JINHUA, China, March 04, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today further steps it has taken in order to maintain favorable momentum generated by its recent establishment of the Government-accredited Online Ride-hailing Vehicle Alliance (“Accredited Vehicle Alliance”) on January 13, 2019. Kandi Electric Vehicles Co., Ltd. (the “JV Company”, an equally held joint venture by Kandi Vehicles and Geely Group, Ltd. including its affiliate) signed a strategic cooperative agreement for operating government-accredited vehicles with China Resources (Zhejiang) Vehicle and Ship Natural Gas Co., Ltd (“China Resources Zhejiang”) on March 2, 2019. The JV Company led the efforts in organizing the Accredited Vehicle Alliance, which includes over 10 vehicle service providers such as Zhejiang Ruibo and Hangzhou Ruixiang. The mission of the Accredited Vehicle Alliance is to provide 300,000 government-accredited vehicles for the ride-hailing service within five years. The JV Company will be the primary vehicle supplier in the Accredited Vehicle Alliance, responsible for delivering pure electric vehicles with quick battery exchange features. Going forward, China Resources Zhejiang will be in charge of investment and operations of Accredited Vehicle Alliance’s vehicle battery exchange business.
China Resources Zhejiang is a subsidiary of China Resources Gas Group (“CR Gas”), which is a subsidiary substantially owned by China Resources (Holdings) Company Limited (“China Resources Group”). China Resources Group, headquartered in Hong Kong, is a state-owned enterprise supervised by the State-owned Assets Supervision and Administration Commission of the State Council. China Resources Group is number eighty-six on the 2017 Fortune 500 list. CR Gas is among China Resources Group’s strategic business segments, mostly engaged in downstream city gas distribution businesses including piped natural gas distribution and natural gas filling stations. CR Gas’s portfolio extends throughout the nation covering 25 provinces, municipals, and direct administrative municipalities. CR Gas has become China’s largest city gas distribution business operator. At the end of October 2008, CR Gas successfully listed in the Hong Kong Stock Exchange (01193.HK) and is a constituent stock in Hong Kong’s Hang Seng Composite Index. Its subsidiary, China Resources Zhejiang, is mainly engaged in gas station management consulting, gas vehicle refueling operations, charging and replacing facilities operations, and other service related businesses.
Mr. Hu Xiaoming, Chairman of Kandi Electric Vehicle Group, commented, “We are thrilled to have the opportunity to collaborate with such a respectable enterprise—China Resources Zhejiang. Given their rich reserved resources and distribution networks, China Resources Zhejiang is well equipped to take advantage of such a favorable operating environment to provide operational efficiency of battery exchange services for 300,000 government accredited online ride-hailing vehicles within five years.”
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 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.