JINHUA, China, April 23, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that its wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') has signed a sales contract with Tianjin Sinopoly New Energy Investment Co., Ltd. ('Tianjin Sinopoly'), a subsidiary of Sinopoly Battery Limited ('Sinopoly'), a company listed on Hong Kong Stock Exchanges and Clearing Limited to provide 1,900 EVs which will be a part of the electric vehicle leasing program in Hangzhou City. The total contract price is RMB 75,620,000, approximately USD12,238,226. Tianjin Sinopoly will purchase these 1,900 EVs before the end of 2013.
Separately and previously, in December 2012, Hangzhou Yulong Electric Vehicle Technology Co., Ltd., another subsidiary of Sinopoly, purchased 100 electric vehicles from Kandi Vehicles for RMB3,980,000 (approximately USD 644,095).
Sinopoly recently joined the EV leasing program in Hangzhou City. It will use Kandi's pure EV products to promote its Hangzhou "EV Private Leasing" project.
Mr. Xiaoming Hu, Chairman & CEO of Kandi Technologies Group commented, "We are excited to announce this new EV contract with an additional leasing operator and feel very honored to have the opportunity to work with such a well-recognized high-tech company like Sinopoly. As we have indicated before, more leasing operators in Hangzhou will benefit Kandi as almost all of those operators have chosen our EVs for their leasing fleet. The Sinopoly agreement is one more indication of this. We believe that, moving forward, our strong reputation and proven EV business model will enable us to gain more EV sales and market share in China. In 2013, we expect that Kandi will begin to show significant revenue and profit growth from our EV business; we also hope that our company will gain further credibility and recognition from US capital market."
* Tianjin Sinopoly New Energy Investment Co., Ltd. is also known as Zhongju (Tianjin) New Energy Investment Co., Ltd. based on the Chinese Pinyin translation.
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 vehicles. Kandi has established itself as the one of the world's largest manufacturer of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com.
About Sinopoly
Sinopoly is listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code 00729). Sinopoly and its subsidiaries are principally engaged in the R&D, production, distribution and sale of Lithium-ion batteries.
For further information about Sinopoly, please visit the Company's website at www.sinopolybattery.com.
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