Fengsheng Automobile Technology Group Releases First Production Electric Vehicle Model
16 January 2020 - 1:00AM
Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced thatFengsheng Automotive
Technology Group Co., Ltd. (formerly known as Kandi Electric
Vehicles Group Co., Ltd., the “Affiliate Company” or “Fengsheng”)
hosted a launch ceremony on January 13th to celebrate the release
of its first production electric vehicle, the Maple Model 30X (or
Maple 30X) at its Jiangsu subsidiary. Government officials from the
Jiangsu Development and Reform Commission, Ministry of Industry and
Information Technology, Nantong City Mayor’s Office, and Rugao City
Mayor’s Office attended the ceremony. Also in attendance were
members of the media, along with Geely Technology Group’s CEO, Xu
Zhihao, and Hu Xiaoming, Kandi’s Chairman.
In his remarks, Xu Zhihao, CEO of Geely Technology Group
commented: “The Maple EV model is one of the key components in
Geely Technology Group’s strategic city commute division which has
undertaken the important mission of renewable energy vehicle
research and development, manufacturing, technological innovation,
and new business initiatives. The Geely team will continue to
support the Maple model’s development with our available
resources.”
In his speech, He Yijun, Mayor of Rugao, congratulated Fengsheng
on the release of the Maple Model 30X and complimented the Maple
30X as the best EV product from Fengsheng despite the Chinese auto
market experiencing sluggish growth. Mr. He indicated that the
Maple 30X would help enable the company to accelerate the
development process and become a vital element to drive the growth
in Rugao City’s renewable energy vehicle industry. Rugao City
Government would continue supporting Fengsheng and its Rugao-based
factory development and production. They look forward to further
strengthening the strategic collaboration between Rugao City and
Fengsheng in all given facets to achieve success through mutual
development, including Rugao City’s economic growth and a higher
quality of life for all residents.
Ceremony guests participating in test drives of the Maple 30X
praised the Maple 30X’s overall driving performance. Benefiting
from Geely’s large ecosystem and supply chain system, Fengsheng is
committed to offer Chinese consumers a cutting-edge and pleasant
driving experience through its premium vehicle models. By releasing
the Maple 30X, Fengsheng hopes to become the new force driving
China's renewable energy vehicle industry. The Maple Model 30X is
scheduled to be launched after the Chinese Spring Festival (Lunar
New Year) with production and sales target of 30,000 vehicles for
2020.
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, SC Autosports, LLC,
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
Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc.
Phone: 1-212-551-3610 Email: IR@kandigroup.com
- Kandi Technologies Group, Inc.
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