JINHUA, CHINA, April 11, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that Didi Chuxing Technology Co., (“Didi Chuxing”)’s primary auto solutions platform, Xiaoju Auto Leasing Division and Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”), a joint venture by Kandi Vehicles and Geely Group, Ltd. including its affiliates, a well-known Chinese pure electric vehicle (“EV”) manufacturing enterprise, took the next step in their collaboration by establishing a strategic partnership in order to take advantage of shared resources and opportunities. As a result of a series of key discussions, the JV Company and Didi Chuxing signed a major customer cooperative framework contract (the “Framework Contract”) on April 9, 2019.
According to the Framework Contract, Didi Chuxing will provide existing leasing-related platform resources to the JV Company for the Online Ride-Sharing Service Alliance’s 300,000 government-accredited EVs within five years. By showcasing Kandi’s leasing EV models to potential customers, Didi Chuxing’s customers will become more familiar with the products and services involved in facilitating the EV leasing partnership between Didi Chuxing and the JV Company. The JV Company and the Online Ride-Sharing Service Alliance are in charge of supplying government-accredited EVs to Didi Chuxing. In return, Didi Chuxing will dedicate its resources, including the use its corporate strategies to further promote and publicize the Online Ride-Sharing Service Alliance. The specific cooperative details for implementing in each city will be memorialized in separate agreements.
Mr. Hu Xiaoming, Chairman of Kandi Electric Vehicle Group, commented, “With the rapid expansion of Internet use in recent years, the urban public transportation solution has progressed from a self-driving timeshare car rental service to an online ride-hailing service, which has experienced tremendous growth. Starting in 2019, Kandi has shifted its focus to the development of providing government-accredited EVs. So far, we have secured 300,000 government-accredited EVs within five years for the Online Ride-Sharing Service Alliance, including the related agreements with Cao Cao Zhuan Che and China Resources (Zhejiang). Now adding this partnership with China’s largest mobile transportation platform, Didi Chuxing, will certainly help the Online Ride-Sharing Service Alliance grow quickly and play a crucial role in Kandi’s robust development in China’s EV market.”
About Didi Chuxing Technology Co.
Didi Chuxing Technology Co., formerly Didi Kuaidi (“DiDi”), is a Chinese transportation network company, artificial intelligence (AI), and autonomous technology conglomerate. It is headquartered in Beijing, China. DiDi is the world’s leading mobile transportation platform. The company offers a full range of app-based transportation options for 550 million users, including Taxi, Express, Premier, Luxe, Bus, Designated Driving, Enterprise Solutions, Bike Sharing, E-bike Sharing, Car Rental and Sharing, and food delivery. Over 31 million drivers have found flexible work and income opportunities on the DiDi platform.
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"), SC Autosports, LLC, the wholly-owned subsidiary of Kandi Vehicles, and Kandi Electric Vehicles Group Co., Ltd. (the “JV 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 JV Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. As of December 31, 2018, each party has invested RMB 1.045 billion in the JV Company, for a total investment of RMB 2.09 billion with each party (including Geely Group’s affiliate) holding a 50% stake in the JV Company. The JV 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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Ms. Kewa Luo
Kandi Technologies Group, Inc.