JINHUA, China, July 7, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that the manufacturing subsidiary of Kandi Brand electric vehicles, Kandi Electric Vehicles Group Co., Ltd. (the "JV Company") has received a national subsidy of RMB197 million (approximately US$31.8 million) for sales of over 3,000 Electric Vehicles ("EVs") between June and December in 2013 and sales of over 1,000 EVs during the first quarter of 2014. The subsidy payment includes the 2013 year-end subsidy and advance subsidy payment for the first quarter of 2014. The JV Company is a 50/50 joint venture between Kandi and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd., one of China's largest automakers.
Additionally, the city of Hangzhou, where the Company has launched its innovative short-term EV rental and long-term EV leasing program, is expected to announce its local subsidy policy for new energy vehicles in the near future.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "This first subsidy payment to the JV Company will greatly benefit Kandi and will permit the Company to accelerate both EV sales and the implementation of existing EV programs, while expanding the development of potential EV projects in other major Chinese cities."
Mr. Hu continued, "The recently published Notice of 'Continuous Promotion and Application of New-Energy Vehicles,' issued by The Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the National Development and Reform Commission (the "Four Ministries"), has again demonstrated a renewed focus by the central government on providing subsidies to new energy vehicle manufacturers. According to the Notice, the Central government makes advance subsidy payments directly to the manufacturers upon the agencies' review and approval of subsidy payment applications submitted by manufacturers at the end of April, July and October each year, and settles payments annually. We are confident the increased frequency of subsidy payments under the new payment schedule will help improve our cash flow and profitability, while we speed up our growth plan to become the leading pure EV manufacturer and solution provider 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 one of the world's largest manufacturers 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. Kandi routinely posts important information on its website.
Safe Harbor Statement
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Kandi Technologies Group, Inc. Ms. Kewa Luo Phone: 1-212-551-3610 Email: