JINHUA, China, May 10, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that Zhejiang Kandi Electric Vehicles Co, Ltd. (the "JV Company"), a 50/50 joint venture company by Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple"), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely") and Kandi's wholly owned subsidiary Zhejiang Kandi Vehicles Co., Ltd. ("Zhejiang Kandi") was formally incorporated on April 19 th, 2013. The joint venture parties are in the process of applying other necessary permits and licenses for the JV company according to the laws and regulations in China as well as the contrition of registered capitals to the JV company pursuant to the joint venture agreement. On May 5, 2013, Mr. Li Shufu, the Chairman and Mr. Hu Xiaoming, the General Manager of JV company (Mr. Li is also the Chairman of Geely and Mr. Hu is also the Chairman of Kandi) met and hosted a delegation of government officials from Rugao City (county level) of Nantong Municipal City, Jiangsu Province at Geely's headquarter. To see an image of this meeting, please visit: http://orders.newsfilecorp.com/files/2079/5276_image-large.jpg The delegation visited Geely's vehicle production base at Hangzhou Bay and Kandi's Changxing production line for electric vehicles in Changxing city. During the visit, Mr. Jiang Yonghua, the Party Secretary of Rugao City expressed appreciation for this visit arranged by Zhejiang Kandi Electric Vehicles Co, Ltd. and gave high appraises to the electric vehicles of Geely and Kandi. Mr. Jiang also introduced to Mr. Li and Mr. Hu with respect to Rugao's economy and the advantages of developing new energy vehicles in Rugao. Mr. Jiang warmly invited the Chairman and General Manager of the JV company to visit Rugao City and survey its market.
The Chairman and the General Manager of the JV company, Mr. Li Shufu and Mr. Hu Xiaoming introduced to the delegation the proven business model and various pure EV products of the JV company. Nantong Municipal City of Jiangsu Province is one of the first group of new energy vehicle demonstration cities approved by the central government and the pilot operational base for the new energy vehicles in Nantong City is Rugao. The JV company expresses strong interest in electric vehicle development in Rugao and will assign a management team to Rugao City for a visit to further market research at the appropriate time. In addition, the JV company will keep communications with Rugao city government and make efforts to promote electric vehicles of the JV company to enter into Jiangsu province.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. China: Email: IR@kandigroup.com Phone: 86-579-82239856 U.S.A.: Email: IR@kandigroup.com Phone: 1-212-551-3610