This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kandi Technologies Reports The Completion Of Ownership Transfer Of Kandi Shanghai To Kandi/Geely Joint Venture Company

JINHUA, China, Jan. 23, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its subsidiary Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") has completed the ownership transfer process of Kandi Electric Vehicles (Shanghai) Co., Ltd. ("Kandi Shanghai") from Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple") to the JV Company per requirement of local State Administration of Industry and Commerce. The Ownership Transfer Agreement (the "Transfer Agreement") was previously signed on December 23 rd, 2013 between the JV Company and Shanghai Maple pursuant to terms of the Joint Venture Agreement (the "JV Agreement") of establishing the JV Company between Zhejiang Kandi Vehicles Co., Ltd., a wholly owned subsidiary of Kandi and Shanghai Maple, a 99% owned subsidiary of Geely Automobile Holdings Ltd. ("Geely").

To view an image of the Shanghai Kandi Factory Facility, please visit:

Upon the completion of this transfer, the JV Company owns 100% of Kandi Shanghai and Kandi now becomes a 50% owner of Kandi Shanghai through its 50% ownership of the JV Company. Kandi Shanghai has started the production of the Kandi Brand SMA7001BEV model.

Mr. Hu Xiaoming, Chairman of Kandi and General Manager of the JV Company, commented, "this ownership transfer of Kandi Shanghai completes all the cash and asset infusion from both joint venture parties under the JV Agreement and it better consolidates the resources and expertise of Kandi and Geely in R&D, production, sales and marketing for electric vehicles ("EVs"). Furthermore, Kandi Shanghai will provide the solid platform for Kandi to begin exploring the public EV sharing project in Shanghai. With the increase of environmental consciousness among Chinese consumers as well as government, and urgent demand for urban green public transportation systems, the EV sector will certainly become a major driving force for the green economy in China.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs