JINHUA, China, Jan. 12, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Hu Xiaoming, Chairman of Kandi, Li Shufu, Chairman of Geely Automobile Holdings Limited ("Geely") and other senior officials were invited to Lanzhou City to attend Xin Dayang Electric Vehicles Company Limited ("Xin Dayang JV") Press Conference and Zhidou ("Zhidou") Electric Vehicle ("EV") Lanzhou Facility Launching Ceremony on Saturday, January 10, 2015. Xin Dayang JV is a joint venture formed by Geely, Xin Dayang Mechanical and Electrical Group Company Limited ("Xin Dayang") and others. Zhidou is an EV brand owned by Xin Dayang.
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Starting from right: Hu Xiaoming, Li Shufu and Huang Qiang, Deputy Governor of Gansu Province, entering the ceremony site together
Geely owns a 50% equity interest in Xin Dayang JV. In the afternoon, Li Shufu was asked by a journalist during the Press Conference about his thoughts on the overall strategy regarding two joint ventures Geely has entered with Kandi and Xin Dayang.
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Hu Xiaoming and Li Shufu at Press Conference
"Geely has made a significant investment in EV technologies and accumulated extensive resources. Geely did not previously have any models similar to Kandi and Xin Dayang's EV model series; therefore, both Kandi and Xin Dayang are important additions to Geely's overall products offerings. First and foremost, for more than a year, Kandi and Geely have successfully cooperated. I am very pleased to have Chairman Hu here with us today. His participation reflects our collaboration and joint effort to grow an even more promising future for the EV industry. As a result of our new partnership with Xin Dayang, we will be able to achieve improved procurement and parts integration systems. R&D investment in EV is enormous, but both Kandi and Xin Dayang are still in the early stages. However, by combining their expertise, I believe they can strengthen their capability in R&D and accelerate EV development to compete globally. With centralized R&D, shared infrastructure, and a collective EV platform, together we will gain more of a competitive edge and achieve success globally. This is the reason why Kandi, Xinda Yang and Geely cooperate and work together as a team," Li Shufu answered.
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Officials and distinguished guests at Launching Ceremony
Hu Xiaoming, Chairman of Kandi, commented during the interview: "It's great to see that Xin Dayang, Zhidou and Geely have become partners. Xin Dayang is a reputable enterprise in China's EV industry, and the integration should benefit all involved. I believe with the integration with Geely, we can work out a unified tactical strategy to help each other. Most importantly, together, Geely, Kandi, and Xin Dayang have unique competitive advantages, with the consolidated resources and strengths to enhance our competitiveness and assume an even greater role in EV leadership."
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 at 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.