JINHUA, China, Aug. 11, 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"), received a prepayment of RMB 364.5 million (approximately US$59.6 million) on August 10, representing a national subsidy for pure EV sales in 2015. 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, "The prepaid national subsidy for pure EV sales in 2015 represents the government's strong support for the development of the pure EV industry. Kandi's EVs will continue to rapidly expand as a result of these policies and the overall fast growing market. We are confident we will continue to lead this market and achieve our full year sales target."
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.
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Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc. Phone: 212-551-3610 Email: IR@kandigroup.com IR Contact: The Piacente Group Phone: 212-481-2050 Email: firstname.lastname@example.org