JINHUA, China, May 10, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that Zhejiang Kandi Electric Vehicles Co, Ltd. (the "JV Company"), a 50/50 joint venture company by Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple"), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely") and Kandi's wholly owned subsidiary Zhejiang Kandi Vehicles Co., Ltd. ("Zhejiang Kandi") was formally incorporated on April 19 th, 2013. The joint venture parties are in the process of applying other necessary permits and licenses for the JV company according to the laws and regulations in China as well as the contrition of registered capitals to the JV company pursuant to the joint venture agreement.
On May 5, 2013, Mr. Li Shufu, the Chairman and Mr. Hu Xiaoming, the General Manager of JV company (Mr. Li is also the Chairman of Geely and Mr. Hu is also the Chairman of Kandi) met and hosted a delegation of government officials from Rugao City (county level) of Nantong Municipal City, Jiangsu Province at Geely's headquarter.
To see an image of this meeting, please visit: http://orders.newsfilecorp.com/files/2079/5276_image-large.jpgThe delegation visited Geely's vehicle production base at Hangzhou Bay and Kandi's Changxing production line for electric vehicles in Changxing city. During the visit, Mr. Jiang Yonghua, the Party Secretary of Rugao City expressed appreciation for this visit arranged by Zhejiang Kandi Electric Vehicles Co, Ltd. and gave high appraises to the electric vehicles of Geely and Kandi. Mr. Jiang also introduced to Mr. Li and Mr. Hu with respect to Rugao's economy and the advantages of developing new energy vehicles in Rugao. Mr. Jiang warmly invited the Chairman and General Manager of the JV company to visit Rugao City and survey its market.