JINHUA, China, Jan. 11, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that, with the joint effort from all related parties as well as the continuing support from the local government, more EV leasing companies have been approved and added to the Hangzhou EV leasing program. Furthermore, the majority of these leasing companies have expressed strong interests in purchasing electronic vehicles from Kandi. The Company anticipates beginning delivery of the existing EV order as well any potential orders from the new EV leasing companies in the foreseeable future.
Following last year's announcement of EV leasing program in Hangzhou, on September 29 th, 2012, Kandi Technologies reached the first sales contract for 5,000 pure EVs with China Aviation Lithium Battery (Hangzhou) Co., Ltd. ("CALB") who would operate and implement the leasing program. To speed up the implementation of Hangzhou program, the municipal government has recently encouraged other companies to participate. In additional to CALB, some of the new leasing companies will include, Hangzhou Green EV Rental Co., Hangzhou Yulong EV Technology Co., Ltd., and Zhongju (Tianjin) New Energy Investment Co., Ltd.
"We are very excited to welcome these additional operating partners in Hangzhou because they will soon purchase our EV products to get ready for their leasing customers," commented by Mr. Xiaoming Hu, Chairman & CEO of Kandi Technologies Group. "We hope that, together with our friends and partners from State Grid of China and CALB, these new leasing companies will accelerate the implementation of first large scale pure EV project in China."About Kandi Technologies Group, Inc. Kandi Technologies Group, Inc. (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. More information can be viewed at its corporate website is http://www.kandivehicle.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.
CONTACT: Company Contact: Kandi Technologies Group, Inc. China: Email: IR@kandigroup.com Phone: 86-579-82239856 U.S.A.: Email: IR@kandigroup.com Phone: 1-212-551-3610