Operations Resume at Kandi Technologies and Subsidiaries

JINHUA, CHINA, March 03, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that full operations have resumed at the Company and its subsidiaries and affiliates. Affiliate Fengsheng Automotive Technology Group (“Fengsheng”), which produces the Maple Model 30X, resumed production at the end of February.  The Company’s Hainan facility, which produces the Kandi K23, also resumed production at the end of February.  In addition, the Jinhua facility has fully resumed production of battery PACK smart swapping equipment and all-terrain vehicles.

Mr. Hu Xiaoming, Chairman and CEO of Kandi commented: “We are proud to have fully resumed operations at our key facilities. Like most companies in China, our first quarter results will be impacted by virus-related closures, but we believe those actions were necessary to help our country bring the virus outbreak under control. We cooperated fully with government directives, with our primary focus being the health and safety of our employees and customers.”

Hu continued, “Our restructuring last year created a flexible, nimble, and resilient enterprise, which is why we were able to manage through this crisis with minimal economic damage.  Our market opportunities are large, and our product line is strong, so we expect a relatively rapid rebound in business. We are confident that Kandi can operate profitably before the end of 2020.”

The Company is enthusiastic about the prospects for its product line.  Fengsheng is rapidly expanding distribution of the new Maple Model 30X, which has been well-received by a large number of dealers.  Fengsheng has signed distribution agreements with more than 190 dealers, of which 105 have paid the security deposit. Fengsheng targets sales of over 30,000 units of the Maple Model 30X in 2020.

Prospects for the Kandi K23 are also strong.  In January, Kandi dispatched shipment to the U.S of the first batch of 200 Kandi K23s.  The Company intends to export over 2,000 cars to the U.S. in 2020.

Based on current order rates for all-terrain vehicles, production and sales from Jinhua facility are anticipated to grow 50% in 2020.

Finally, Kandi is making solid progress in its ride-sharing initiative, a cooperative program initiated jointly by Kandi Vehicle, Jiangsu Jinpeng Group, and Zhejiang Ruibo.  This is the first compliant ride-sharing vehicle program to use a two-shift smart battery swap model. The first program is underway in Yongkang City in Zhejiang Province, utilizing the Kandi K23.