JINHUA, China, July 20, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company," a 50/50 Joint Venture between Kandi and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd.) and Luzhou Jiecheng Auto Co. Ltd., have signed a strategic cooperation agreement for the sale of 1,500 Kandi brand electric vehicles ("EVs") in Luzhou to launch the Micro Public Transportation ("MPT") program. In support of the program, the Luzhou municipal government will match the national government's per-vehicle subsidy. Delivery of the 1,500 EVs is expected by the end of 2015.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "We are very pleased to introduce Kandi brand EVs to Luzhou city. Given the strong local government support, we believe the MPT program will help ease traffic congestion and parking scarcity, while contributing positively to the environment and creating a more efficient public transportation experience for Luzhou residents."
Known as the "wine city," Luzhou is a prefectural-level city located in the southeast of Sichuan Province. The city is not only an important port on the Yangtze river, but is also the largest port in both size and output in Sichuan province. Luzhou has been chosen by the national government as one of the pilot cities for the national renewable energy automobile program.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (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 one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.
About Micro Public Transportation ("MPT") Program
Kandi has been advocating, and through Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the "Service Company"), implemented the "Micro Public Transportation" model, or MPT, which provides a shared pure EV transportation platform that has not been previously afforded to urban residents. It is a network system for EV sharing & leasing as a model for public transportation to alleviate traffic congestion. It also includes a variety of the Long-term Group Leasing options, ideal for the companies, government entities and residential communities which lease at least 100 EVs on an annual basis. As of the end of 2014, the MPT had been launched, through the Service Company, in nine cities including Hangzhou, Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou and Rugao.
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.