Kandi Establishes New Wholly Owned Subsidiary in Changxing
JINHUA, China, March 13, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group,
Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer
and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs),
today announced that the Company's wholly owned subsidiary, Zhejiang Kandi
Vehicles Co., Ltd.('Kandi Vehicles') has established Kandi Electric Vehicles
(Changxing) Co., Ltd. ('Kandi Changxing') in Changxing (National) Economic and
Technological Development Zone to meet the requirements of the previously
announced cooperation agreement with Geely Automobile Holdings Ltd. ('Geely').
The newly established company is a wholly owned subsidiary of Kandi Vehicles
that will specialize in EV production, and has been formed with the assets
that Kandi Vehicles recently purchase from Zhejiang New Energy Vehicle Systems
Co., Ltd. as well as certain molds and properties originally owned by Kandi
Vehicles. Kandi Changxing is expected to begin its production at the end of
March 2013. Kandi Vehicles plans to contribute Kandi Changxing to the joint
venture (JV) company between Kandi Vehicles and Geely and will become a 50%
shareholder of the JV company and then proceed to realize the full benefits of
the cooperation agreement with Geely.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI) is a manufacturer and exporter of
a variety of vehicles in China, making it a world leader in the production of
popular off-road vehicles (ORVs). It also ranks among the leading
manufacturers in China of all-terrain vehicles (ATVs), specialized utility
vehicles (UTVs), and a recently introduced second-generation high mileage,
two-seat three-wheeled motorcycle. Another major company focus has been on the
manufacture and sale of the COCO electric vehicle (EV), a highly economical,
beautifully designed, all-electric super mini-car for neighborhood driving and
commuting. The convertible and hardtop models of the COCO EV are available in
the United States and other countries, while the Chinese government has
approved the sale of Kandi EVs in China since 2010. 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: Company Contact:
Kandi Technologies Group, Inc.
Press spacebar to pause and continue. Press esc to stop.