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TheStreet Open House

Kandi Technologies Hosts The Senior Officials From Shanghai New Energy Vehicle Promotion Office

Stocks in this article: KNDI

JINHUA, China, Aug. 13, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that on August 12, 2013, Shanghai New Energy Vehicle Promotion Office's senior officials Mr. Hailin Chen and Mr. Jun Xiang, along with other officials from their office visited Zhejiang Kandi Electric Vehicles Co., Ltd. (the 'JV Company') located on Xixi Road, Hangzhou and the first pure EV smart vertical parking and charging facility in Gudang Technology Park of Xihu District, Hangzhou.

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Mr. Xiaoming Hu, the Chairman of Kandi & the General Manager of the JV Company provided to the delegation a detailed introduction on the Hangzhou public EV sharing system as well as the potential pilot project of public EV sharing system in Jinshan District of Shanghai. During the meeting, Mr. Hu also reported the progress of establishing Kandi Electric Vehicles (Shanghai) Co., Ltd ('Kandi Shanghai'), which has just received the approval for business license in Shanghai. Kandi Shanghai was established by Shanghai Maple Guorun Automobile Co., Ltd. ('Shanghai Maple'), a subsidiary of Geely Automobile Holdings Co., Ltd. and the parent company of Zhejiang Kandi Electric Vehicles Co., Ltd. Shanghai Maple will contribute Kandi Shanghai to the JV Company pursuant to the joint venture arrangement with Kandi.

The pilot project for Public EV sharing project is very well received by Jinshan District of Shanghai and the local government is in the process of the location selection. The trial operation of Shanghai's public EV sharing system is expected to be launched before the end of 2013.

Mr. Hailin Chen said in his remarks: "The public EV sharing system is highly recognized and we look forward to adopting this system in Shanghai. Furthermore, we are very confident about Kand's expansion in Shanghai."

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