JINHUA, China, Jan. 14, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company has recently participated in the 2012 Global New Energy Vehicle Conference ("GNEC") held in Southern China's Hainan province from January 10 th to 14 th, 2013. At the opening ceremony of the conference, Chairman and CEO of Kandi, Mr. Xiaoming Hu gave a keynote speech about the company's various innovative business models to promote the fast adaption of pure EVs in China, with a particular focus on the newly unveiled pure EV rental/sharing model. This conference was initiated by the provincial government of Hanan and the First Electric Vehicle Net ( www.d1ev.com) to promote a global collaboration of new energy vehicle innovation and the development of the new-energy vehicle industry. Since December 2010, GNEC has been successfully held twice in China, which has attracted many international governmental and business delegations from countries such as United States, Japan, Korea, France, Britain and Germany to interact with hundreds of top-level Chinese attendees. The theme of this year's GNEC is "Opening the door to EV market" and the conference was consisted of 2012 GNEV Forum, EV Product and Technology Exhibition, as well as a New Energy Vehicle Carnival which attracted over 10,000 consumers. Approximately 160 auto companies from China and oversea attended the conference, and over 40 new-energy vehicles were showcased at the conference. In addition, about 1,000 top industrial executives and government officials from all over the world took part in the business forum and around 100 mainstream media and press including Reuters, Bloomberg news and CCTV reported throughout the conference. Please see an image at: http://orders.newsfilecorp.com/files/2079/3835_nrx1x1-large.jpg In Mr. Hu's remarks, he discussed in detail of the Kandi's newly unveiled pure Electric Vehicle short-term rental/sharing model for public transportation. Mr. Hu said that in Kandi's short-term EV rental model, only pure EVs will be made available to the public as rental cars which will be serviced by a network of "smart" vertical parking and charging garages throughout the city including the airport, train stations, business centers, apartment complexes and other places that are the focus of commuter traffic in and around the city. This network system will provide centralized management of EV sharing service, EV maintenance and battery charging as well recycling. Mr. Hu believes that the short-term EV rental model is a viable step to speed up the adaption of pure EV because it provides convenient and affordable EV sharing to ever growing eco-conscious urban drivers seeking for an easy, occasional rental, without the hassles of paying for gasoline, car maintenance, insurance and taxes.
Mr. Hu explained further that as a consequence of the rapid economic development and fast-paced urbanization of China in the past decades, traffic congestion, scarce parking, environmental contamination and energy shortage problems have not only affected people's daily lives severely, but also constrain the sustainable development of Chinese economy. Therefore, Kandi's innovative pure EV sharing program for public transportation will be a feasible solution to alleviate urban traffic pressure and scarcity of parking. The new model also aims to tackle the obstacles of EV industry development and to lay groundwork for future transportation revolution.About Kandi Technologies Group, Inc. Kandi Technologies Group, Inc. (Nasdaq:KNDI) is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second-generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO EV are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010. 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: Company Contact: Kandi Technologies Group, Inc. China: Email: IR@kandigroup.com Phone: 86-579-82239856 U.S.A.: Email: IR@kandigroup.com Phone: 1-212-551-3610