Kandi Technologies Announces Initial Launch of RMB 730 Million Supply Chain Finance Program
02 May 2017 - 11:02PM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(NASDAQ:KNDI), today announced that Kandi Electric Vehicles Group
Co., Ltd. (the "JV Company," a 50/50 joint venture between Kandi
and Zhejiang Geely Holding Group) has for the first time obtained a
RMB 730 million (approximately US$105.8 million) supply chain
finance (SCF) program, to be used as capital support for the JV
Company, from the National Economic and Technological Development
Zone of Rugao City. The first tranche of RMB 197 million
(approximately US$28.6 million) has already been received, and the
remainder will be provided according to the JV Company’s capital
requirements.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi, commented, “The JV Company’s production and sales
were significantly impacted over the past year because of confusion
regarding certain EVs manufactured and sold by the JV Company
during 2013 and 2014 that used the reusable battery exchange model.
Fortunately, these difficulties were resolved after dialogue with
government authorities. With the subsidy installment payments we
are now receiving and with the generous support of the Rugao
Economic and Technological Development Zone, the JV Company will
resume normal production activities in May. The JV Company’s
management team is confident about regaining the momentum in EV
sales in 2017.”
Note: All the currency conversions from RMB to
USD referred to in this press release are based on an exchange rate
of 1RMB = 0.1450 USD, published by www.xe.com on the date
before the release of this press release.
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 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.
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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