JINHUA, China, Oct. 17, 2011 /PRNewswire/ -- Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese supplier of off-road vehicles and developer of pure electric vehicles (EV), today announced that an inauguration ceremony for a new energy vehicle promotional campaign of Jinhua City was sponsored and held by Jinhua Municipal City at the facility of Zhejiang Kandi Vehicles Co., Ltd., a wholly owned subsidiary of the Company, on October 12th, 2011. The ceremony was hosted by the Director and the Deputy Director of Economic and Information Technology Commission of Jinhua, Mr. Hongshen Jin and Mr. Zhongjun Li. The Deputy Mayor of Jinhua City, Mr. Zhongliang Jin, and the Chairman and CEO of Kandi, Mr. Xiaomin Hu, attended the ceremony and delivered keynote speeches. Other distinguished guests included the heads of the Municipal City Development and Reform Commission, the Economic and Information Technology Commission, the Public Security Bureau, the Finance Department, the Technology Department, and other relevant departments of the Jinhua Municipal City.
The objective of the ceremony was to promote the sales of electric vehicles in Jinhua City through government financial subsidies to consumers who purchase Kandi pure EV. A Kandi pure EV is priced at 43,000 RMB (approximately $6,750). To encourage consumers to purchase the electric vehicles, Zhejiang Provincial Government and Jinhua Municipal Government will provide subsidies of 32,000 RMB (approximately $5,024) to the buyers for each of the first 500 Kandi pure EV, 20,000 RMB (approximately $3,140) to the buyers for each of the next 1,000 Kandi pure EV, and 16,000 RMB (approximately $2,512) to the buyers for each of the following 1,500 of Kandi pure EV.
Kandi's pure EV uses a vehicle and battery separation system and an "Express Change" of battery model. Since the experimental operation of the new model in November 2010 in Jinhua City, customers have enjoyed that it is economical and environmentally friendly and have praised its convenience, efficiency, compact size, and elegant design.
"We believe the successful operation of Kandi's new energy vehicles in Jinhua City will mark an important milestone for Kandi's market expansion," commented Mr. Xiaoming Hu, the CEO and Chairman of the board of Kandi. "Given the innovative technology of our EV, coupled with Jinhua Municipal Government's financial incentive support, we anticipate that Jinhua City, among the cities with the pilot program for new energy vehicles, will soon become the most influential city for the new energy vehicles."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. 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. Contacts: Kandi Technologies, Corp. China: Phone: 86-579-82239856Email: IR@kandigroup.com U.S.A. Phone: 1-212-551-3610Email: IR@kandigroup.com SOURCE Kandi Technologies, Corp.