Jinhua, China, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) announced today that it entered into a strategic agreement with the Zhejiang State Grid Electric Vehicle Service Company to cooperate in the area of battery exchange for pure electric vehicles.
Vital to China’s national economy and energy security, State Grid Corporation of China (“State Grid”) is the largest state-owned public service enterprise in the world, ranking first among China's top 500 enterprises and second in the Fortune 500. State Grid is dedicated to implementing national policy by fully utilizing its advantages in technology, capital and human resources to construct a charging infrastructure in China that will help to accelerate the development of China's electric vehicle industry.
In order to improve the professional management and services at charging facilities, State Grid Corporation of China and State Grid Zhejiang Electric Power Company combined efforts to establish the Zhejiang State Grid Electric Vehicle Service Company in 2017. The scope of business spanned: new energy technology, electronic technology, testing technology, energy saving and environmental protection technology, new energy vehicles, electronic products research and development, technical consultation, technical services, as well as construction, operation, and maintenance services for electric vehicle charging and battery exchange.
To further promote innovation and development in the battery exchange business, Kandi established a wholly owned subsidiary, China Battery Exchange Technology Company, to specialize in the construction and operation of battery exchange networks for new energy vehicles.
The strategic cooperation agreement establishes that Kandi and Zhejiang State Grid Electric Vehicle Service Company will together promote the application and development of China’s new energy vehicles, intensifying model innovation and enhancing core competitiveness, with a focus on vehicle-battery separation and exchange. The cooperation agreement helps to implement China’s national energy transformation and new energy vehicle development strategy.
More specifically, the agreement entails:
The two parties will cooperate extensively across the whole supply chain for electric vehicle-battery exchange. This in-depth collaboration will include the following elements: centralized constant temperature battery charging, distribution, maintenance, battery recycling, construction and operation of power exchange networks, power exchange services to meet energy demand, grid auxiliary services, flexible control of power load exchange, as well as other value-added services for power exchange stations.
Kandi intends to supply 300,000 electric vehicles to various ride-sharing programs, and the two parties will cooperate to offer battery exchange services for these 300,000 vehicles over the next five years. The two parties may expand into new areas of cooperation based on the progress in this collaboration.
Kandi Chairman and Chief Executive Officer Hu Xiaoming commented, “Strategic cooperation with Zhejiang State Grid in the field of battery exchange is a major milestone for Kandi. We will start with battery exchange services for 300,000 compliant vehicles in rideshare programs within a five-year period. This will play a critical role in future collaboration. Launch of this program will play a critical role by driving rapid development of Kandi’s business.”
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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Kandi Technologies Group, Inc.
Ms. Kewa Luo
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