JINHUA, China, Jan. 7, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that since the initial launch of micro public EV Sharing Program (the "Car-Share Program") in Hangzhou in the second half of 2013, the Car-Share Program has rapidly expanded and is now available in Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou, and Rugao. As of the end of 2014, there have been a total of 9,852 Kandi Brand electric vehicles ("EVs") delivered to Hangzhou, 686 EVs to Shanghai, 1,020 EVs to Chengdu, 340 EVs to Nanjing, 700 EVs to Guangzhou, 612 EVs to Wuhan, 388 EVs to Changsha, 500 EVs to Changzhou, and 300 EVs to Rugao. With a total of 14,398 Kandi EVs delivered throughout the country as of the end of 2014, the Company believes it becomes the leading volume seller in the Chinese pure EV market.
Introduced by Kandi, the Car-Share Program is an innovative business model aimed at promoting and popularizing the use of EV in China. Since its inception, the Car-Share Program has made remarkable progress and received great recognitions and supports from consumers as well as the government agencies. Mr. Hu Xiaoming, Chairman and Chief Executive Officer of the Company, commented, "After more than one year of testing and unceasing improvement, we are confident that Kandi has built a solid foundation to be universally recognized as the leading pure EV producer and innovator in China. Looking forward to 2015, we will continue to maximize the most favorable factors, such as our early mover advantages, strategic alliances, and the privilege of receiving government EV subsidiaries."
About Micro Public EV Sharing Program (the "Car-Share Program")
The Car-Share Program is an innovative EV business model Kandi created to promote, among many things, the faster adoption of electric vehicles in China. Since its inception, it has made impressive progress and received great recognition and support from Chinese consumers as well as government agencies. Without the hassle of owning and operating EVs, the Car-Share Program, enables consumers to rent pure EVs on a short-term hourly base or lease on the long-term base. The Car-Share Program is supported by a network of charging/parking stations, which provide charging, service, maintenance and battery recycling, located at airports, train stations, hotels, business centers, selected residential areas and other places that are typically congested. A centralize tracking system allows the Car-Share Program management to keep a close watch at the status and precise location of each vehicle.
In addition, the Car-Share Program includes a variety of the Long-term Group Leasing options, ideal for those companies, government entities and residential communities which lease at least 100 EVs on the annual basis.
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.