JINHUA, China, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that SMA7002BEV05 the first Mid-tier Luxury Pure Electric Vehicle developed by Kandi Electric Vehicles Group Co., Ltd.* (the "JV Company") has been approved by Ministry of Industry and Information Technology of the People's Republic of China ("MIIT") according to No. 69 public announcement of MIIT.
The SMA7002BEV05 model is among the latest vehicles on the lists of "Approved Manufacturers of Vehicles, Motorcycles, Three-wheeled Vehicles, and Low-speed Trucks & Vehicle Products (No. 266)" and "Recommended Models for Energy Saving & New Energy Vehicle Demonstration and Promotion in China (No. 63)". As a result, purchasers of such EV will now be the ultimate beneficiaries to receive all levels of national and local subsidies and incentives.
To view an enhanced version of The Kandi Mid-tier Luxury Pure Electric Vehicle, please visit: https://orders.newsfilecorp.com/files/2079/12709_kandienhanced1.jpg
Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "The approval of the newly added model SMA7002BEV05 is an indication of success in expanding our portfolio of the vehicle products. In addition to meet the demand of the Car-Share market, this mid-tier luxury pure electric vehicle is aiming to serve the government and enterprises' needs. We are confident that Kandi will be diversifying its product categories to satisfy the market's growing demands and secure its leading position in manufacturing pure electric vehicle products in China."
*Kandi Electric Vehicles Group Co., Ltd., a joint venture company established by the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. with Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple"), a 99%-owned subsidiary of Geely Automobile Holdings Ltd. ("Geely Auto").
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq: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 the one of the world's largest manufacturers of pure electric vehicle ("EV") products, Go-Kart vehicles, three-wheel motorcycles and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com. Kandi 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.