JINHUA, China, June 15, 2011 /PRNewswire/ -- Kandi Technologies, Corp. (Nasdaq: KNDI), a leading Chinese supplier of off-road vehicles and developer of pure electric vehicles (EV), today reported that the company has received formal provincial government approval on the application of the new energy vehicle pilot program in Jinhua City, located in the Zhejiang Province. The formal approval, received on June 13, 2011, provides RMB 15 million ( $2.3 million U.S.) per year in government subsidies to residents of Jinhua to be used for the purchase of 3,000 Kandi clean energy vehicles through 2012.
The pilot program in Jinhua uses Kandi's KD5010 electric vehicles to promote household use of electric vehicles using the "Express Change" battery model. Each Kandi car sold will be eligible to receive local government subsidies made possible through the pilot program. Kandi expects the average sale price of their KD5010 pure electric model (without battery), currently about RMB 39,800 ( $6,100 U.S.), to decrease by more than 50 percent with the subsidies from provincial and city governments. The KD5010 model, tested and approved by the Chinese government, operates on a new-generation lead-acid battery.
The "Express Change" battery business model provides a cheap and effective alternative to the standard refueling of gasoline-powered vehicles. The business model effectively integrates the car manufacturer, battery maker and charging and replacement partner to provide car production/distribution, battery production, charging and express change facility, and battery service and maintenance.
About Kandi Technologies, Corp.Kandi Technologies, Corp. (Nasdaq: KNDI) is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second-generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO EV are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010. The Company's products can be viewed at http://www.kandivehicle.com and its corporate website is http://www.chinakandi.com. Contacts:Kandi Technologies, Corp. Xiaoming HuChairman and CEO86-579-82239856 Cathy CaoExecutive Vice President of Finance212-551-3610e-mail: Cathy_kndi@yahoo.com Jeff Lambert, Mike HoustonLambert, Edwards & Associates616-233-0500 e-mail: firstname.lastname@example.org SOURCE Kandi Technologies, Corp.