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TheStreet Open House

Kandi Technologies Reports Its Kandi Brand EVs Led China's Pure EV Production In December Of 2013

JINHUA, China, Jan. 17, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that the production of China's pure electric passenger vehicles reached 6,165 units in December of 2013 according to the data reported by Chinaev.org, a site sponsored by Clean Vehicles Productivity Promotion Center, 863 Energy-saving and New Energy Vehicles Major Project Office of Ministry of Science and Technology, China Automotive Technology and Research Center, Beijing Ka Dake Technology Center. Kandi Brand SMA7000BEV and SMA7001BEV models ranked as the top two on the list with over 2,500 EVs produced, more than one third of the total EV production in China in December, 2013. Please click the link for more information http://www.evface.com/a/marres/dongtaishichangyanjiu/2014/0106/176142.html.

Kandi Brand electric vehicles SMA7000BEV and SMA7001BEV electric vehicle models are included on the lists of "Approved Vehicles" (No.255) and "Recommended Models for Energy Saving & New Energy Vehicle Demonstration and Promotion in China (No. 52)" by the Ministry of Industry and Information Technology of the People's Republic of China ("MIIT").

Kandi Brand SMA7000BEV model & SMA7001BEV model are jointly developed and upgraded by Kandi and Geely Auto based on our old models of JNJ6290EV & JL7001BEV. The old models have a driving range equal or greater than 120 kilometers. Both new models are able to achieve a driving range equal or greater than 150 kilometers after improving technology and manufacturing process. Therefore, these two new models are eligible to receive a higher level of subsidies from national and local governments. According to 2013 Chinas EV subsidies policy, EVs with a driving range below 150 kilometers are entitled for RMB 35,000 (Approximately USD 5,789) rebate and EVs with a driving range over 150 kilometers are entitled for RMB50,000 (Approximately USD 8,270) rebate.

Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "the latest production ranking has demonstrated Kandi and Geely's joint venture is progressing according to our plan. Both Kandi and Geely are highly confident that we will be becoming the leader in China's pure EV market in near future."

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