Kandi Model K23 Production Launched by Kandi Electric Vehicles (Hainan) Co., Ltd.

Jinhua, Zhejiang Province, CHINA

JINHUA, China, March 30, 2018 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ:KNDI) (the “Company” or “Kandi”) today announced that the Kandi Model K23 production launch ceremony was hosted by Kandi Electric Vehicles (Hainan) Co., Ltd. (“Kandi Hainan”). Government officials from Hainan Province and Haikou City, and executives from the National High-tech Zone Administrative Committee, Financial Institutions, Vocational Colleges, etc., attended the ceremony.

Figure 1: Kandi Model K23 production launch ceremony

To view an enhanced version of Figure 1, please visit: 

“With its ecological environment known for having the best air quality in China, Hainan is China’s most popular top-tier tourist destination. Hainan is most likely going to become the first province in China to ban the use of fuel vehicles. Kandi’s intention to develop a pure electric vehicle manufacturing business in Hainan will best serve the purpose of environmental protection for the world-class tourism island,” Mr. Hu Xiaoming, Chairman and CEO of Kandi said. During Mr. Hu’s comments at the ceremony, he conveyed his gratitude for the continuous support and guidance from the provincial and municipal governments during Kandi’s Hainan investment journey. He also announced his confidence in future vehicle sales and his intent to accelerate production to bring the vehicle to market as soon as possible.

Ms. Li Dongqing, Deputy Director of Haikou National Hi-tech Zone, said in her speech that Kandi’s electric vehicle project is exactly what Haikou Hi-tech Zone is looking for. She stated that Kandi’s electric vehicle brings the energy to drive the momentum for further reform to Hainan’s hi-tech industry development. Finally, she congratulated the launch of Kandi’s Model K23 and reaffirmed her continuous support for Kandi’s business in Hainan.

In addition, Mr. Peng Gang, the General Manager of Chongqing Transportation Leasing Co., Ltd., expressed his congratulations to Kandi for the production launch. He stated that he believes leasing is the most practical solution to grow the pure electric vehicle market, and since the model K23 meets the ride-hailing vehicle requirement, the vehicle will be very well-received in the leasing market.

Kandi Model K23 incorporates internationally-recognized advanced driver technology, and features a touchscreen control interface, high-pressure 4-in-1 power controls, an automated collision prevention system, an ultra-lightweight structure, increased motor efficiency, a superior battery-energy ratio, and wireless internet capabilities, among other exciting features. The Model K23 has a maximum speed of 100 km/h, a wheelbase of 2650 mm and a drive range of more than 300 km. As a crossover vehicle, K23 blends the elements of “cowboy” and “sportiness” to create the latest fashion in sedan and MPV design. It is considered to be one of the JV Company’s All-Star Models.

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. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”), and the partially and wholly-owned subsidiaries of Kandi 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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Company Contact: 

Ms. Kewa Luo 
Kandi Technologies Group, Inc. 
Phone: 1-212-551-3610 
Email: IR@kandigroup.com