Kandi Enters Strategic Cooperation Agreement with Zhejiang State Grid Electric Vehicle Service Company - Seite 2

Nachrichtenquelle: globenewswire
22.10.2020, 14:30  |  156   |   |   

Kandi intends to supply 300,000 electric vehicles to various ride-sharing programs, and the two parties will cooperate to offer battery exchange services for these 300,000 vehicles over the next five years. The two parties may expand into new areas of cooperation based on the progress in this collaboration.

Kandi Chairman and Chief Executive Officer Hu Xiaoming commented, “Strategic cooperation with Zhejiang State Grid in the field of battery exchange is a major milestone for Kandi.  We will start with battery exchange services for 300,000 compliant vehicles in rideshare programs within a five-year period. This will play a critical role in future collaboration.  Launch of this program will play a critical role by driving rapid development of Kandi’s business.”

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 including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate 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 Affiliate Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. Geely Group (including its affiliate) and Kandi Vehicles currently holds 78% and 22% of the equity interests in the Affiliate Company, respectively. The Affiliate 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.

Follow us on Twitter: @ Kandi_Group

Contacts:

Kandi Technologies Group, Inc.

Ms. Kewa Luo
+1 (212) 551-3610
IR@kandigroup.com

The Blueshirt Group

Mr. Gary Dvorchak, CFA
+1 (323) 240-5796
gary@blueshirtgroup.com

Ms. Susie Wang
susie@blueshirtgroup.com



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Kandi Enters Strategic Cooperation Agreement with Zhejiang State Grid Electric Vehicle Service Company - Seite 2 Jinhua, China, Oct. 22, 2020 (GLOBE NEWSWIRE) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) announced today that it entered into a strategic agreement with the Zhejiang State Grid Electric Vehicle Service Company to …

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