Company Update: Kandi Technologies Group Inc (NASDAQ:KNDI)

[Globe Newswire] Kandi Technologies Group Inc (NASDAQ:KNDI) announced that Kandi has delivered its initial order of 64 Kandi EVs (32 of each SMA7000BEV and SMA7001BEV) to Wuhan. This is the fifth city that Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (“ZZY”) has promoted the Car-Share business model. Wuhan is the capital of Hubei Province and the main hub of central China with a population of over 10 million people. The city lies in the eastern Jianghan Plain at the intersection of the middle reaches of the World’s third longest river, the Yangtze River and its largest tributary, the Han River. Wuhan is recognized as an important center for information technology and education in China and has the most number of colleges, universities and research institutes besides Beijing and Shanghai. Recently it has been chosen by the central government to be one of the national renewable energy automobile pilot cities.

Purchasers of Kandi’s SMA7000BEV and SMA7001BEV models are the ultimate beneficiaries of the central government subsidy of RMB 47,500.00 (Approximately USD 7,738.00) and the Wuhan local government subsidy of RMB 47,500.00 (Approximately USD 7,738.00) on a per car basis. ZuoZhongYou (Wuhan) Electric Vehicle Service Co., Ltd. (“ZZY-Wuhan”), a wholly owned subsidiary of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (“ZZY”) was established in the beginning of November, has obtained the registration approval from the local State Administration of Industry and Commerce for the formation of ZZY-Wuhan. The Car-Share Program and Long-term Group Leasing Program are expected to be officially launched and administered by ZZY-Wuhan with the expectation for the delivery of 500 to 1,000 Kandi brand pure electric vehicles in Wuhan city by the end of this year.

Kandi Technologies Group Inc (NASDAQ:KNDI), through its subsidiaries, designs, develops, manufactures, and commercializes various vehicles. It offers electrical vehicles, all-terrain vehicles, go-karts, and specialized automobiles; and utility vehicles, three-wheeled motorcycles, refitted cars, and various auto generators. Kandi Technologies Group, Inc. sells its products to exporters, importers, distributors, dealers, and business partners in North America, Europe, and China. The company was formerly known as Kandi Technologies, Corp. and changed its name to Kandi Technologies Group, Inc. in December 2012.

Company Update: Kandi Technologies Group Inc (NASDAQ:KNDI) was last modified: November 19th, 2014 by Seth Talluto

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