previously announced cooperation agreement with Geely Automobile Holdings Ltd. ('Geely').
The newly established company is a wholly owned subsidiary of Kandi Vehicles that will specialize in EV production, and has been formed with the assets that Kandi Vehicles recently purchase from Zhejiang New Energy Vehicle Systems Co., Ltd. as well as certain molds and properties originally owned by Kandi Vehicles. Kandi Changxing is expected to begin its production at the end of March 2013. Kandi Vehicles plans to contribute Kandi Changxing to the joint venture (JV) company between Kandi Vehicles and Geely and will become a 50% shareholder of the JV company and then proceed to realize the full benefits of the cooperation agreement with Geely.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI) is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second-generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO EV are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010. More information can be viewed at its corporate website is http://www.kandivehicle.com/.
Safe Harbor Statement
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