JINHUA, China, June 17, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced, on June 8th, 2013, Hangzhou City started the construction of its first pure electric vehicle (the "EV") smart vertical parking and charging facility in Gudang Technology Park of Xihu District to advance its planned five-year goal of establishing a mini-public transportation system which will include up to 100,000 self-serving rental EVs and all necessary service infrastructure throughout Hangzhou. The first facility is anticipated to be completed and in use in early July of 2013. According to the project plan, over 30 pure EV smart vertical parking and charging facilities (including additional EV sharing service network) will be built by the end of this year in Hangzhou City and 5,000 to 10,000 Kandi pure EVs will be deployed in Hangzhou within one year from the initial launch of the smart vertical parking and charging facility.
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Mr. Hu Xiaoming, Chairman & CEO of Kandi and General Manager of Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") commented, "The implementation of the Pure EV Sharing Public Transportation Plan will provide convenient short-term EV rental service to Hangzhou citizens and visitors, and it also builds the foundation for establishing a mini-public transportation system of pure electric vehicles. With more pure EV smart parking and charging facilities built and in use, it will greatly improve the efficiency of urban transportation and help easing major urban issues many Chinese cities are facing today, such as traffic congestion, scarcity of parking area, environmental pollution and energy shortage."
Since Kandi proposed the new business model of pure EV sharing for public transportation, it has been very well received by many cities in China. In addition to Hangzhou, Shanghai City, Chengdu City, Jiangsu area, and Hainan area are also actively pursuing to adapt to this new mini-transportation model in their areas. It is very likely that, in coming year, these cities will begin building of pure EV smart parking and charging facilities. Kandi plans to expand into these new markets when the local supporting infrastructures are ready.
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.
Kandi Technologies Group, Inc. China: Email: Phone: 86-579-82239856 U.S.A.: Email: Phone: 1-212-551-3610