SOURCE: Kandi Technologies, Corp.
December 17, 2010 13:00 ET
New Kandi EV Model Approved for National Subsidy of up to RMB 60,000 per Vehicle in All EV "Pilot" Cities Throughout China
Kandi's Newly Approved Lithium Ion Powered KD5011 Expected in Hangzhou Market in Coming Months
JINHUA, CHINA--(Marketwire - December 17, 2010) - Kandi Technolgies, Corp. (NASDAQ: KNDI) ("Kandi" or the "Company"), a leading Chinese exporter of all terrain recreational vehicles, developer of the "CoCo" all electric LSV, and a leader in Electric Vehicle (EV) development in China, announced today it has expanded its "Express Change" Pure EV line with the development of a new lithium ion battery powered model, the KD5011. The Company also was able to confirm that with its appearance on the Vehicle Manufacturers and Products List just published by the Ministry of Industry and Information, the new KD5011 is eligible for national subsidies of up to RMB 60,000 (US$9,000) per vehicle in all "pilot" cities designated as such to date by the Chinese government.
The KD5011 EV
The new KD5011 EV operates with "Express Change" lithium ion (lithium iron phosphate) batteries which, like the Company's KD5010, can be safely and quickly replaced by professionals in authorized "Express Change" battery stations. In the Kandi EV model, Pure EVs are sold without batteries to effectively lower the consumer purchase price and eliminate battery maintenance and charging responsibilities, and "Express Change" stations are positioned throughout a city to extend the vehicles' driving range. As compared with the KD5010 currently manufactured by the Company, which operates with lead-acid rechargeable batteries and has a driving range of 100-150 km per charge, the driving range per charge of the new KD5011 is increased to up to 200-230 km.
Eligible for Subsidies in All Pilot Cities to Date
The Company said that successful development of the new KD5011 EV greatly expands the scope of its present market and lays the foundation for sales of the vehicle in all "pilot" cities throughout China. Further, the number of "pilot" cities is likely to grow as the government is expected to expand the program.
Soon To Be Available in Hangzhou
The Company expects the KD5011 to be put on the market in Hangzhou, one of the five original pilot cities, within the next few months. This is in line with the Company's recent announcement that it was in advanced talks with Hangzhou officials to speed up the implementation of their plan to be an EV leader in China, with expected sales of more than 20,000 EVs before the end of 2012.
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), specialized utility vehicles (UTVs), especially for agricultural purposes, and high mileage, two seater three-wheeled motorcycles. 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 the U.S., convertible and hardtop models of the CoCo travel up to 60 miles at speeds reaching 25mph on a six hour charge. In China, the government recently approved the sale there of Kandi EVs, including the larger, more powerful KD5010, now being sold in Jinhua City, where the city's first "Battery Charging Farm" and "Express Change" battery station has opened. This and planned additional "Express Change" battery stations are operated by a pioneering three partner joint venture in which Kandi holds a 30% interest with China's leading battery maker, Tianneng Power International, Ltd., and Jinhua Bada Group, a subsidiary of State Grid Power Corporation, China's largest power company. Participation in China's first Electric Vehicle (EV) battery replacement services company will mean the development of two revenue streams for Kandi -- one from the sale of its battery-powered vehicles and the other from a share of the battery rental, replacement, charging and recycling fees generated by the new joint venture. Kandi believes that battery powered, electric super minis and related services 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.