JINHUA, China, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its wholly owned subsidiary Zhejiang Kandi Vehicles Co. Ltd. ("Kandi Vehicles") completed the transfer of its entire ownership of Kandi Electric Vehicles (Changxing) Co., Ltd. ("Kandi Changxing") to Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") with local State Administration of Industry and Commerce on November 1 st, 2013. The transfer is pursuant to the Joint Venture Agreement of the Establishment of the JV Company between Kandi Vehicles and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd. ("Geely") signed on March 22 nd, 2013.
Kandi Vehicles Completed The Ownership Transfer Of Kandi Changxing To The JV Company
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