JINHUA, China, Sept. 21, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS:KNDI), today announced Kandi Brand electric vehicle ("EV") models SMA7001BEV05 and SMA7000BEV06 developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), a 50/50 joint venture between Kandi and Geely Automobile ("Geely"), have been approved by Ministry of Industry and Information Technology of the People's Republic of China ("MIIT") under the 2015 No. 134 public announcement issued on September 18th, 2015.
According to the Ministry of Finance's [2015] No.134 notice of the financial support policy to promote the use of new energy vehicles from 2016 to 2020, only pure EVs with top speed exceeding 100 kilometers/hour (approximately 62 miles/hour) are eligible to receive all levels of government subsidies. To meet such requirement, the JV Company started the research and development of the two models in 2014, and successfully reached government standards and received MIIT's approval after a series of rigorous tests from the National Passenger Car Quality Supervision and Inspection Center which began in March 2015.
Kandi Brand SMA7001BEV05 and SMA7000BEV06 models are among the latest vehicles on the MIIT's directory of "Approved Manufacturers of Vehicles, Motorcycles, Three-wheeled Vehicles, and Low-speed Trucks and Vehicle Products (No. 276)" and "Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion in China (No. 73)". As a result, beginning in 2016, purchasers of the JV Company's two approved EV models will be qualified to receive all levels of national and local subsidies and incentives.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "We are very pleased to receive the MIIT's approval of the two advanced EV models with top speed above 100 kilometers/hour, which marks the beginning of the JV Company's new growth stage. Meanwhile, by using the well-known trade mark Global Hawk on all future models, we are well positioned for a rapid EV expansion in 2016."
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.
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.
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