Kandi Technologies Announces the Closing of Registered Direct Placement for Approximately $26.3 Million of Common Stock and

Kandi Technologies Announces the Closing of Registered Direct Placement for
Approximately $26.3 Million of Common Stock and Warrants

JINHUA, China, July 1, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc.
(the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Electric Vehicle (EV)
company in China, today announced that it has closed the registered direct
placement with two institutional investors and raised approximately $26.3
million from selling its common stock shares at a price of $6.03 per share.
The Company issued a total of 4,376,036 shares to the institutional investors.
As part of the transaction, the Company also issued to the investors Series A
Warrants for the purchase of up to 1,750,415 shares of common stock at an
exercise price of $7.24 per share, which warrants have a term of 30 months
from the date of issuance. In addition, the investors will have a 60-day
option to purchase up to 728,936 shares of common stock at $7.24 per share,
starting six months from the closing date on the same terms as the original

The gross proceeds from this offering is $26,387,500, after deducting offering
expenses, the net proceeds will be used for general working capital purposes.

FT Global Capital acted as the exclusive placement agent for the transaction.

These securities are being offered through a prospectus supplement pursuant to
the Company's effective shelf registration statement and base prospectus
contained therein. A shelf registration statement relating to these securities
has been filed with and declared effective by the Securities and Exchange
Commission (the "SEC"). A prospectus supplement related to the offering has
been filed with the SEC. This press release does not constitute an offer to
sell or the solicitation of an offer to buy, and these securities cannot be
sold in any state in which this offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of any such
state. Any offer will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration statement.

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.
         Email: IR@kandigroup.com
         Phone: 86-579-82239856
         Email: IR@kandigroup.com
         Phone: 1-212-551-3610
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