SOURCE: Kandi Technologies, Corp.

July 08, 2008 08:30 ET

Kandi Technologies, Corp. Set to Launch New Two-Seater, Three-Wheeled Motorcycle for On or Off Highway Driving; Gasoline Powered Kandi "TT" Three-Wheeler Reaches 50 MPH and Achieves 80 MPG While Providing Passengers With a New Degree of Safety

First Shipments to the US Expected in the Current Quarter

JINHUA, CHINA--(Marketwire - July 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 its number one exporter of go-karts, announced today that it shortly expects to begin exporting to the US its new two-passenger 150 cc, three-wheeled motorcycle, which it has named the Kandi "TT." Capable of achieving speeds of up to 50 mph, the new TT can comfortably be driven on highways and in HOV lanes, as well as around town. Powered by gasoline, the TT achieves up to 80 miles per gallon, making it a highly affordable means of transportation for eco-conscious consumers as well as those concerned about rising fuel costs.

Emphasis on Safety As Well As Economy

According to the Company, while recent demand for energy-saving motorcycles has increased strongly in the US, as reflected in the more than doubling of US imports of small displacement motorcycles, many consumers consider motorcycles an unsafe mode of transportation. Addressing this concern, Kandi has equipped its new three-wheeler with advanced metal frame protection around the passenger compartment that has been tested extensively in China, and is designed to minimize injury and to save lives in the event of an accident. Further, as a three-wheeler with two wheels up front and one in the rear, it offers a much more stable ride than a two-wheeled motorcycle.

Sporty Good Looks

While emphasizing the safety and fuel economy of the new TT, Kandi has not forgotten the importance of curb appeal and, as with all Kandi vehicles, the new TT has highly appealing sporty good looks with the top up or down.

Mr. Xiaoming Hu, CEO and Chairman of The Board of the Company, stated, "We have already received numerous inquiries and potential orders for the TT and believe that by providing new levels of motorcycle safety, great fuel economy as well as exciting good looks, this new product line will be well received. When it is officially launched, we expect to provide additional good news for potential customers on pricing and other details. This will be a very exciting period for Kandi, as we introduce to the US during the current quarter two new highly appealing and economical product lines -- our beautiful new 'CoCo' super mini car and the eye-catching new TT three-wheeler."

About the Company

Kandi Technologies, Corp. ("Kandi" or the "Company") founded in 2003 and headquartered in Zhejiang Province, The Peoples Republic of China, (the PRC), achieved a listing on NASDAQ in March, 2008 with the symbol: KNDI. In its core All Terrain Recreational Vehicle (ATRV) businesses, the Company generated nearly $35 million in sales in 2007, coupled with a 370% increase in profits to just over $5 million. Kandi ranks as the number one manufacturer and exporter of go-karts in China. The Company's most recent 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 the US, where Kandi sells approximately 70% of all its ATRV products, with the remainder exported to a variety of countries around the world. The most exciting new development at the Company is its plan to shortly launch in the US its highly economical, beautifully designed off highway, super mini car for casual, neighborhood driving. Kandi believes that super minis will very rapidly become the Company's largest revenue and profit generators. The Company also now plans a third quarter US launch of its safe and highly economical two-passenger three-wheel motorcycle for on or off highway driving. In June, 2008, Kandi was added to the Russell Microcap Index which includes the largest microcap companies incorporated in the US.

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
    CEO and Chairman of the Board
    (86-0579) 82239700

    US Investors
    Focus Asia Partners
    Robert Agriogianis
    Tel: 973-845-6642
    Fax: 973-966-6252

    Press
    Ken Donenfeld
    Tel: 212-425-5700
    Fax: 212-425-6951