JINHUA, China, Nov. 17, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi has delivered its initial order of 64 Kandi EVs (32 of each SMA7000BEV and SMA7001BEV) to Wuhan. This is the fifth city that Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") has promoted the Car-Share business model.
Wuhan is the capital of Hubei Province and the main hub of central China with a population of over 10 million people. The city lies in the eastern Jianghan Plain at the intersection of the middle reaches of the World's third longest river, the Yangtze River and its largest tributary, the Han River. Wuhan is recognized as an important center for information technology and education in China and has the most number of colleges, universities and research institutes besides Beijing and Shanghai. Recently it has been chosen by the central government to be one of the national renewable energy automobile pilot cities.
Purchasers of Kandi's SMA7000BEV and SMA7001BEV models are the ultimate beneficiaries of the central government subsidy of RMB 47,500.00 (Approximately USD 7,738.00) and the Wuhan local government subsidy of RMB 47,500.00 (Approximately USD 7,738.00) on a per car basis.
ZuoZhongYou (Wuhan) Electric Vehicle Service Co., Ltd. ("ZZY-Wuhan"), a wholly owned subsidiary of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") was established in the beginning of November, has obtained the registration approval from the local State Administration of Industry and Commerce for the formation of ZZY-Wuhan. The Car-Share Program and Long-term Group Leasing Program are expected to be officially launched and administered by ZZY-Wuhan with the expectation for the delivery of 500 to 1,000 Kandi brand pure electric vehicles in Wuhan city by the end of this year.
About the Car-Share Program
Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") is the first in market to initiate the public pure EV sharing program (the "Car-Share" Program). Kandi, through its 50% ownership interest in Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), indirectly holds a 9.5% interest in ZZY. Kandi, through the JV Company, sells EV products to ZZY.
Individually driven pure EVs are widely used in the Car-Share Program. The charging/parking stations which provide a variety of services, such as charging, maintenance, battery recycling, are located at airports, train stations, hotels, business centers, selected residential areas and other places that are typically congested. A network system provides EV rental service to individual drivers in and around the city. It also provides EV maintenance and battery charging to self-service users. Lastly, a tracking system allows the Car-Share Program management to keep a close watch at the status and precise location of each vehicle.
This Car-Share Program model has been implemented in Hangzhou since the second half of 2013, and has now begun to expand into other major cities in China, such as Shanghai, Nanjing and Chengdu.
The Long-term Group Leasing Program is a lease model that uses enterprise, community or village as lease units and each unit leases a minimum of 100 EVs with a group lease term at a minimum of three years.
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 vehicle products. Kandi has established itself as the one of the world's largest manufacturers of pure electric vehicle ("EV") products, Go-Kart vehicles, three-wheel motorcycles 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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