To provide financial services to Kandi EV dealerships in North America
JINHUA, China, May 09, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") announced today that it signed a Strategic Cooperative Agreement (the “Agreement”) with Northpoint Commercial Finance LLC (“Northpoint”) on May 8th 2019, a leader in commercial finance, supplying flexible inventory financing for clients in a variety of industries.
Kandi is planning on bringing several models of pure electric vehicles (“EVs”) from China to the North American market. Kandi EVs’ cutting-edge technology, trendy designs, affordable price points, and tax-advantaged benefits for USA consumers pursuant to IRS Section 30D create an exciting sales opportunity for Kandi’s new dealership network.
Northpoint specializes in inventory financing programs and is a subsidiary of Laurentian Bank of Canada. Northpoint has offices in Alpharetta, Georgia, and Burlington, Ontario. Laurentian Bank has been in business for over 170 years and has over $45 billion in assets. Northpoint’s inventory finance programs will help Kandi develop its distribution network by helping its dealers to: 1. grow sales revenues; 2. enhance cash flows; and 3. improve profitability.
Mr. Hu Xiaoming, Chairman of Kandi Electric Vehicle Group, commented: “Kandi is honored to collaborate with Northpoint to utilize Northpoint’s lending services for Kandi’s EV dealerships. Northpoint will provide flexible inventory financing to Kandi’s authorized dealers and will help satisfy Kandi dealers’ needs for inventory finance. Kandi and Northpoint are now parties to various dealer financing program agreements that will assist Kandi in developing its new pure EVs dealership network throughout North America.”
Northpoint and Kandi field sales teams are working together to identify new Kandi dealer prospects and accomplish effective underwriting assessments to establish a financially strong and stable Kandi pure EV dealership network. Northpoint and Kandi are also committed to working together to identify retail and leasing financing sources that will complement the Northpoint inventory financing programs for Kandi pure electric automobile dealers.
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, SC Autosports, LLC, the wholly-owned subsidiary of Kandi in the United States 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 March 31, 2019, Geely Group (including its affiliate) hold a 56.53%, and Kandi Vehicles holds 43.47% in the JV Company, pending a closing of a transfer of 22% of the equity interests of the JV Company from Kandi Vehicles to a Geely’s affiliate, resulting in Kandi Vehicles to hold 21.47% upon the closing. 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.