SOURCE: Kandi Technologies, Corp.

October 08, 2008 08:45 ET

Kandi Technologies Successfully Develops KD-800GKD UTV Which Can Tame Country Roads With Increased Horsepower and a New Degree of Comfort

JINHUA, CHINA--(Marketwire - October 8, 2008) - Kandi Technologies, Corp. (NASDAQ: KNDI), one of China's leading designers, manufacturers and exporters of all terrain vehicles (ATVs), utility vehicles (UTVs) and go-karts, which recently launched in the U.S. its new COCO super mini car, announced today that it will soon introduce to the world market a new 800CC CVT (Continuous Variable Transmission) multi-purpose utility vehicle (UTV), that combines superior off road performance and large load capacity, with Kandi's trademark, distinctive smart design.

Aimed at meeting what it sees as continuing strong demand for bigger horsepower, larger load capacity vehicles in the worldwide agricultural and livestock markets, the new two-seater KD-800GKD equipped with CVT (Continuous Variable Transmission), sports a 2 wheel drive - 4 wheel drive switch, shaft drive transmission, an electric powered automatic high capacity unloading rear compartment, 4 wheel hydraulic brakes and front and rear independent suspension to provide passengers with a new degree of comfort and stability.

The high-powered KD-800GKD follows on the heels of Kandi's introduction this summer of the KD-150GKD UTV, which the Company reports is receiving an excellent reception in the U.S.

Mr. Hu Xiaoming, Kandi's Chairman and CEO, commented "We are continuing to diversify and strengthen our vehicle lineup to meet market demands in a varying economic environment, and believe that our latest top of the line UTV will be an exciting new entry in the fast growing agricultural sector worldwide. We believe our 'TT' three wheeler motorcycle introduced in August is tapping consumer enthusiasm for low cost, high mileage vehicles, joining our fuel efficient, beautifully designed super mini COCO also introduced over the summer." He added, "We are not stopping here, and are moving ahead with plans to introduce new vehicles as market demand and production capacity permit. This includes a new, electric powered COCO super mini, which has recently been shipped selectively to some of our dealers in the U.S."

Mr. Hu stated further "Given the excellent response to our COCO super mini car, I am pleased to say we are currently engaged in negotiations with Chinese sources that are interested in providing additional funding which will enable us to ramp up our COCO auto production to meet the demand in the U.S. If and when these discussions translate to an agreement, we will of course provide further details to shareholders."

About the Company

In its core All Terrain Recreational Vehicle (ATRV) businesses, Kandi Technologies, Corp. (NASDAQ: KNDI) generated nearly $35 million in sales in 2007, coupled with a 370% increase in profits to just over $5 million. The Company ranks as one of the largest manufacturers and exporters of go-karts in China, making it a world leader in the production of this increasingly popular recreational vehicle. It also ranks among the leading manufacturers in China of all terrain vehicles (ATVs) producing more than 30,000 ATV units last year. A more recent Company focus in the ATRV category has been on specialized utility vehicles (UTVs), especially for agricultural purposes. This vehicle line is seeing strong growth, especially in North America, where Kandi sells approximately 70% of its products, all of which are exported. The Company also has recently launched its innovative three-wheeler motorcycle, the TT, and, its highly economical, beautifully designed, super mini car -- the COCO -- for casual, neighborhood driving. Kandi believes that super minis will rapidly become the Company's largest revenue and profit generator.

The Company's products can be viewed at http://www.chinakandi.com

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

  • Contact:
    Kandi Technologies Corp.
    Hu Xiaoming
    President and CEO
    (86-0579) 82239700

    US Investors

    Focus Asia Partners
    Robert Agriogianis
    Tel: 973-845-6642
    Fax: 973-845-6649

    Press

    Ken Donenfeld
    donfgroup@aol.com
    Tel: 212-425-5700
    Fax: 212-425-6951