JINHUA, CHINA, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced the achievement of a key milestone in its commercialization plan for its proprietary battery swap technology. On August 2, 2020, Kandi delivered its fully automatic intelligent battery exchange system to the rideshare operator in Haikou City, Hainan Province. The system was developed and is produced by Kandi’s wholly-owned subsidiary, Zhejiang Kandi Smart Battery Swap Technology Company, Ltd. (formerly known as Jinhua Ankao Power Technology Company, Ltd.). Installation is expected to be completed shortly, after which the operating company will use the K23 model’s battery swap service for its online car-hailing business in Hainan.
Kandi Chairman and Chief Executive Officer Hu Xiaoming commented: “Kandi has been a pioneer in the battery swap concept, as the inventor of the ‘vehicle/battery separation’ battery swap model. We have encountered many obstacles in the development of our company due to the controversy around this concept in the past. Fortunately, on April 23, the Ministry of Finance and other three Ministries in China jointly issued a paper strongly supporting and encouraging the ‘vehicle/battery separation’ battery swapping model. In a 2020 Government Work Report, for the first time the battery swapping station is included in infrastructure construction that promotes renewable energy vehicles.”
Hu continued: “We are gratified to see the government fully embrace this model, thus eliminating much confusion in the market. Fully automatic smart replacement brings tremendous potential to promote the growth of the EV market. With the Kandi system, customers get convenient, fast, intelligent, safe and efficient battery power replacement services. The swap does not require any human intervention, and only takes 90 seconds. With this advanced, patent-protected battery swapping system, we are confident in our near-term ability to drive the market for Kandi’s pure eclectic vehicles.”
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 including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC (d/b/a Kandi America), 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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For More Information:
Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: +1 (212) 551-3610
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Mr. Gary Dvorchak
Ms. Susie Wang