JINHUA, China, Nov. 21, 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 subsidiary of Kandi and Geely Automobile Holdings Ltd. ("Geely"), signed an agreement with Jiangsu Province Rugao City Economic Development Zone ("Rugao Development Zone") to invest and establish a project company in Rugao City of Jiangsu Province with an annually capacity to produce 100,000 sets of key components and parts for EVs upon the completion (the "Project") on November 20, 2013 Beijing time. Ming Miao, the Director of Automobile Office of Jiangsu Province Economy and Information Commission, Wenbing Zhao, Vice Mayor of Nantong City, Xiaodong Chen, mayor of Rugao City, Jinhua Ma, Party Sectary of Rugao City Economic Development Zone, and Shufu Li, the Chairman Geely & the JV Company and Xiaoming Hu, the General Manager of the JV Company attended the signing ceremony. To view an image of the signing ceremony, please visit: http://orders.newsfilecorp.com/files/2079/7579_kandi1enhanced.jpg . The main terms of the Agreement are as follows:
1. In next three to five years, the JV Company plans to invest approximately RMB 1.2 billion in total to the project. Upon the completion of the project, the plant is expected to reach a capacity of 100,000 sets of new energy vehicles parts annually 2. During the construction period of the plant, the JV Company will start the promotion of public sharing of EV program in Rugao City and local government will provide preferential treatment to the program 3. The local government will provide certain income tax and land value added tax rebates to the project upon its production 4. Upon the establishment of the project, the development zone will work actively towards gaining national, provincial and municipal supportive policies for the EV industry, and fully promote the use and acceptance of Kandi EVs in Jiangsu ProvinceLocated in the Golden Triangle region in the lower reaches of the Yangtze River, Rugao is a historical and cultural city of Jiangsu Province and has the reputation of being the world's center of longevity and good health. Along with being one of China's first open coastal cities, Rugao is also a key provincial-level development city with the highest investment value and has a national first class port, a provincial software park and EV production base.