This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Geely And Kandi Announce New Green Partnership

Stocks in this article: KNDI

In the news release, Geely and Kandi Announce New Green Partnership, issued 28-Mar-2013 by Zhejiang Geely Holding Group Co., Ltd. over PR Newswire, we are advised by the company that the first paragraph, first sentence, should read, "Geely and Kandi Technology Corporation announced ..." rather than "Geely Holdings and Kandi Technology Corporation announced ..."; and first sentence, second paragraph, should read, "… with initial invested capital reaching 1 billion yuan, … " rather than "… with initial invested capital reaching 100 million yuan, …"; and last paragraph, should read, "… (NASDAQ: KNDI) …" rather than "… (NYSE: KNDI) …" as originally issued inadvertently. The complete, corrected release follows:

Geely and Kandi Announce New Green Partnership

Company to be based in Zhejiang Province

Geely and Kandi to Work Together on Electric Public Transport Solutions

HANGZHOU, China, March 28, 2013 /PRNewswire/ -- Geely and Kandi Technology Corporation announced the creation of a framework of cooperation on March 22 which will see the two companies work together in a new joint venture company involved in the research and development, production, investment, and marketing of electric vehicles.

The new company will be formed with Geely's subsidiary, Shanghai Maple Auto, and Kandi with initial invested capital reaching 1 billion yuan, with each party taking a 50% share in the new company. Both parties will be equally involved in the new joint venture by playing off each other's strong points in the areas of electric car development and car production.

With increased importance placed on the development of new energy vehicles in China by the government at all levels of governance, and with consumers' ever growing environmental concerns, Geely and Kandi are aiming to bring mass market, affordable cars to the markets. In initial stages, the new company will focus on developing electric vehicle solutions for the public transport system in the Hangzhou area, and will later expand to other areas, including electric automobiles. Hangzhou was selected as an electric vehicle test city along with 24 other pilot cities in China to better understand infrastructure and consumer needs during the transition from traditional gasoline engines to new energy products, and as such the city has already invested considerable amounts of funds into developing electric vehicle infrastructure around the city, making it a strong starting point for the new joint venture company.

Hu Xiao Ming, the General Manager of the new joint venture, remarked, "New energy vehicles are being supported by city, provincial and state-level leaders, therefore enterprises in China have a responsibility to provide reliable and convenient products and services, as well as new business models."

Geely's chairman Li Shufu commented, "Geely has been researching electric vehicles for a number of years and has accumulated a great amount of experience in this area. We aim to expand our abilities by partnering with Kandi to further the development of the electric vehicle and together exploit growing consumer demand for green cars."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.42 -27.13 -1.34%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs