SOURCE: Kandi Technologies, Corp
July 12, 2010 08:30 ET
Kandi Announces Initial EV Sale to Postal Service in Hangzhou
JINHUA, CHINA--(Marketwire - July 12, 2010) - Kandi Technologies, Corp. (NASDAQ: KNDI), a leading Chinese manufacturer of recreational vehicles and developer of the "COCO" and other all electric LSVs for the international and Chinese markets, announced today that the Postal Service in the Chinese city of Hangzhou has placed an initial order for 60 Kandi all electric vehicles. The order, which is expected to be delivered this month, is Kandi's first from a municipal service in the capital city of Zhejiang Province. It also is the first order for the all electric Kandi KD5010xxyev since its recent approval for sale in China by the Chinese Ministry of Industry and Information Technology, and the subsequent publication of this approval in the Chinese Alternative Energy Vehicle Catalog, as reported by the Company on June 21, 2010.
This initial order by the Hangzhou Postal Service is for vehicles to be used as a "Special Postal Vehicle." Hangzhou, one of China's most prosperous cities, is one of the first five Chinese cities in which the Chinese government will begin to offer significant subsidies and special policy incentive to electric vehicle and hybrid manufacturers as announced by the Ministry of Finance on June 1, 2010.
The Company added that the initial order by the Postal Service totaled approximately RMB 4,080,000 (US $602,450). It was in response to a widespread call by government officials in Hangzhou for its municipal services to adopt alternative energy vehicles. The Company said the government approved Kandi EV emits no emissions, and meets all of the standards set by the Chinese government. After a finishing touch of green paint, it is anticipated the cars will be shipped and begin to appear on the streets of Hangzhou before the end of July.
"By improving the environment and raising the standard of service provided by the Postal Service in Hangzhou, we believe this sale will serve as an example of the potential for utilizing electric vehicles for mail delivery throughout all of China," stated Mr. Xiaoming Hu, Chairman and CEO of Kandi. He added, "We will continue to market our EV products to all major government agencies in China."
More immediately, according to the Company, this first vehicle sale to a municipal service in Hangzhou marks Kandi's entry onto the scene in serving the needs of this major metropolis. As such, Kandi is closely collaborating with the Postal Service and local government to ensure that every aspect of the demonstration period goes well, and will help pave the way -- as described in a statement by the Company -- "for our electric vehicles to shine brightly in the city of Hangzhou."
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 including the KD5010xxyev, which can go up to 45 mph. 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.