Zhejiang Kandi Electric Vehicles Signs Agreement With Rugao City Economic Development Zone
Kandi Technologies Group (Nasdaq: KNDI), today announced that Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company"), a 50-50 joint venture subsidiary of Kandi and Geely Automobile Holdings Ltd. ("Geely"), signed an agreement with Jiangsu Province Rugao City Economic Development Zone ("Rugao Development Zone") to invest and establish a project company in Rugao City of Jiangsu Province with an annually capacity to produce 100,000 sets of key components and parts for EVs upon the completion (the "Project") on November 20, 2013 Beijing time. Ming Miao, the Director of Automobile Office of Jiangsu Province Economy and Information Commission, Wenbing Zhao, Vice Mayor of Nantong City, Xiaodong Chen, mayor of Rugao City, Jinhua Ma, Party Sectary of Rugao City Economic Development Zone, and Shufu Li, the Chairman Geely & the JV Company and Xiaoming Hu, the General Manager of the JV Company attended the signing ceremony.
To view an image of the signing ceremony, please visit: http://orders.newsfilecorp.com/files/2079/7579_kandi1enhanced.jpg.
The main terms of the Agreement are as follows:
1. In next three to five years, the JV Company plans to invest approximately RMB 1.2 billion in total to the project. Upon the completion of