Kandi Delivers Automatic Quick Battery Exchange Equipment to Hainan Rideshare Operator
03 August 2020 - 11:05PM
Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced the achievement of a key
milestone in its commercialization plan for its proprietary battery
swap technology. On August 2, 2020, Kandi delivered its fully
automatic intelligent battery exchange system to the rideshare
operator in Haikou City, Hainan Province. The system was
developed and is produced by Kandi’s wholly-owned subsidiary,
Zhejiang Kandi Smart Battery Swap Technology Company, Ltd.
(formerly known as Jinhua Ankao Power Technology Company, Ltd.).
Installation is expected to be completed shortly, after which
the operating company will use the K23 model’s battery swap service
for its online car-hailing business in Hainan.
Kandi Chairman and Chief Executive Officer Hu
Xiaoming commented: “Kandi has been a pioneer in the battery swap
concept, as the inventor of the ‘vehicle/battery separation’
battery swap model. We have encountered many obstacles in the
development of our company due to the controversy around this
concept in the past. Fortunately, on April 23, the Ministry of
Finance and other three Ministries in China jointly issued a paper
strongly supporting and encouraging the ‘vehicle/battery
separation’ battery swapping model. In a 2020 Government Work
Report, for the first time the battery swapping station is included
in infrastructure construction that promotes renewable energy
vehicles.”
Hu continued: “We are gratified to see the
government fully embrace this model, thus eliminating much
confusion in the market. Fully automatic smart replacement
brings tremendous potential to promote the growth of the EV market.
With the Kandi system, customers get convenient, fast, intelligent,
safe and efficient battery power replacement services. The
swap does not require any human intervention, and only takes 90
seconds. With this advanced, patent-protected battery swapping
system, we are confident in our near-term ability to drive the
market for Kandi’s pure eclectic vehicles.”
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
including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC
Autosports, LLC (d/b/a Kandi America), 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.
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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).
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persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
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update these forward-looking statements.
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For More Information:
Kandi Technologies Group, Inc.
Ms. Kewa LuoPhone: +1 (212) 551-3610Email:
IR@kandigroup.com
The Blueshirt Group
U.S.:Mr. Gary DvorchakEmail:
gary@blueshirtgroup.com
China:Ms. Susie Wang Email:
susie@blueshirtgroup.com
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