JINHUA, China, Dec. 17, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company")* completed the sale and delivery of 1,000 Kandi brand electric vehicles ("EVs") to the leasing company, ZuoZhongYou (Chengdu) Electric Vehicle Service Co., Ltd. ("ZZY-Chengdu"), a wholly owned subsidiary of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") on December 16. The sales revenue for the 1,000 EVs is approximately RMB 133 million (USD 21.5 million) including 500 of each SMA7000BEV and SMA7001BEV, which will be used for the newly launched Car-Share Program and Group Long-term Leasing Program in Chengdu upon the receipt of the vehicle license plate registration approval.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "The growth in EV industry in China is driven by the much-needed improvement in environmental contamination, traffic congestion, and scarce parking. We expect demand for EVs to accelerate going forward given government policies at all levels. Despite the weakness in crude oil price, our innovative Car-Share business model will continue to expand rapidly into more regions throughout China."
* The JV Company is a 50/50 joint venture between Kandi and Geely Automobile.
About the Car-Share Program
Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") is the first in market to initiate the public pure EV sharing program (the "Car-Share" Program). Kandi, through its 50% ownership interest in Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), indirectly holds a 9.5% interest in ZZY.
Individually driven pure EVs are widely used in the Car-Share Program. The charging/parking stations which provide a variety of services, such as charging, maintenance, battery recycling, are located at airports, train stations, hotels, business centers, selected residential areas and other places that are typically congested. A network system provides EV rental service to individual drivers in and around the city. It also provides EV maintenance and battery charging to self-service users. Lastly, a tracking system allows the Car-Share Program management to keep a close watch at the status and precise location of each vehicle.
This Car-Share Program model has been implemented in Hangzhou since the second half of 2013, and has now begun to expand into other major cities in China.
The Group Long-term Lease Program is a lease model that uses enterprise, community or village as lease units and each unit leases a minimum of 100 EVs with a group lease term at a minimum of three years.
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.