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Kandi Technologies Corp. (KNDI) Signs Agreement In China For Promotion Of Pure Electric Vehicles

|Includes: Kandi Technologies Group, Inc. (KNDI)

Kandi Technologies is a leading Chinese developer, manufacturer, and seller of electric vehicles, motorcycles, all-terrain vehicles (ATVs), and specialized utility vehicles (UTVs). Its electric vehicles have been approved for sale in China since 2010, and the company also exports these vehicles to the United States and other countries around the world.

The company announced today that its wholly-owned subsidiary, Zhejiang Kandi Vehicles Company Limited, has signed a cooperative framework agreement for the promotion of self-driving electric vehicle rental for public transportation in Hangzhou Project with Zhejiang Guoxin Vehicle Leasing Company.

The main provisions of the framework agreement include: Guoxin Leasing intention to buy Kandi vehicles for the project, launching of the work for the project immediately after signing the agreement, 200 vehicles will be bought to begin the project although terms and time of delivery have yet to be fixed, Kandi will execute the production schedule according to Guoxin's specific instructions, and in the early stages of the project Kandi will have its technicians on site at Guoxin Leasing to provide needed technical support, repair, and maintenance services.

This project has the full backing of both the Zhejiang Province and Hangzhou city governments. The governments are trying to promote electric vehicle development in scale and establish Hangzhou as a role model city for electric vehicles in China. Kandi had already signed another agreement with China Aviation Lithium Battery Company Limited to promote electric vehicles in Hangzhou. The two agreements, if successful, will set a strong foundation for the company's growth over the next five years.

For further information about Kandi Technologies, please visit the company's website at

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