JINHUA, China, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that Mr. Hu Xiaoming, Chairman of Kandi, and Mr. Joey Wahba, CEO of DGL Group Inc. (USA) (“DGL Group”) signed a Purchase Framework Agreement (“Agreement”) on behalf of Kandi’s wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”) and DGL Group regarding an initial batch order of 300,000 electric scooters and 500,000 electric self-balancing scooters. The total value of the Agreement is expected to be about RMB 500 million (approximately USD 70.5 million). The purchased products are expected to be completed and delivered within one year from the date of signing this Agreement.
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 Group, please visit www.dglusa.com.
Mr. Hu Xiaoming, Chairman of Kandi, commented, “Kandi is currently in the process of upgrading its pure electric vehicle products to comply with US regulations. The upgraded products will be launched in the U.S. market in the near future. Additionally, the electric vehicle products that are designed for China’s online ride-sharing market are also being improved. Kandi model K23 is expected to enter into the online ride-sharing market soon. Given Kandi’s experience in off-road vehicle products development, Kandi is in a strong position to manufacture intelligent transportation products. Collaborating with DGL Group to develop intelligent transportation products together allows us utilize our best resources and expertise in this area. Beyond the electric scooters and electric self-balancing scooters we are working on, the two parties are in discussion about further cooperation on other pure electric transportation products.”
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 June, 2019, Geely Group (including its affiliate) holds 56.53%, and Kandi Vehicles holds 43.47% in the JV Company, pending the closing of a transfer of 21.47% of the equity interests in the JV Company from Kandi Vehicles to Geely Group’s affiliate, which will result in Kandi Vehicles holding a 22% equity interest after 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.