Kandi Technologies Reports the JV Company's EV Models Receive Tax Exemption Approval
Jinhua, China--(Newsfile Corp. - April 18, 2016) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi"), is pleased to announce two Geely Global Hawk brand electric vehicles ("EV") models SMA7001BEV25 and SMA7000BEV05, manufactured by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 joint venture between Kandi and Geely Automobile), are listed on the 7th approved Directory of New Energy Vehicles, known as Public Notice No. 54 published by China's Ministry of Industry and Information Technology ("MIIT") and State Administration of Taxation ("SAT") on April 15, 2016. As a result, purchasers of SMA7001BEV25 and SMA7000BEV05 would be exempted from paying the purchase tax of approximately 10% of the purchase price.
Additionally, SMA7000BEV06 and SMA7001BEV05, also produced by the JV Company, now under the new trademark "Global Hawk", are included in the MIIT and SAT's published Public Notice No.16 the 282nd approved directory on April 1, 2016.
"EV sales for the JV Company were negatively impacted in the first quarter due to the long awaited trademark change application for SMA7000BEV06 and SMA7001BEV05, as well as the tax exemption approval on the model SMA7001BEV25 and SMA7000BEV05. The latest development is a strong indication of the JV Company's EV products to be acknowledged by the government. The JV Company is now well prepared for effective production to accelerate the sales. The management team is expecting the JV Company to achieve better than the projected unit sales in 2016." Chairman and Chief Executive Officer Mr. Hu Xiaoming commented.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (NASDAQ GS: KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.
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Ms. Kewa Luo
Kandi Technologies Group, Inc.