Kandi Technologies Reports the Receipt of RMB 100 Million (USD 14.5 Million) in Third Subsidy for R&D Expenditures
Jinhua, China--(Newsfile Corp. - January 2, 2019) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company," "we" or "Kandi"), announced today that its wholly-owned subsidiary Kandi Electric Vehicles (Hainan) Co., Ltd., ("Kandi Hainan") received a third subsidy payment of RMB 100 million (approximately USD 14.5 million*) from the Hainan Provincial Government. Pursuant to an agreement with the Hainan Provincial Government, Kandi Hainan was granted a total of RMB 300 million (approximately USD 43.5 million*) in subsidy payments to support its research and development expenditures for a new electric vehicle ("EV") model. To date, Kandi Hainan has received the entire subsidy totaling RMB 300 million (approximately USD 43.5 million*).
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: "Receiving our third subsidy is a strong indication of the Hainan local government's satisfaction regarding the progress of research and development for a new EV model and construction at the Hainan factory. We will properly allocate the subsidy funds to accelerate the production and development of the best EV products that are expected to exceed consumer demands in order to capture profits and expand market share."
*Note: All of the currency conversions from RMB to USD referred to in this press release are based on the exchange rate of 1RMB = 0.145USD, published by www.xe.com on the date before the release of this press release.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (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. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), SC Autosports, LLC - previously Sportsman Country, LLC, and the partially and wholly-owned subsidiaries of Kandi Vehicles.
More information about Kandi can be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.
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 applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
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Ms. Kewa Luo
Kandi Technologies Group, Inc.