JINHUA, China, Jan. 26, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI) today announced that the Geely Global Hawk electric vehicle (“EV”) model JL7001BEV18 (the Kandi Model K11) developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company”, a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group) has been included in the Ministry of Industry and Information Technology of the People’s Republic of China’s (the “MIIT”) Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (the “Directory of New Energy Vehicles”) in its first public announcement of 2017. The Directory of New Energy Vehicles was published on January 23, 2017, and highlighted a total of 185 vehicles, of which 36 were commercial vehicles, 73 were passenger vehicles, and 76 were buses.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, said, “we are very pleased that the JV Company’s Geely Global Hawk EV model JL7001BEV18 (Model K11) was included in the MIIT’s first Directory of New Energy Vehicles. As a result of the recently increased technical requirements for EVs, all other EV products manufactured by the JV Company required certain modifications. However, all of the JV Company’s other EV products have already received DMV inspection and purchase tax exemption approval and applications for the updated Directory of New Energy Vehicles are in process. Therefore, we believe that all of our EV models will obtain MIIT recommendations soon and it will not impact Kandi’s operation. We note that the Kandi EV brand was rebranded as the Geely Global Hawk last year, as previously announced on April 18, 2016: http://www.newsfilecorp.com/release/20135/Kandi-Technologies-Reports-the-JV-Companys-EV-Models-Receive-Tax-Exemption-Approval#.WIlVRCMrJp8。”
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 posts 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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