By Sam Boughedda
Investing.com — Electric car firm Kandi Technologies Group Inc (NASDAQ:KNDI) announced it signed a framework agreement with Hunan Hengrun Automobile Co to jointly produce battery-swap enabled pure electric vehicles.
The Jinhua, China-based company told investors on Monday that the companies will jointly produce battery-swappable pure electric vehicles sold under the "Henghe" brand name.
The news follows Kandi's announcement at the end of December that its subsidiary Jiangxi Province Huiyi New Energy has begun “mass production of its lithium iron phosphate (‘LFP’) battery.”
Hengrun specializes in research, development, manufacturing, sales and after-sales service of automobiles, parts, and accessories. According to Kandi, Hengrun is certified to produce passenger cars and commercial vehicles, including EVs.
Hu Xiaoming, chairman of the Board of Directors of Kandi, said: “We are a pioneer of EV battery swapping in China. Our accumulated experience of building over 50,000 electric vehicles combined with our dozens of battery-swap patents gives us a strong competitive advantage in this initiative.
"By utilizing our battery swap expertise and Hengrun’s vehicle production expertise, together we expect to create meaningful new benefits for customers and thus promote the development of the China’s EV industry."