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Fengsheng Automobile Technology Group Releases First Production Electric Vehicle Model

JINHUA, CHINA, Jan. 15, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that
Fengsheng Automotive Technology Group Co., Ltd. (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company” or “Fengsheng”) hosted a launch ceremony on January 13th to celebrate the release of its first production electric vehicle, the Maple Model 30X (or Maple 30X) at its Jiangsu subsidiary. Government officials from the Jiangsu Development and Reform Commission, Ministry of Industry and Information Technology, Nantong City Mayor’s Office, and Rugao City Mayor’s Office attended the ceremony. Also in attendance were members of the media, along with Geely Technology Group’s CEO, Xu Zhihao, and Hu Xiaoming, Kandi’s Chairman.

In his remarks, Xu Zhihao, CEO of Geely Technology Group commented: “The Maple EV model is one of the key components in Geely Technology Group’s strategic city commute division which has undertaken the important mission of renewable energy vehicle research and development, manufacturing, technological innovation, and new business initiatives. The Geely team will continue to support the Maple model’s development with our available resources.” 

In his speech, He Yijun, Mayor of Rugao, congratulated Fengsheng on the release of the Maple Model 30X and complimented the Maple 30X as the best EV product from Fengsheng despite the Chinese auto market experiencing sluggish growth. Mr. He indicated that the Maple 30X would help enable the company to accelerate the development process and become a vital element to drive the growth in Rugao City’s renewable energy vehicle industry. Rugao City Government would continue supporting Fengsheng and its Rugao-based factory development and production. They look forward to further strengthening the strategic collaboration between Rugao City and Fengsheng in all given facets to achieve success through mutual development, including Rugao City’s economic growth and a higher quality of life for all residents.

Ceremony guests participating in test drives of the Maple 30X praised the Maple 30X’s overall driving performance. Benefiting from Geely’s large ecosystem and supply chain system, Fengsheng is committed to offer Chinese consumers a cutting-edge and pleasant driving experience through its premium vehicle models. By releasing the Maple 30X, Fengsheng hopes to become the new force driving China's renewable energy vehicle industry. The Maple Model 30X is scheduled to be launched after the Chinese Spring Festival (Lunar New Year) with production and sales target of 30,000 vehicles for 2020. 

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries, SC Autosports, LLC, the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company”). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.

In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. Geely Group (including its affiliate) and Kandi Vehicles currently holds 78% and 22% of the equity interests in the Affiliate Company, respectively. The Affiliate Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.

More information about KNDI is available on the Company's corporate website at http://www.kandivehicle.com. The Company 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 applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

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Company Contact:

Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: IR@kandigroup.com