JINHUA, China, Nov. 24, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 Joint Venture between Kandi and Geely Automobile Holdings Ltd.) has signed a direct sales contract with Tianjin Pang Da, a subsidiary of Pang Da Automobile Trade Co., Ltd. ("Pang Da Company"), for an initial order of 1,000 Kandi-brand model K10 pure electric vehicles ("EVs"). The delivery of the 1,000 EV units is expected to be completed by the end of 2015. Pang Da Company plans to launch an EV-sharing program with the purchased vehicles in Tianjin.
Pang Da Company is one of China's Top 500 Enterprises with a vast distribution network. As of June 30, 2014, Pang Da Company owned 1,248 sales distribution points, including 1,046 auto dealerships and 202 auto market places throughout 28 provinces, municipalities, autonomous regions in China and Mongolia. In 2014, Pang Da was the only car dealership selected as one of the world's Top 100 Automotive Brands.
Tianjin, one of the four direct-controlled municipalities, is one of China's six largest cities with a total municipal population of over 15 million. The city is well-known as the center for advanced industrial manufacturing, Asia-Pacific regional marine instrument detection and evaluation, Chinese medicine research and development and financial innovation. Tianjin is one of the national renewable energy automobile pilot cities.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely updates important information on its website.
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.
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