Kandi Announces Its JV's Sale of 4,114 Kandi Brand EV in the Second Quarter, a 238% Increase From the Previous Quarter
14 July 2014 - 10:17PM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group
Co., Ltd. (the "JV Company"), which is a 50/50 joint venture
between the Company and Shanghai Maple Guorun Automobile Co., Ltd.,
a 99% owned subsidiary of Geely Automobile Holdings Ltd., sold
4,114 Kandi brand Electric Vehicles ("EVs") during second quarter
of 2014, a 238% increase from 1,215 EVs in the first quarter of
2014. Kandi expects to report its second quarter financial results
on August 11, 2014.
Mr. Hu Xiaoming, Chairman & Chief Executive Officer of Kandi
commented, "The demand for EVs continues to grow significantly. We
are extremely pleased that the JV Company has been able to
accelerate its EV sales in the second quarter. We have not only
achieved success in implementing the Hangzhou Public EV Sharing
System, or the 'Carshare' Program, but also in growing our group
leasing model."
Furthermore, on July 7 at the State Council Meeting, Li Keqiang,
China's Prime Minister, spoke about the recently passed
government's policy in waiving a 10% sales tax on electric cars,
plug-in hybrids, and fuel-cell vehicles, beginning September
1, 2014 and lasting through the end of 2017, to spur consumers'
demand for electric vehicles. The Chinese government has identified
EVs as a strategic industry that can help it gain global
leadership, reduce energy dependence and cut emissions that have
contributed to worsening air pollution. Mr. Hu commented, "We
are really excited about the government's policy to waive the sales
tax on EVs. This will help lower the cost to consumers, in addition
to boosting EV sales."
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
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