Kandi-Geely Co-Developed Pure Electric Sedan Receives Approval From Ministry
of Industry and Information Technology of China
JINHUA, China, June 5, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc.
(the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that JL7001BEV, the
first pure electric sedan jointly developed by Kandi and Geely Automobile
Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely"), has
been approved by Ministry of Industry and Information Technology of the
People's Republic of China ("MIIT").
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According to No. 27 public announcement of MIIT, Kandi Brand/JL7001BEV model
is among the latest vehicles on the lists of "Approved Vehicles (No. 248)" and
"Recommended Models for Energy Saving & New Energy Vehicle Demonstration and
Promotion in China (No. 45)". As a result of this approval, the purchaser of
such pure electric sedan will now be qualified to receive all levels of
national and local subsidies and incentives for EVs.
Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "Given the MIIT's latest
approval, Kandi and Geely have accomplished a significant progress in their
cooperation. We will take advantage of the strength, resources and expertise
of both Kandi and Geely to achieve a greater success in manufacturing, R&D and
sales of the EV in China."
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
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.
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