Kandi Vehicles Completed the Ownership Transfer of Kandi Changxing to the JV
JINHUA, China, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc.
(the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its wholly
owned subsidiary Zhejiang Kandi Vehicles Co. Ltd. ("Kandi Vehicles") completed
the transfer of its entire ownership of Kandi Electric Vehicles (Changxing)
Co., Ltd. ("Kandi Changxing") to Zhejiang Kandi Electric Vehicles Co., Ltd.
(the "JV Company") with local State Administration of Industry and Commerce on
November 1^st, 2013.The transfer is pursuant to the Joint Venture Agreement
of the Establishment of the JV Company between Kandi Vehicles and Shanghai
Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile
Holdings Ltd. ("Geely") signed on March 22^nd, 2013.
Pursuant to the terms of the JV Agreement, the JV Company has paid RMB
400,000,000 (approximately USD 65,025,800) before September 30^th, 2013 and
acquired 100% ownership of Kandi Changxing from Kandi Vehicles. Upon the
completion of this transfer, Kandi becomes a 50% owner of Kandi Changxing
through Kandi Vehicles and its 50% ownership of the JV Company.
Mr. Xiaoming Hu, Chairman of Kandi and General Manager of the JV Company
commented, "this ownership transfer better consolidates the resources and
expertise of Kandi and Geely in R&D, production, sales and marketing for
electric vehicles ("EVs"), so we will be able to develop more affordable pure
electric vehicles for residents in China to buy and drive, provide efficient
services to our customers, and promote the use EVs in China. With the increase
of consumer environmental consciousness and urgent demand for urban green
public transportation systems, the EV sector will certainly become a main
driving force for the green economy in the near future in China. We will work
our best to build a strong and reliable urban green transportation system and
make Kandi the leader in the EV industry 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
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CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
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