Kandi JV Company Received Approval to be Pure Electric Vehicle Production Manufacturer by MIIT
Jinhua, China--(Newsfile Corp. - August 7, 2019) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") today announced that Kandi Electric Vehicles Jiangsu Co., Ltd. ("Kandi Jiangsu"), the wholly-owned subsidiary of Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a joint venture owned by Geely Group (including its affiliate) and Zhejiang Kandi Vehicles Co., Ltd., with each owning 56.53% and 43.47% stakes, respectively) received an approval from the Ministry of Industry and Information Technology ("MIIT") to be a pure electric vehicle production manufacturer as published in the provisions of its Announcement No. 322, "Road Motor Vehicles Manufacturers and Products." As a result, Kandi Jiangsu has been granted "dual production licenses," a qualification recognized by both the National Development and Reform Committee ("NDRC") and MIIT.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "Finally, after years of diligent work and dedication, we have successfully reached this satisfying result! The receipt of "dual production licenses" marks a milestone for Kandi, as well as a new beginning. We believe that the JV Company will be able to achieve glorious future growth under Geely's leadership."
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") and its subsidiaries, SC Autosports, LLC, the wholly-owned subsidiary of Kandi in the United States 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 March 31, 2019, Geely Group (including its affiliate) holds 56.53%, and Kandi Vehicles holds 43.47% in the JV Company, pending the closing of a transfer of 21.47% of the equity interests in the JV Company from Kandi Vehicles to Geely Group's affiliate, which will result in Kandi Vehicles holding a 22% equity interest after the closing. 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.
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