JINHUA, CHINA--(Marketwire -02/13/12)- Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI - News), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company received on February 1, 2012 from Jinhua Municipal Government subsidies of RMB 32,000 (approximately $5,024) for each of the initial 300 EVs sold by the end of 2011..
Jinhua City was elected to be the first pilot city for the new energy vehicles in 2011 by Zhenjiang provincial government. Jinhua municipal and Zhejiang provincial government approved the subsidy program, in which municipal and provincial governments each offer 30 million RMB (approximately $4.76 million), total of 60 million RMB (approximately $9.52 million) subsidies to target the sales of 3,000 pure electric vehicles to Jinhua City-based consumers. Jinhua municipal government began to implement the subsidy program in the beginning of October 2011. The sales of Kandi EVs officially started in the same month and the government set the goal to sell 300 electric vehicles by the end of 2011. Kandi proudly exceeded the goal of having over 300 electric vehicles sold before the year-end.
A standard Kandi pure electric vehicle excluding battery is priced at 43,000 RMB (approximately $6,750) before reduction of price to reflect the subsidy amount. According to the approved government subsidy program, for each of the first 500 Kandi pure electric vehicles sold, Kandi will receive a subsidy of 32,000 RMB (approximately $5,024); for each of the next 1,000 Kandi pure electric vehicles sold, Kandi will receive 20,000 RMB (approximately $3,140); and for each of the next 1,500 Kandi pure electric vehicles sold, Kandi will receive 16,000 RMB (approximately $2,512). The subsidy is equal to the price reduction to the buyers of the first 3,000 vehicles.
Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are very pleased with the EV sales results in Jinhua City, and will continue the momentum to sell the remaining subsidized 2,700 in 2012. Now, Jinhua City is the model middle level municipal city with the most pure electric vehicles operating in China and driving the pure electric car has become a fashion in Jinhua City.
"We will be launching different EV rental business models, as well as both lead-acid or lithium-ion battery options to our Chinese customers this year. We strive to continue to improve our technology, service system as well as the consumer experience to meet expectations of those early adopters of our pure EV products. We look forward to another great year of electric vehicle sales and building a strong foundation for the long term growth in the pure EV industry," Mr. Hu concluded.
About Kandi Technologies, Corp.
Kandi Technologies, Corp. (NASDAQ: KNDI - News) is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second-generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO EV are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010. The Company's products can be viewed at http://www.kandivehicle.com and its corporate website is http://www.chinakandi.com.
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.
Kandi Technologies, Corp.