JINHUA, CHINA--(Marketwire - Sep 28, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (
According to No. 45 public announcement of MIIT, JNJ6290EV model is among the latest lists of "Approved Passenger Vehicles (No. 240)" and "Recommended Models for Energy Saving/New Energy Vehicle Demonstration and Promotion in China." As a result of this approval, the purchaser of such pure EVs will now be qualified to receive all levels of national and local subsidies and incentives for EVs.
As previously announced on July 16, 2012, the Company entered into a cooperative letter of intent ("LOI") with China Aviation Lithium Battery Co., Ltd. (CALB") to supply pure electric vehicles for the 20,000 pure EV leasing program in Hangzhou City which is being promoted and undertaken by CALB, the State Grid Cooperation of China ("State Grid") and Hangzhou municipal government. According to the framework of this collaboration, Kandi is the major provider of pure EVs to CALB, which will be responsible to produce automobile-use lithium batteries. State Grid is mainly responsible for the construction and operation of backbone EV infrastructures, such as quick battery exchange (QBE) stations, EV charging network and battery maintenance/recycling centers, while Hangzhou municipal government will provide financial subsidies and create various supporting policies to promote the pure EV leasing program.
Based on the recently published status from State Grid, there are currently five QBE stations, 62 charging/service stations and 620 charging poles already in service in Hangzhou City. It is expected that State Grid will build an additional 25 QBE stations in the future to support the infrastructure needs for the leasing program. The ultimate goal is to allow the EV driver to be able to locate a charging station within every 5 kilometers radius in downtown. On the government support front, Hangzhou government has agreed to provide a leasing subsidy of RMB 600-800 per month, as well as free electricity for the first 3 years or the first 60,000 kilometers per leasing vehicle.
"Given the MIIT's latest approval, Kandi is one step closer to reach a definitive EV supply agreement with CALB for the Hangzhou leasing project," commented by Mr. Xiaoming Hu, Chairman & CEO of Kandi, "Over the past few months, all of our partners have been making tremendous progress in their respective areas. Collectively, we are building a strong foundation for the eventual launch of the so-far largest pure EV commercialization project that China has ever witnessed."
About Kandi Technologies, Corp.
Kandi Technologies, Corp. (
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