Kandi Technologies Reports the Receipt of RMB100 Million in Initial Subsidy for R&D Expenditures for the New Model of Electric Vehicle
Marketing activities
2016-08-08
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    Jinhua, China- (August 8, 2016) - Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS: KNDI) today announced that its wholly-owned subsidiary Kandi Electric Vehicles (Hainan) Co. Ltd (“Kandi Hainan”) has reached an agreement with the Hainan Provincial Government for Kandi Hainan to receive a RMB 300 million(approximately USD 45.1 million) subsidy to support its research and developmentexpenditures on a new model of electric vehicle. The subsidy payment schedule is based onthe progress of Kandi Hainan’s new model development and the initial payment of RMB100 million (approximately USD15 million) has already been received.

    Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “we very much appreciate the Hainan government’s generous support. We will use the funds to develop the best possible electric vehicle products that also satisfy market needs.”