JINHUA, China, Oct. 28, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), announced today that that Jinhua Kandi New Energy Vehicles Co., Ltd. ("Jinhua New Energy"), a subsidiary of Kandi, has signed a sales contract to purchase 12,036 cases of 80V66Ah lithium iron phosphate battery from Zhejiang Wanxiang Ener1 Power System Co., Ltd ("Wanxiang Ener1"), a subsidiary of Wanxiang Group Corporation ("Wanxiang Group") to meet the battery demand for its electric vehicles ("EV") for Hangzhou public EV sharing system (the "Project"). Each case of battery has 80 volt and 66 Ah (Ampere Hour) capacity. The contract is valued at RMB 182.4 million or approximately USD 30.3 million when all the purchase orders have been fulfilled.
Wanxiang Group is China's largest automotive components company and its subsidiary Wanxiang Ener1 is one of the largest and most advanced battery manufacturers in China. Wanxiang Ener1's products have been well recognized and praised at the 2010 World Expo in Shanghai and 2010 Asian Games in Guangzhou.
Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "Wanxiang Group is another important new business partner of Kandi, we are very excited about the sales contract. Given the credibility of Wanxiang Ener1's product, we believe that the use of Wanxiang Ener1's battery will help enhance the quality of Kandi's EV and the implementation of Hangzhou Public EV sharing project."Please refer to the Form 8-K filed by the Company for the details of the contract. About Kandi Technologies Group, Inc. Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicles. Kandi has established itself as the one of the world's largest manufacturer of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and utility vehicles (UTVs), among others. 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: Kandi Technologies Group, Inc. Ms. Kewa Luo Phone: 1-212-551-3610 Email: IR@kandigroup.com
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