Zhejiang Kandi Electric Vehicles (the JV Company) Signed an Agreement With Rugao City Economic Development Zone

Zhejiang Kandi Electric Vehicles (the JV Company) Signed an Agreement With
Rugao City Economic Development Zone

JINHUA, China, Nov. 21, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group,
Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that Zhejiang
Kandi Electric Vehicles Co., Ltd. (the "JV Company"), a 50-50 joint venture
subsidiary of Kandi and Geely Automobile Holdings Ltd. ("Geely"), signed an
agreement with Jiangsu Province Rugao City Economic Development Zone ("Rugao
Development Zone") to invest and establish a project company in Rugao City of
Jiangsu Province with an annually capacity to produce 100,000 sets of key
components and parts for EVs upon the completion (the "Project") on November
20, 2013 Beijing time. Ming Miao, the Director of Automobile Office of Jiangsu
Province Economy and Information Commission, Wenbing Zhao, Vice Mayor of
Nantong City, Xiaodong Chen, mayor of Rugao City, Jinhua Ma, Party Sectary of
Rugao City Economic Development Zone, and Shufu Li, the Chairman Geely & the
JV Company and Xiaoming Hu, the General Manager of the JV Company attended the
signing ceremony.

To view an image of the signing ceremony, please visit:
http://orders.newsfilecorp.com/files/2079/7579_kandi1enhanced.jpg.

The main terms of the Agreement are as follows:

  1. In next three to five years, the JV Company plans to invest approximately
  RMB 1.2 billion in total to the project. Upon the completion of the project,
  the plant is expected to reach a capacity of 100,000 sets of new energy
  vehicles parts annually

  2. During the construction period of the plant, the JV Company will start
  the promotion of public sharing of EV program in Rugao City and local
  government will provide preferential treatment to the program

  3. The local government will provide certain income tax and land value added
  tax rebates to the project upon its production

  4. Upon the establishment of the project, the development zone will work
  actively towards gaining national, provincial and municipal supportive
  policies for the EV industry, and fully promote the use and acceptance of
  Kandi EVs in Jiangsu Province

Located in the Golden Triangle region in the lower reaches of the Yangtze
River, Rugao is a historical and cultural city of Jiangsu Province and has the
reputation of being the world's center of longevity and good health. Along
with being one of China's first open coastal cities, Rugao is also a key
provincial-level development city with the highest investment value and has a
national first class port, a provincial software park and EV production base.

To view an image of the signing ceremony, please visit:
http://orders.newsfilecorp.com/files/2079/7579_kandi2enhanced.jpg.

Mr. Xiaoming Hu, Chairman of Kandi and the General Manager of the JV Company
commented, "Jiangsu is one of the most economically developed provinces in
China, the successful reach of an agreement with Rugao Development Zone is
essential for Kandi to enter into the EV market in Jiangsu Province. With the
government support, we are confident that Rugao will become a model
county-level-city for public EV sharing program in next two years. The
cooperation between the JV Company and Rugao Development Zone will provide a
strong push for Kandi EV to become the leader in China's EV market. In the
meantime, we have full confidence in the EV market of Jiangsu Province."

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
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.
        
         Ms. Kewa Luo
         Phone: 1-212-551-3610
         Email: IR@kandigroup.com
 
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