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Kandi Technologies discloses subsidy from Hainan government

  • Kandi Technologies Group (NASDAQ:KNDI) announces that wholly-owned subsidiary Kandi Electric Vehicles has reached an agreement with the Hainan Provincial Government for Kandi Hainan to receive a 300M renminbi ($45.1M) subsidy to support its research and development expenditures on a new model of electric vehicle.
  • The subsidy payment schedule is based on the progress of Kandi Hainan’s new model development and the initial payment of 100M renminbi (~$15 million) has already been received.
  • "We very much appreciate the Hainan government’s generous support. We will use the funds to develop the best possible electric vehicle products that also satisfy market needs," says Kandi CEO Hu Xiaoming.
  • KNDI +4.24% premarket to $7.62.
  • Source: Press Release

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