Kandi Pure Electric Vehicle Project Received Approval
Jinhua, China--(Newsfile Corp. - January 9, 2019) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company," "we" or "Kandi"), announced today that Kandi Electric Vehicles Jiangsu Co., Ltd. ("Kandi Jiangsu"), the 100% owned subsidiary of Kandi Electric Vehicles Co., Ltd. (the "JV Company", a joint venture owned by Kandi Vehicles, Geely Group, Ltd., and Geely Group (Ningbo) Ltd. with each company owning 50%, 26.08%, and 23.92% stakes in the venture respectively) received an approval notice from Jiangsu Development and Reform Commission regarding Kandi Jiangsu's annual capacity of 50,000 pure electric vehicles project ("EV Project") on January 8, 2019. The approval was granted pursuant to the provisions of Announcement No.22 - the "Regulations on the Administration of Investment in the Automobile Industry" ("Auto Regulations") published on December 18, 2018 by the National Development and Reform Commission (the "NDRC"). Kandi Jiangsu's EV Project application was assigned to the Jiangsu Provincial Development and Reform Commission to review and approve.
Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, "Due to the State's initiative on the Renewable Energy Vehicle Enterprise Clean-up Regulations Act in May 2017, the approval process for the new independent pure electric vehicle enterprise investment project was suspended, which negatively impacted Kandi's operations. Announcement No.22- Auto Regulations was issued afterwards to replace the original Announcement No. 27. The updated regulations increased the difficulty by raising the standards for passing applicants. However, under Article 48 in the updated regulations, the applicants prior to the execution of the Renewable Energy Vehicle Enterprise Clean-up Regulations Act have been reviewed based on the old rules by the Provincial Development and Reform Commission, therefore, Kandi Jiangsu was approved. Only three enterprises nation-wide were approved. This approval of Kandi's EV Project marks a milestone for the Company. In light of the positive outcome, this will be one of the many milestones in 2019 which will enhance Kandi's brand value and competitiveness, and in turn, driving Kandi's EV business growth to the next level."
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), SC Autosports, LLC, the wholly-owned subsidiary of Kandi Vehicles, and Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the JV Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. As of 2018, each party has invested RMB 1.045 billion in the JV Company, for a total investment of RMB 2.09 billion with each party holding a 50% stake in the JV Company. The JV Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.
More information about KNDI is available on 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.