SOURCE: Kandi Technologies, Corp
May 11, 2010 09:00 ET
Kandi Technologies Announces It Has Received Government Approval to Sell COCO All Electric Vehicles in China
Milestone Event Will Permit Kandi to Move Forward With EV Sales to Domestic Consumers and Government Agencies
JINHUA, CHINA--(Marketwire - May 11, 2010) - Kandi Technologies, Corp. (NASDAQ: KNDI), a leading Chinese exporter of recreational vehicles and developer of the "COCO" all electric LSV -- which recently forged a China-based multi-company Alliance to create a large-scale, "daily commuter" electric vehicle (EV) model city in Jinhua City, Zhejiang Province -- announced today that China's Ministry of Industry and Information Technology, in public announcement No. 98 on April 30, 2010, has officially qualified the Kandi low speed electric vehicle (KD5020X) for China's energy conserving and new energy projects, placing it on the list of vehicles in its 10th catalogue of recommended car types which meet requirements for sales to the public. This means Kandi -- in what it described as a truly milestone event for the Company -- may now market its all electric COCO LSV to domestic Chinese consumers and government agencies.
"This was a long awaited announcement for us," stated Mr. Xiaoming Hu, Chairman and CEO of the Company, "culminating years of effort to develop and market in China an economical all electric vehicle meeting government standards that could become one of the cornerstones of China's ambition to become the world leader in low cost, clean and efficient all electric automobiles."
The Company noted that the process for obtaining official government approval for mass production of a vehicle is a long and arduous one, entailing numerous tests of the vehicle and inspections of the manufacturing process. "Actually, of the vehicles approved by the government, the only EV on the list was our Kandi COCO," Mr. Hu said.
Sales In China
"The foundation for building sales of our EV in China is now in place," stated Mr. Hu, "and we are in the process of determining next steps. A major focus of our efforts certainly will continue to be the development of Jinhua City as a model all electric city, working with the formidable Alliance we have spearheaded to bring this to fruition. We also expect to commence sales to individual consumers in China working with distributors as well as by establishing our own distribution network. We are particularly optimistic about the potential for moving forward now with the expansion of fleet sales to government agencies, such as the Post Office, where customized versions of our COCO vehicle may serve as low cost, non-polluting alternatives to the gas vehicles currently in use."
About Kandi Technologies, Corp. and the COCO
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 a highly economical, beautifully designed, all electric super mini car -- the COCO -- for neighborhood driving and commuting. Available in convertible and hardtop models, the COCO travels up to 60 miles at speeds reaching 25mph on a six hour charge. 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. Its corporate/ir website is 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.