JINHUA, China, June 12, 2018 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS:KNDI), today announced that Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. (“JiHeKang”), a 100% owned subsidiary of Kandi Electric Vehicles Group Co., Ltd (the “JV Company”, a 50/50 joint venture between Kandi and Geely Group (Ningbo) Ltd.), signed a Framework Sales Agreement with Sportsman Country, LLC (“Sportsman”) on June 10th, 2018 for bringing its pure electric vehicles to the United States.
According to the terms, the JV Company will ship pure electric vehicle prototypes to the United States before August 10th, 2018. The shipment will include Model EX3 and Model K22, which are designed for the American market in order to precede opportunity analysis and market assessment. Sportsman is responsible for all necessary application procedures for the sale of the JV Company’s pure electric vehicles that are required in the United States. Detailed purchase and procurement plans will be determined based on the progress of preparation work.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “The pure electric vehicle market in the United States is full of potentials. The JV Company’s EV products are competitive in price and quality. Sportsman, as the wholly owned subsidiary of the Company, is capable of growing the EV business and expanding the sales channel in the United States.”
Mr. David Shan, Chairman of Sportsman said, “The electric vehicles that are manufactured by the JV Company possess a trendy appearance as well as good performance and affordable pricing; these are highly competitive in the US market. Sportsman is confident that this will be an opportunity to add variety in order to expand its product sales to maximize shareholders’ value.”
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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Ms. Kewa Luo
Kandi Technologies Group, Inc.