Kandi Technologies Announces the JV Company’s Plan to Sell 1,500 Electric Vehicles for Launching Micro Public Transportation Program in the Cities of Tianjin and Jiangyin
Jinhua, China, July 21, 2016 - Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS: KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”, a 50/50 Joint Venture between Kandi and Geely Automobile Holdings Ltd.) plans to sell 1,000 and 500 electric vehicles (“EVs”) to the two cities in China, namely, Tianjin and Jiangyin, respectively, ZuoZhongYou (Tianjin) Electric Vehicle Service Co., Ltd. (“ZZY-Tianjin”) and ZuoZhongYou (Jiangyin) Electric Vehicle Service Co., Ltd. (“ZZY-Jiangyin”), wholly owned subsidiaries of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (“ZZY”) have obtained the registration approval from the local State Administration of Industry and Commerce for the formation. The Micro Public Transportation (“MPT”) Program is expected to be officially launched and administered by ZZY-Tianjin and ZZY-Jiangyin with the expectation for the delivery of 1,000 EVs in Tianjin and 500 EVs in Jiangyin by the end of 2016.
Tianjin, one of four direct-controlled municipalities of China, is a central city in China and the center of the Bohai Bay Economic Rim, with a total municipal population of over 15 million. Tianjin is well-known as the base for advanced manufacturing industry in China. It also regularly hosts the World Economic Forum, Annual Meeting of the New Champions, also known as the “Summer Davos Forum”.  Tianjin has been selected by the central government as one of China’s pilot cities for renewable energy automobiles. Purchasers ofKandi brand EVs are the ultimate beneficiaries of, on a per car basis, the national government subsidy of RMB 45,000.00 (Approximately USD 6,718.00) and the Tianjinlocal government subsidy under its local policy.
Jiangyin is a county-level city of China with approximately 1.6 million inhabitants. It is located on the southern bank of the Yangtze River and administered by Wuxi City, Jiangsu Province. Jiangyin is one of the most important transportation hubs in China and its overall competitiveness is top ranked among China’s hundred counties. Purchasers of Kandi brand EVs in Jiangyin are eligible to receive, on a per car basis, the national government subsidy of RMB 45,000.00 (Approximately USD 6,718.00), as well as additional provincial and municipal government subsidies under the respective local policies.