SOURCE: Kandi Technologies, Corp.

Kandi Technologies, Corp.

April 25, 2011 08:00 ET

Vice Governor of Zhejiang Province Visits Kandi Technologies' Facilities

JINHUA, CHINA--(Marketwire - Apr 25, 2011) - Kandi Technologies, Corp. (NASDAQ: KNDI), a leading Chinese exporter of off-road vehicles and developer of pure electric vehicles (EV), today announced that on April 14th, Vice Governor of Zhejiang Province, Guanglie Mao, toured the Company's Jinhua facilities, along with other provincial and Jinhua city government officials.

During the facility tour, Vice Governor Mao and other distinguished guests visited Kandi's EV showroom, pure EV production line, and watched a live demonstration of the Company's "Express Change" business model. Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies, personally accompanied the officials, and provided a detailed report of Kandi's current and future EV development strategy. Additionally, Mr. Hu shared Kandi's innovative solution to enhance widespread adoption of pure EVs in China.

Vice Governor Mao praised Kandi's pragmatic focus, innovative spirit and vision to become one of the leading players in the Chinese EV industry. He offered particularly high remarks to Kandi's unique strategic partnership with State Grid Corporation to accelerate pure EV development in China. Vice Governor Mao also acknowledged the importance of using Jinhua as the pilot city in Zhejiang Province for the battery express change business model. He indicated that in the near future, the provincial government will unveil additional policy support for Jinhua to meet its goal of 3,000 commercialized EVs by the end of 2012. Mr. Mao encouraged Kandi to continue its innovative focus on pure EV business development while maintaining overall quality and competitiveness within the marketplace.

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, a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO electric vehicle (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. The Company's products can be viewed at http://www.kandivehicle.com and its corporate website is http://www.chinakandi.com.

"Express Change" Business Model
Kandi's three-partner joint venture in Jinhua with State Grid Corporation, China's largest power company and Tianneng Power International, China's leading battery maker, creates China's first EV battery replacement services company. This innovative agreement allows purchasers of Kandi EVs to have easy access to multiple, readily accessible battery changing stations throughout the city, eliminating concerns about limited driving range and battery maintenance. By having batteries available on a rental basis, rather than purchasing them with the vehicles, the consumer cost of a new EV is also substantially reduced.

The completion by State Grid Corporation of the main battery charging and express change station in Jinhua will enable drivers to exchange their batteries in a matter of minutes in professionally managed battery service centers. The express change service centers will also follow standard procedures for reusing and recycling depleted batteries, eliminating potential pollution caused by used battery waste. Kandi's innovative EV market opportunity will not only help protect the environment, but will also address the frequently cited obstacles to widespread consumer adoption of pure EVs: high price, low driving range, long charging times, inadequate charging equipment and proper battery recycling.

Information Regarding Forward-Looking Statements
The foregoing press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements about the Company's expectations, beliefs, intentions or strategies for the future, which the Company indicates by words or phrases such as "anticipate," "expect," "intend," "plan," "will," "we believe," "our company believes," "management believes" and similar language. These forward-looking statements are based on the Company's current expectations and are subject to certain risks, uncertainties and assumptions. The Company's actual results may differ materially from results anticipated in these forward-looking statements. The Company bases its forward-looking statements on information currently available, and it assumes no obligation to update them. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements.

Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Contact Information

  • Contacts:
    Kandi Technologies, Corp.
    Xiaoming Hu
    Chairman and CEO
    86-579-82239856

    Cathy Cao
    Executive Vice President of Finance
    (212) 551-3610
    email: cathy_kndi@yahoo.com

    Jeff Lambert, Mike Houston
    Lambert, Edwards & Associates
    (616) 233-0500
    email: mhouston@lambert-edwards.com