JINHUA, China, Dec. 23, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that a seminar on China's innovative electric vehicle business model for the public transportation was hosted in Hangzhou on December 19. The top Chinese government officials, and other environmental and transportation experts including China's Science and Technology Minister Wan Gang attended the event. The delegation group visited the headquarter of Kandi Electric Vehicles Group Co., Ltd. (the "JV Company")*, and the Micro Public EV Time-Sharing Program ("Car-Share Program")'s smart vertical garage, one of the on-street parking/charging stations, as well as the multimedia dispatching center.
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Mr. Hu Xiaoming, Chairman & CEO of Kandi provided a detailed introduction on the new electric vehicle business model, the Car-Share Program to the delegation group. At present, there were 9,850 Kandi Brand electric vehicles ("EVs") in total delivered in Hangzhou. Zhang Genming, Mayor of Xihu District Government addressed that Xihu District as the first to launch the Car-Share Program in the nation has achieved a noticeable progress in alleviating traffic congestions and would continue the effort to promote and support the program. Furthermore, Zhang Hongming, Mayor of Hangzhou, the researcher from Development Research Center of the State Council, Zhang Yongwei, the Secretary of ChinaEV100, as well as the senior officials and department leaders from Ministry of Science and Technology, National Development and Reform Commission, Ministry of Finance, Ministry of Industry and Information Technology, Ministry of Transport and other experts also recognized and acknowledged the success of the Car-Share business model.
Most importantly, Wan Gang, the Vice Chair of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) & Minister of China's Science and Technology Ministry reinforced the value and importance of Kandi's Car-Share business model and said in his final remarks: "The Car-Share Program is highly recognized. In order to increase the popularity of the electric vehicle, the market shall be ready with the strong infrastructure and government supporting policies. There are enormous potential demands in the Car-Share Program in China. The market growth today is driven by the business innovation, in my opinion, the Car-Share Program will most likely transform the market demand into the reality."
Kandi' s Car-Share business model has earned the recognition, affirmation, and endorsement from all the government officials at the seminar. With the government's guidance suggested, Kandi's Car-Share business model as innovative public transportation role model in China will have a great impact on development of EV industry and urban public transportation in China.
* The JV Company is a 50/50 joint venture between Kandi and Geely Automobile.
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.
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