An Additional Kandi JV EV Model Receives MIIT Recommendation


JINHUA, China, March 02, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI) today announced that the Geely Global Hawk electric vehicle (“EV”) model SMA7001BEV25 (the Kandi Model K17) developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company”, a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group) has been included in the Ministry of Industry and Information Technology of the People’s Republic of China’s (the “MIIT”) Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (the “Second Annual Directory of New Energy Vehicles”) in the MIIT’s second public announcement of 2017. The Second Annual Directory of New Energy Vehicles was published on March 1, 2017, and highlighted a total of 201 vehicles, of which 36 were passenger vehicles, 128 were commercial vehicles, and 37 were special purpose vehicles from 40 manufacturers. 

Mr. Hu Xiaoming, Chairman of Kandi, commented, “as we explained in our January press release, due to recently increased technical requirements for EVs receiving government subsidies, all EV products manufactured by the JV Company are now required to submit applications for the updated Directory of New Energy Vehicles. We believe that all of our EV models will eventually obtain MIIT recommendations. Currently, the JV Company’s Global Hawk EV model SMA7001BEV25 (the Kandi Model K17) is included in the MIIT’s Second Annual Directory of New Energy Vehicles. Purchasers of our Global Hawk EV models will be eligible to receive central government subsidies, laying a solid foundation for Kandi’s business growth in 2017. Kandi’s management remains confident in the growth of China’s EV industry.”

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.

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