SOURCE: Kandi Technologies, Corp.

August 12, 2008 09:17 ET

First Shipments of Kandi COCO Super Mini Car Arrive in the U.S.

Excitingly Designed for Off-Highway Driving, Open-Top, Gas Powered Automatic Two-Seater Low-Speed Vehicle Delivers Up to 60 Miles per Gallon and Driving Range Up to 300 Miles per Fill Up

China-Based Manufacturer Kandi Technologies, Corp. Says It Will Soon Expand New Super Mini Car Line to Include an Electric Open-Top Low-Speed COCO, and Gas Powered Hardtop COCO for Highway Use; Forecasts COCO Sales of at Least 5000 Vehicles by Year End

JINHUA, CHINA--(Marketwire - August 12, 2008) - Kandi Technologies, Corp. (NASDAQ: KNDI), one of China's leading designers, manufacturers and exporters of all terrain vehicles (ATVs), utility vehicles (UTVs) and its number one exporter of go-karts, announced today that the first shipments of its exciting new, gasoline powered, off-highway low-speed super mini cars, that can achieve up to 60 mpg, have begun to arrive in the U.S. It expects shipments will continue to build in succeeding months to meet anticipated strong customer demand.

The Company said that sales, marketing and distribution in the U.S. of the new COCO super mini are being handled by Solus International Corporation, based in Lynnwood, Washington, which has a large, well developed sales network of automotive distributors, dealers and major retailers throughout North America.

Mr. David Irvine, VP of Sales of Solus International, stated, "The interest and response from our sales network to the arrival of the COCO has been tremendous. With an anticipated sales price to consumers of about $9,900, the COCO delivers outstanding value in a fun and highly stylish package to consumers who are tired of high gasoline prices for local commuter driving."

"Further," Mr. Irvine said, "Kandi's reputation for delivering high quality vehicles, as reflected in its well received ATVs and go-karts for the All Terrain Recreational Vehicle market, should continue to serve it well. We see a bright future for Kandi in the super mini car category and are proud to partner with them."

Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies Corp., commented, "The first deliveries of our new COCO super mini are another major milestone for our Company, opening up a whole new avenue of growth, building on the success we have achieved in the ATRV market. We continue to anticipate strong sales of the COCO through year end of at least 5000 vehicles, with further significant growth in succeeding years, especially as we add in the not too distant future low-speed electric and gas powered hard top super minis for highway driving. There is an enormous opening in the U.S. for well-designed, low cost, 'green' energy saving vehicles -- and we think we have the right products at the right time -- that in a few years also will begin to meet anticipated growing demand domestically."

Features of the New Two-Seater KD08A KANDI COCO CONVERTIBLE:

Engine: 250cc, single cylinder, 4-stroke, water cooled, Rear Wheel Drive
Transmission: Automatic
Brakes: Disc
MPG: up to 60
Top Speed: 25 mph
Gas Tank: 5.28 gallons
Driving Range: up to 300 miles
Dimensions: 103.6" x 60.9" x 61.5"
Curb Weight: 1166 lbs.
Colors: Red, Yellow, Blue, Green, White, Black, Orange
Distributor's Suggested Retail Price: $9,900, excluding tax, delivery,
other (depending on individual dealer)

For additional info, please go to the Solus International Website: www.soluscorp.com.

- PLEASE SEE ATTACHED PHOTOS -

http://media.marketwire.com/attachments/200808/MOD-457444_KNDI08-12-08Photo1.jpg

About the Company

In its core All Terrain Recreational Vehicle (ATRV) businesses, Kandi Technologies, Corp. (NASDAQ: KNDI), which generated nearly $35 million in sales in 2007, coupled with a 370% increase in profits to just over $5 million, the Company ranks as the number one manufacturer and exporter 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, a vehicle line that is seeing strong growth, especially in the North America, where Kandi sells approximately 70% of all its products, all of which are exported. In the third quarter, the Company expects to launch its innovative three-wheeler motorcycle, the TT. The most exciting new development at the Company is the launch it has begun in the U.S. of its highly economical, beautifully designed off highway, super mini car for casual, neighborhood driving. Further, within the next two years it expects to follow its two seater, high mileage super mini convertible, with additional lines of low-speed electric and gas powered hard tops for highway driving. Kandi believes that super minis will very rapidly become the Company's largest revenue and profit generators.

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

  • Contacts:

    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