Kandi Announces the Successful Launch of its Next Generation Advanced Drive Motor
07 March 2017 - 12:47AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(NASDAQ:KNDI) today announced that its wholly-owned subsidiary
Yongkang Scrou Electric Co, Ltd. (“Yongkang Scrou”) successfully
launched its next generation advanced drive motor, the result of
nearly two years of research and development work by Yongkang
Scrou’s technical engineering team.
Yongkang Scrou’s next generation drive motor
achieves higher output efficiencies through improved design,
processing, and use of advanced materials, all of which reduce the
loss of electromagnetic energy, heat energy, and mechanical energy.
Compared to the previous generation drive motor, its energy
conversion efficiency and rated power are increased by more than 6%
and 30%, while manufacturing and production costs remain roughly
the same. Using the next generation drive motor in electric
vehicles (“EVs”) enhances dynamic performance, and EV drive system
efficiency is increased by 10%-15%, resulting in reduced energy
consumption of 10%-15%.
Kandi Electric Vehicles Group Co., Ltd.’s (the
"JV Company") research institute is working on upgrading the drive
motors used in a variety of its pure EV models. The upgrades are
expected to improve vehicle performance significantly and reduce
production costs. The JV Company’s management team has decided to
implement the next generation drive motor in all of its EV
production starting July 1, 2017. It estimates it will purchase
over 20,000 next generation drive motor units from Yongkang Scrou
in the second half of 2017.
Mr. Hu Xiaoming, Chairman of Kandi, commented,
“We are excited about Yongkang Scrou’s innovation of the next
generation drive motor. Not only does the quality of this next
generation drive motor meet the international standards, but also
it creates competitive advantage for EVs, and a potential driving
force for the Company’s further development."
About Kandi Technologies Group,
Inc.
Kandi Technologies Group, Inc. (KNDI),
headquartered in Jinhua, Zhejiang Province, is engaged in the
research and development, manufacturing and sales of various
vehicle products. Kandi has established itself as one of China's
leading manufacturers of pure electric vehicle ("EV") products
(through its joint venture), EV parts and off-road vehicles. More
information can be viewed at the Company's corporate website at
http://www.kandivehicle.com. The Company routinely posts important
information on its website.
Safe Harbor StatementThis 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.
Follow us on Twitter: @ Kandi_Group
Company Contact:
Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: IR@kandigroup.com
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