Kandi Technologies rallies; JV acquires full control of EV company

|About: Kandi Technologies Group, Inc. (KNDI)|By:, SA News Editor

A JV company that's 50%-owned by Kandi Technologies (KNDI +8.2%) is paying RMB640.6M ($104.1M) to assume full ownership of Kandi Electric Vehicles (i.e. Kandi Shanghai) from Shanghai Maple, a subsidiary of Chinese automaker Geely. $65M will be paid within 90 days of the deal's signing, and the remainder will be paid within 360 days of signing. (PR)

Kandi asserts the deal "better consolidates the resources and expertise of Kandi and Geely" in EV R&D, manufacturing, sales, and marketing.

Kandi formed a JV with Shanghai Maple in March; each company contributed $80M.