JINHUA, China, April 3, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), announced today that its wholly owned subsidiary Kandi Electric Vehicles (Changxing) Co., Ltd. ("Kandi Changxing") has completed a full scale pure EV production and assembly line in the Changxing Economic Development Zone of Zhejiang Province and started production. It is the first full scale production and assembly line specialized for pure EVs in China, which includes all major manufacturing processes for general assembly of EVs. The annual production capacity for the first phase is expected to reach 100,000 units. The completion for production of this project will not only increase Kandi's current production capacity for pure EVs, but also accelerate the EV's industrialization process.
The leaders and representatives from National Energy Vehicles Key Project Office, Economic and Information Commission of Zhejiang Province, Huzhou Municipal City and ChangXing County attended the completion for production ceremony and delivered speeches on the success of the production line at Kandi Changxing.
(To view an image of the ceremony and production line, please visit: http://orders.newsfilecorp.com/files/2079/4818_kandi2.jpg)
This new production line combines the advanced production equipment and manufacturing technologies. It also integrates the robust manufacturing concepts and experiences of Kandi technologies and its JV partner, Geely Auto. Through its scientific management of planning, production, logistics, and quality assurance, it brings the EV production to a generalized, standardized and lightweight-aimed process which leads to be more efficiency, more accuracy, as well as more environmental friendly.
Mr. Hu Xiaoming, Chairman of Kandi remarked, "With the unprecedented enthusiasm and unwavering support from all levels of government leaders, Kandi Changxing will take full advantage of the technology strengths and expertise of Kandi/Geely Auto in the EV area to develop pure electric vehicles that consumers can afford to buy and drive while adopting practical business models to provide reliable and convenient services to our customers. Carrying the great expectation as well as the social responsibility, we are confident that Kandi will contribute its part in building the green economy in China."
Mr. Yang jian, Vice Chairman of Geely Automobile Holdings Limited congratulates the completion of this new production and assembly line and commented, "We have full confidence with our partnership with Kandi to further expand in the electric vehicle market. With years of exploration, Geely has accumulated rich experience and technological reserves in R&D and marketing of electric vehicles. We believe that the pure electric vehicle industry will witness a great prospect of remarkable growth in the future".
About Geely Automobile Holdings Limited
Geely Automobile Holdings Limited (Hong Kong Stock Exchange: 175) is engaged in the research and development, production and sales of automobiles. Geely has the capacity to produce 600,000 vehicles, engines and gearboxes per year. Geely's pure electric vehicle project has received the national government's support and was admitted on the 2012 List of Supported Projects for Technology Innovation in New Energy Vehicle Industry by Ministry of Industry and Information Technology of China (MIIT).
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicles. Kandi has established itself as the one of the world's largest manufacturer of pure electric vehicles (EVs), Go-Kart vehicles, all-terrain vehicles (ATVs) and tricycle and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is 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.
CONTACT: Kandi Technologies Group, Inc. China: Email: IR@kandigroup.com Phone: 86-579-82239856 U.S.A.: Email: IR@kandigroup.com Phone: 1-212-551-3610
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