JINHUA, China, Dec. 4, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), the manufacturer of Kandi Brand electric vehicles ("EVs"), has received a national subsidy of RMB195.4 million (approximately US$31.8 million) for sales of 4,114 EVs during the second quarter of 2014. The JV Company is a 50/50 joint venture between Kandi and Geely Automobile.
Currently there are two types of government subsidies for qualified renewable energy vehicles in China: the national government subsidy (based on the index included in the notices published by Ministry of Industry and Information Technology of China) and the local government subsidy (based on local government's notices).
The national government subsidy is paid to EV manufacturers through an application and approval process. After selling the products to dealers, manufacturers can submit subsidy payment applications with invoices and other supporting documents at the end of each quarter to the requisite national government agencies through their regional offices. Subsidy is typically expected to be received during the following two quarters.
The local government subsidy is paid to local dealers who establish their retail price based upon the purchase price, and then deduct the local government subsidy from the retail price before selling the EVs to consumers.
The ultimate beneficiaries of these subsidies are the consumers as the actual price that a consumer pays reflects the deduction of both subsidies.
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 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
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. Ms. Kewa Luo Phone: 1-212-551-3610 Email: IR@kandigroup.com