JINHUA, China, June 30, 2015 (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 payment of RMB 271.1 million (approximately US$44.3 million) representing a national subsidy for pure EV sales during the third and fourth quarter of 2014. The JV Company is a 50/50 joint venture between Kandi and Geely Automobile.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented "We are very pleased to receive the national government's subsidy payment for vehicle sales in the second half of 2014. Kandi completed the year ranked No. 1 in China in pure electric vehicle sales and production figures. Given the national government's strong financial support, the growing demand for renewable energy vehicles, and the resulting rapid industry expansion, we believe the Kandi brand will continue to lead the market in pure electric vehicle production and sales growth in China."
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.
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.
Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc. Phone: 1-212-551-3610 Email: IR@kandigroup.com IR Contact: The Piacente Group Phone: 1-212-481-2050 Email: email@example.com