JINHUA, China, July 25, 2016 (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 Geely Automobile Holdings Ltd.) has signed a Framework Sales Agreement with Pang Da Automobile Trade Co., Ltd. (“Pang Da”) to sell electric vehicles (“EVs”) tailored for college campuses. Pang Da anticipates purchasing not less than 60,000 EVs from the JV Company in the next four years for its time-sharing campus EV lease program (the “Green Campus Drive Electric Campaign”).
“We are very pleased to cooperate with Pang Da to further promote its Green Campus Drive Electric Campaign,” commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. “This is a terrific program that recognizes the positive impact electric vehicles have on the environment. Pang Da’s initiative enhances the younger generation’s awareness and familiarity with EVs. We are honored to serve as the provider of high-quality EVs for the Green Campus Drive Electric Campaign.”
“In response to the national policy promoting the adoption of renewable energy vehicles, Pang Da has been actively working on expanding its Green Campus Drive Electric Campaign this year,” Mr. Chang Ye, Vice President of Pang Da, commented. “So far, Pang Da has signed a cooperative agreement with China Youth Publishing House and had its initial delivery of 50 Global Hawk brand EVs in Dongguan University of Technology offering time-sharing EV lease programs to university students and staff. The Global Hawk brand EVs are catering to campus needs and affordable for the target users. We believe Pang Da’s Green Campus Drive Electric Campaign will be a great success.”
About Pang Da
Pang Da Automobile Trade Co., Ltd. is primarily engaged in the distribution, repair and maintenance of automobiles. The company sells and provides services to passenger automobile brands including Mercedes-Benz, Audi, Subaru, Ssang Yong, Brabus, and Volkswagen, among others, and also provides services for trucks, mini-vans, agricultural vehicles, construction machinery vehicles and commercial vehicles. In addition, the company engages in the distribution of spare parts and the provision of after-sale services. Pang Da operates business through its 4S shops and wholly-owned subsidiaries throughout China.
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 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.
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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