Seeking Alpha

JINHUA, China, July 14, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), which is a 50/50 joint venture between the Company and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd., sold 4,114 Kandi brand Electric Vehicles ("EVs") during second quarter of 2014, a 238% increase from 1,215 EVs in the first quarter of 2014. Kandi (KNDI) expects to report its second quarter financial results on August 11, 2014.

Mr. Hu Xiaoming, Chairman & Chief Executive Officer of Kandi commented, "The demand for EVs continues to grow significantly. We are extremely pleased that the JV Company has been able to accelerate its EV sales in the second quarter. We have not only achieved success in implementing the Hangzhou Public EV Sharing System, or the 'Carshare' Program, but also in growing our group leasing model."

Furthermore, on July 7 at the State Council Meeting, Li Keqiang, China's Prime Minister, spoke about the recently passed government's policy in waiving a 10% sales tax on electric cars, plug-in hybrids, and fuel-cell vehicles, beginning September 1, 2014 and lasting through the end of 2017, to spur consumers' demand for electric vehicles. The Chinese government has identified EVs as a strategic industry that can help it gain global leadership, reduce energy dependence and cut emissions that have contributed to worsening air pollution.  Mr. Hu commented, "We are really excited about the government's policy to waive the sales tax on EVs. This will help lower the cost to consumers, in addition to boosting EV sales."

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicles. Kandi has established itself as one of the world's largest manufacturers of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com. Kandi 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.

CONTACT: Kandi Technologies Group, Inc.
         Ms. Kewa Luo
         Phone: 1-212-551-3610
         Email: IR@kandigroup.com
  
Source: Kandi Technologies, Corp. 2014 GlobeNewswire, Inc.
Comments (1)
  • toonies
    , contributor
    Comments (393) | Send Message
     
    The second good news today. The first one: 30% of government car fleet must be EVs (till 2017?). I believe we see it in stock price soon. BYD (HKG:1211) up near to 4% today.