Kandi Technologies Reports the Completion of Ownership Transfer of Kandi Shanghai to Kandi/Geely Joint Venture Company

Kandi Technologies Reports the Completion of Ownership Transfer of Kandi
Shanghai to Kandi/Geely Joint Venture Company

JINHUA, China, Jan. 23, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group,
Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its
subsidiary Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") has
completed the ownership transfer process of Kandi Electric Vehicles (Shanghai)
Co., Ltd. ("Kandi Shanghai") from Shanghai Maple Guorun Automobile Co., Ltd.
("Shanghai Maple") to the JV Company per requirement of local State
Administration of Industry and Commerce. The Ownership Transfer Agreement (the
"Transfer Agreement") was previously signed on December 23^rd, 2013 between
the JV Company and Shanghai Maple pursuant to terms of the Joint Venture
Agreement (the "JV Agreement") of establishing the JV Company between Zhejiang
Kandi Vehicles Co., Ltd., a wholly owned subsidiary of Kandi and Shanghai
Maple, a 99% owned subsidiary of Geely Automobile Holdings Ltd. ("Geely").

To view an image of the Shanghai Kandi Factory Facility, please visit:
http://orders.newsfilecorp.com/files/2079/8438_kandienhanced.jpg

Upon the completion of this transfer, the JV Company owns 100% of Kandi
Shanghai and Kandi now becomes a 50% owner of Kandi Shanghai through its 50%
ownership of the JV Company. Kandi Shanghai has started the production of the
Kandi Brand SMA7001BEV model.

Mr. Hu Xiaoming, Chairman of Kandi and General Manager of the JV Company,
commented, "this ownership transfer of Kandi Shanghai completes all the cash
and asset infusion from both joint venture parties under the JV Agreement and
it better consolidates the resources and expertise of Kandi and Geely in R&D,
production, sales and marketing for electric vehicles ("EVs"). Furthermore,
Kandi Shanghai will provide the solid platform for Kandi to begin exploring
the public EV sharing project in Shanghai. With the increase of environmental
consciousness among Chinese consumers as well as government, and urgent demand
for urban green public transportation systems, the EV sector will certainly
become a major driving force for the green economy 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
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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