Kandi and Geely Enter Into Joint Venture Contract to Establish Zhejiang Kandi Electric Vehicles Co, Ltd.

Kandi and Geely Enter Into Joint Venture Contract to Establish Zhejiang Kandi
Electric Vehicles Co, Ltd.

Committed to Creating a Reliable, Convenient and Green Transportation System
for the City

JINHUA, China, March 25, 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 on March 22, 2013, the Company's wholly owned subsidiary,
Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') entered into a Joint
Venture Agreement with Shanghai Maple Guorun Automobile Co., Ltd. ('Shanghai
Maple'), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Hong Kong
Stock Exchange, Stock Code: 175) (the "Geely") to establish a joint venture
company of Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company").

Pursuant to the JV Agreement, the registered capital for the JV Company is
RMB1 billion (approximately $160 million) and each party will contribute 50%
of the registered capital in cash and will each own 50% of the JV Company.

The business scope of JV Company is to develop, manufacture and sell electric
vehicles (the "EVs") and to develop, purchase, manufacture and sell auto
parts, and invest in other companies which engage in such businesses.

The JV Company will acquire EV assets from Kandi and Geely in order to possess
the necessary properties, assets and technologies to conduct its EV business.
The JV Company will leverage the strength, resources and expertise of both
Kandi and Geely in the EV segment to develop and provide affordable electric
vehicles and efficient services to its customers.

The primary product of the JV Company will be to provide EVs and EV services
for the intra-city public transportation and it will use the experience of EV
operations in Hangzhou City to promote the use of EVs and make it the leader
in the electric vehicle market.

A signing ceremony was held at Xihu District in Hangzhou City of Zhejiang
Province for the official execution of this joint venture agreement to
establish the JV Company.

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The ceremony was hosted by Zhu TangQi, the director of Xihu District, where
the JV Company will be located. Wang LiHua, the party secretary of Xihu
District gave a speech at the event. Tong Guili, Vice Mayor of Hangzhou
Municipal City also attended the signing ceremony and congratulated the
successful signing of this joint venture agreement.

Mr. Li Shufu, Chairman of Geely Automobile Holdings Ltd.and Mr. Hu Xiaoming,
Chairman of Kandi both made keynote speeches at the ceremony.

Mr. Li Shufu commented, "Over the years, Geely has accumulated extensive
technologies from its resourceful research and development for EVs as well as
rich experience in sales and marketing for EVs and has proven its business
model in this area. We believe that the electric vehicle market segment will
have a promising future and big space to grow in the auto industry."

"With growing consumer environmental consciousness and urgent demand for urban
green public transportation systems, the EV sector will certainly become an
important driving force for the green economy in the near future in China. The
JV Company has the fundamentals for achieving the green economic goals and
will help build a strong and reliable green transportation system for the
society," concluded the Chairman & CEO of Kandi, Mr. Hu Xiaoming.

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: Kandi Technologies Group, Inc.
         China:
         Email: IR@kandigroup.com
         Phone: 86-579-82239856
        
         U.S.A.:
         Email: IR@kandigroup.com
         Phone: 1-212-551-3610
 
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