Kandi Technologies Group Announces JV's Receipt of Approximately US$31.8 Million New Energy Vehicle Subsidies From Chinese Ce...
07 July 2014 - 10:20PM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(Nasdaq:KNDI), today announced that the manufacturing subsidiary of
Kandi Brand electric vehicles, Kandi Electric Vehicles Group Co.,
Ltd. (the "JV Company") has received a national subsidy of RMB197
million (approximately US$31.8 million) for sales of over 3,000
Electric Vehicles ("EVs") between June and December in 2013 and
sales of over 1,000 EVs during the first quarter of 2014. The
subsidy payment includes the 2013 year-end subsidy and advance
subsidy payment for the first quarter of 2014. The JV Company is a
50/50 joint venture between Kandi and Shanghai Maple Guorun
Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile
Holdings Ltd., one of China's largest automakers.
Additionally, the city of Hangzhou, where the Company has
launched its innovative short-term EV rental and long-term EV
leasing program, is expected to announce its local subsidy policy
for new energy vehicles in the near future.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi,
commented, "This first subsidy payment to the JV Company will
greatly benefit Kandi and will permit the Company to accelerate
both EV sales and the implementation of existing EV programs, while
expanding the development of potential EV projects in other major
Chinese cities."
Mr. Hu continued, "The recently published Notice of 'Continuous
Promotion and Application of New-Energy Vehicles,' issued by The
Ministry of Finance, the Ministry of Science and Technology, the
Ministry of Industry and Information Technology, and the National
Development and Reform Commission (the "Four Ministries"), has
again demonstrated a renewed focus by the central government on
providing subsidies to new energy vehicle manufacturers. According
to the Notice, the Central government makes advance subsidy
payments directly to the manufacturers upon the agencies' review
and approval of subsidy payment applications submitted by
manufacturers at the end of April, July and October each year, and
settles payments annually. We are confident the increased frequency
of subsidy payments under the new payment schedule will help
improve our cash flow and profitability, while we speed up our
growth plan to become the leading pure EV manufacturer and solution
provider in China."
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in
Jinhua, Zhejiang Province, is engaged in the research and
development, manufacturing and sales of various vehicles. Kandi has
established itself as one of the world's largest manufacturers of
pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and
utility vehicles (UTVs), among others. More information can be
viewed at its corporate website is
http://www.kandivehicle.com. Kandi 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
securities laws, the Company does not assume a duty to update these
forward-looking statements.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: 1-212-551-3610
Email: IR@kandigroup.com
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Apr 2024 to May 2024
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From May 2023 to May 2024