Kandi Technologies Group Announces JV's Receipt of Approximately US$44.3 Million Subsidy From Chinese National Government
JINHUA, China, June 30, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq: KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), the manufacturer of Kandi Brand electric vehicles ("EVs"), has received a payment of RMB 271.1 million (approximately US$44.3 million) representing a national subsidy for pure EV sales during the third and fourth quarter of 2014. The JV Company is a 50/50 joint venture between Kandi and Geely Automobile.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented "We are very pleased to receive the national government's subsidy payment for vehicle sales in the second half of 2014. Kandi completed the year ranked No. 1 in China in pure electric vehicle sales and production figures. Given the national government's strong financial support, the growing demand for renewable energy vehicles, and the resulting rapid industry expansion, we believe the Kandi brand will continue to lead the market in pure electric vehicle production and sales growth in China."
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com.
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