JINHUA, China, Oct. 14, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that according to the executed Purchase Framework Agreement dated September 22, 2019 between its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and DGL Group Inc. (USA) (“DGL Group”), Kandi Vehicles started delivering the initial batch of 1,232 electric scooters and 37,755 electric self-balancing scooters on October 11, 2019.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “The quick delivery of these vehicles shows the Company’s strong capability of producing intelligent electric transportation products leveraging its expertise in manufacturing off-road vehicles. According to the latest rankings from NPD, DGL Group’s Hover-1 series products are among the top five with the most significant increase in the U.S. intelligent transportation products market, which demonstrates DGL Group's potentials in promoting and marketing these vehicles. We are confident in our cooperation in future endeavors and achievements of further success.”
DGL Group Inc. (USA)
DGL Group Inc. (USA) (“DGL”) Group is a U.S.-based company focusing on market development, product sourcing and sales. Having established a long-term strategic partnership with Walmart, Sam's Club, Home Depot, Kohl's, Dollar General, Bed Bath and Beyond, and other large retail stores, DGL is a leading full service provider offering one-stop solution services to retail stores and supermarkets including, but not limited to, marketing research, product positioning development, quality control, and after-sales services. Since 2017, DGL is Wal-Mart's largest supplier and strategic partner of electric self-balancing scooters under intelligent transportation product category. Internationally, DGL partners with Argos in the United Kingdom as its largest supplier and strategic partner of electric self-balancing scooters in the intelligent transportation product category. For more information about DGL, please visit www.dglusa.com.
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 September 30, 2019, Geely Group (including its affiliate) holds 78%, and Kandi Vehicles holds 22% 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.