SOURCE: Kandi Technologies, Corp

Kandi Technologies, Corp

June 21, 2010 08:00 ET

Kandi Reports Another of Its EVs -- Model KD5010XXYEV -- Has Been Approved for Sale in China by the Ministry of Industry and Information Technology

JINHUA, CHINA--(Marketwire - June 21, 2010) -  Kandi Technologies, Corp. (NASDAQ: KNDI) reported today that following the Chinese governmental approval it received for the sale domestically of its EV vehicle types 5012xxybev and 5020xxybev (batch 203 and batch 212, respectively) published by the Ministry of Industry and Information Technology (MIIT) on May 26, 2010, it has received another approval for the sale of its new EV, the KD5010xxyev, in MIIT announcement No. 104 (batch 214).

As previously reported, upon receiving its first EV approval on May 26, 2010, after many years of effort, the Company gained the right to manufacture finished automobiles for Chinese consumers. This was a milestone event which it believes has set the foundation for developing domestic EV sales.

According to the Company, however, its first two models to receive government approval are suitable for limited consumer groups, and the Company does not intend for them to be mass produced. In contrast, in the Company's view, the applicable sphere of the new faster and larger KD5010xxyev is much broader and it has great market potential. Not only does it potentially provide families with low cost, environmentally friendly all electric transportation, but it also is expected to meet the needs of government agencies such as the post office and power supply providers. As such, the Company is optimistic that the new KD5010xxyev will achieve popularity and contribute to the Company's future development. 

The Newest Kandi EV, the KD5010xxyev
 
Item   Description
Overall size (L×W×H) mm   2860×1545×1650
Wheel base mm   2080
Max passenger   2
Max speed km/h   72 (45mph)
maximum gradability   20
electrical machine Voltage V 72
Rated Power KW 7.5
max power KW 15
rated speed rpm 2250
Max speed rpm 5600
battery Type Valve-Regulated Lead Acid Battery
model 6DM120
monomer battery voltage    V 12
nominal voltage     V 72
total capacity      Ah 120

About Kandi Technologies, Corp.

Kandi Technologies, Corp. (NASDAQ: KNDI) ranks as one of the largest manufacturers and exporters of go-karts in China, making it a world leader in the production of this popular recreational vehicle. It also ranks among the leading manufacturers in China of all terrain vehicles (ATVs), and specialized utility vehicles (UTVs), especially for agricultural purposes. Recently, it introduced a second generation high mileage, two seater three-wheeled motorcycle. A major company focus also has been on the manufacture and sales of highly economical, beautifully designed, all electric super mini cars -- for neighborhood driving and commuting. Available in convertible and hardtop models in the U.S., the COCO travels up to 60 miles at speeds reaching 25mph on a six hour charge. Recently, Kandi received government approvals for the sale of its super-mini EVs in China. Additionally, the Company has spearheaded formation of "The Alliance for Chinese Electrical Vehicle Development and Commercialization ("The Alliance" -- see below) for the development and servicing of EVs in China with the goal of becoming a leading player in the emerging EV industry. Kandi believes that battery powered, electric super minis will become the Company's largest revenue and profit generator. The Company's products can be viewed at http://www.kandivehicle.com.

About The Alliance For Chinese Electric Vehicle Development and Commercialization ("the Alliance")

On January 4, 2010, Kandi announced it had forged an Alliance with major Chinese energy, IT and battery companies to help launch a new electronic vehicle (EV) era in China. The new business model of the Alliance addresses key hurdles to mass commercialization of EVs by reducing EV purchase costs, eliminating battery concerns and substantially increasing driving ranges. The new model envisions expansion on a city by city basis of its new model, key elements of which include: strong government cooperation, separating the sale of electric vehicles from the sale of batteries, construction of a comprehensive network of "battery stations" within each city for rental, repair, replacement and charging of batteries, and also, utilizing Kandi vehicles and patented and patent pending EV technology for easy removal and replacement of batteries. The core members of the Alliance are: Kandi Technologies Corp., China Potevio/CNOOC New Energy and Power Ltd. (a joint venture between China National Offshore Oil Corporation and China Potevio Co.) and Tianneng Power International, Ltd. Jinhua City, where Kandi is based, has been chosen as the first model EV city by the Alliance.

Information Regarding Forward-Looking Statements

Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the Securities and Exchange Commission.

Contact Information

  • Contacts:
    Kandi Technologies, Corp.
    Hu Xiaoming
    Chairman and CEO
    86-579 - 83906856

    US Investors:
    Ken Donenfeld
    donfgroup@aol.com
    kdonenfeld@dgiir.com
    Tel: 212-425-5700
    Fax: 646-381-9727