Kandi Affiliate Fengsheng Announces Subsidy Approval for new Maple 60X

Rhea-AI Summary

Kandi Technologies Group (KNDI) announced that its affiliate, Fengsheng Automotive, received purchase subsidy approval from China's Ministry of Industry and Information Technology for the Maple 60V all-electric MPV. This milestone precedes the vehicle's market launch and signifies the company's commitment to expanding its electric vehicle offerings. The Maple 60V, featuring a swappable battery for convenience, follows the Maple 30X, which has garnered strong initial interest. CEO Xiaoming Hu expressed optimism about increasing sales as distribution expands in recovering Chinese markets.

Positive

• Subsidy approval for Maple 60V indicates government support and potential sales boost.
• Maple 60V features a swappable battery, reducing range anxiety and enhancing user convenience.
• Positive initial interest in the recently launched Maple 30X suggests strong consumer demand.
• Company expects to grow sales as distribution network expands in a recovering economy.

Negative

• None.

JINHUA, CHINA, July 22, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that the Maple 60V all-electric MPV (Multi-purpose Vehicle) produced by its affiliate company Fengsheng Automotive (the “Affiliate Company” or “Fengsheng”) was approved for purchase subsidies by China’s Ministry of Industry and Information Technology (“MIIT”).  Subsidy approval is a key milestone as Fengsheng brings the 60V to market in the near future.

The Maple 60V is the next offering in a planned series of versatile, MPV featuring style, performance and comfort.  The Maple 60V follows the recently introduced Maple 30X, which is seeing strong initial interest.  A key feature of the 60V will be a swappable battery, which enables quick “refueling” and reduced range anxiety.

“We are pleased that Fengsheng is announcing the fulfillment of this key milestone for the Maple 60V,” commented Xiaoming Hu, Kandi Technologies Chairman and Chief Executive Officer. “With sales starting for the 30X and the 60V coming soon, we are impressed with the burgeoning family of city pure electric vehicles being produced by our affiliate company.  We look forward to growing sales as distribution expands and the Chinese economy gradually returns to normal.”

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries, SC Autosports, LLC, the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company”). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.

In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. Geely Group (including its affiliate) and Kandi Vehicles currently holds 78% and 22% of the equity interests in the Affiliate Company, respectively. The Affiliate Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.

More information about KNDI is available on 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 applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

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For More Information:

Kandi Technologies Group, Inc.

Ms. Kewa Luo
Phone: +1 (212) 551-3610
Email: IR@kandigroup.com

The Blueshirt Group

U.S.:
Mr. Gary Dvorchak
Email: gary@blueshirtgroup.com

China:
Ms. Susie Wang
Email: susie@blueshirtgroup.com

FAQ

What is the significance of the subsidy approval for KNDI's Maple 60V?

The subsidy approval is a key milestone, indicating government support and enhancing the vehicle's market competitiveness.

What features does the Maple 60V offer?

The Maple 60V features a swappable battery, allowing for quick recharging and reducing range anxiety for drivers.

How is the Maple 30X performing in the market?

The Maple 30X has seen strong initial interest, indicating a positive reception from consumers.

What does Kandi Technologies expect for its sales in the near future?

Kandi expects to increase sales as it expands distribution and as the Chinese economy recovers.