JINHUA, China, Jan. 17, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that the production of China's pure electric passenger vehicles reached 6,165 units in December of 2013 according to the data reported by Chinaev.org, a site sponsored by Clean Vehicles Productivity Promotion Center, 863 Energy-saving and New Energy Vehicles Major Project Office of Ministry of Science and Technology, China Automotive Technology and Research Center, Beijing Ka Dake Technology Center. Kandi Brand SMA7000BEV and SMA7001BEV models ranked as the top two on the list with over 2,500 EVs produced, more than one third of the total EV production in China in December, 2013. Please click the link for more information http://www.evface.com/a/marres/dongtaishichangyanjiu/2014/0106/176142.html.
Kandi Brand electric vehicles SMA7000BEV and SMA7001BEV electric vehicle models are included on the lists of "Approved Vehicles" (No.255) and "Recommended Models for Energy Saving & New Energy Vehicle Demonstration and Promotion in China (No. 52)" by the Ministry of Industry and Information Technology of the People's Republic of China ("MIIT").
Kandi Brand SMA7000BEV model & SMA7001BEV model are jointly developed and upgraded by Kandi and Geely Auto based on our old models of JNJ6290EV & JL7001BEV. The old models have a driving range equal or greater than 120 kilometers. Both new models are able to achieve a driving range equal or greater than 150 kilometers after improving technology and manufacturing process. Therefore, these two new models are eligible to receive a higher level of subsidies from national and local governments. According to 2013 Chinas EV subsidies policy, EVs with a driving range below 150 kilometers are entitled for RMB 35,000 (Approximately USD 5,789) rebate and EVs with a driving range over 150 kilometers are entitled for RMB50,000 (Approximately USD 8,270) rebate.
Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "the latest production ranking has demonstrated Kandi and Geely's joint venture is progressing according to our plan. Both Kandi and Geely are highly confident that we will be becoming the leader in China's pure EV market in near future."
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicles. Kandi has established itself as the one of the world's largest manufacturer of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com.
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 securities laws, the Company does not assume a duty to update these forward-looking statements.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo