JINHUA, China, April 26, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (KNDI), today announced that on April 23, 2013, Kandi Electric Vehicles (Wanning) Co., Ltd. ('Kandi Wanning'), incorporated and capitalized by Kandi's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ('Kandi Vehicles') has officially been approved by the local government agency and established in Wanning City of Hainan Province.
Kandi Wanning anticipates achieving the annual capacity of 100,000 units of EV key components and parts for its first phase (the 'Project') within two years. Upon the completion of the Project, Kandi Wanning will be transferred to and become a wholly owned subsidiary of Zhejiang Kandi Electric Vehicles Co., Ltd., the joint venture company that will be established by Kandi and Geely Auto.
Mr. Xiaoming Hu, Chairman and the Chief Executive Officer of Kandi, remarked, "The establishment of Kandi Electric Vehicles (Wanning) Co., Ltd. has demonstrated local government's strong support for Kandi's pure EV entering Hainan Market. Therefore, we are confident that Kandi will achieve a great success in Hainan's EV market and gain a firm foundation to become the leader in the EV market in China."
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicles. Kandi has established itself as the one of the world's largest manufacturer 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.
Safe Harbor Statement
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Kandi Technologies Group, Inc.