JINHUA, CHINA--(Marketwire - Sep 28, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that JNJ6290EV, a pure electric passenger vehicle jointly developed by Kandi and Zhejiang Zotye Holding Group Co., Ltd. ("Zoyte"), has been approved by the Chinese Ministry of Industry and Information Technology ("MIIT"). The approval paves the way for Kandi's Pure EVs to meet the requirements for subsidies under the previously announced 20,000 electric vehicle leasing program to be launched in Hangzhou City.
According to No. 45 public announcement of MIIT, JNJ6290EV model is among the latest lists of "Approved Passenger Vehicles (No. 240)" and "Recommended Models for Energy Saving/New Energy Vehicle Demonstration and Promotion in China." As a result of this approval, the purchaser of such pure EVs will now be qualified to receive all levels of national and local subsidies and incentives for EVs.
As previously announced on July 16, 2012, the Company entered into a cooperative letter of intent ("LOI") with China Aviation Lithium Battery Co., Ltd. (CALB") to supply pure electric vehicles for the 20,000 pure EV leasing program in Hangzhou City which is being promoted and undertaken by CALB, the State Grid Cooperation of China ("State Grid") and Hangzhou municipal government. According to the framework of this collaboration, Kandi is the major provider of pure EVs to CALB, which will be responsible to produce automobile-use lithium batteries. State Grid is mainly responsible for the construction and operation of backbone EV infrastructures, such as quick battery exchange (QBE) stations, EV charging network and battery maintenance/recycling centers, while Hangzhou municipal government will provide financial subsidies and create various supporting policies to promote the pure EV leasing program.
Based on the recently published status from State Grid, there are currently five QBE stations, 62 charging/service stations and 620 charging poles already in service in Hangzhou City. It is expected that State Grid will build an additional 25 QBE stations in the future to support the infrastructure needs for the leasing program. The ultimate goal is to allow the EV driver to be able to locate a charging station within every 5 kilometers radius in downtown. On the government support front, Hangzhou government has agreed to provide a leasing subsidy of RMB 600-800 per month, as well as free electricity for the first 3 years or the first 60,000 kilometers per leasing vehicle.
"Given the MIIT's latest approval, Kandi is one step closer to reach a definitive EV supply agreement with CALB for the Hangzhou leasing project," commented by Mr. Xiaoming Hu, Chairman & CEO of Kandi, "Over the past few months, all of our partners have been making tremendous progress in their respective areas. Collectively, we are building a strong foundation for the eventual launch of the so-far largest pure EV commercialization project that China has ever witnessed."
About Kandi Technologies, Corp.
Kandi Technologies, Corp. (NASDAQ: KNDI) is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second-generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO EV are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010. More information can be viewed at its corporate website is http://www.chinakandi.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.