Kandi Contracts to Sell 3,000 EVs to Rideshare Partner
Kandi Technologies Group, Inc. (KNDI) announced a contract for the sale of 3,000 K23 electric cars to Zhejiang Ruiheng Technology Company, marking a significant step in its rideshare development program aimed at delivering 300,000 government-accredited EVs within five years. This contract follows a successful trial in Shaoxing, showcasing the commitment of Kandi and its partners. The K23 model features a proprietary battery swap system designed to alleviate range anxiety, extending operating times and efficiency for rideshare operators.
- Contract signed for 3,000 K23 electric cars, reinforcing Kandi's market position.
- Involvement in rideshare program aligns with government initiatives for EV adoption.
- Successful trial completed, indicating operational readiness and product viability.
- None.
Jinhua, China, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) announced today that one of its subsidiaries, Kandi Electric Vehicles (Hainan) Co., Ltd. (Kandi Hainan) signed a contract to sell 3,000 model K23 electric cars to an operating company in its ride-sharing alliance. The cars will be deployed in the rideshare market by operator Zhejiang Ruiheng Technology Company (“Zhejiang Ruiheng”). The sale is part of Kandi's rideshare development program “ 300,000 government-accredited pure EVs within 5 years.”
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “After a lengthy process of preparation that demonstrated the commitment of many parties, our rideshare development program is now getting off the ground. We completed a successful trial in Shaoxing and are now ready to start shipments to the local operator as it starts its official launch. We are excited to soon ship our model K23 outfitted with our proprietary battery swap system. ”
Hu continued, “China's ride-share market is in urgent need of compliance and electrification. Our EVs will be the solution with value-added features. Our specially designed battery swap model effectively avoids range anxiety by allowing EVs to swap batteries, thus avoiding lengthy recharging cycles. This extends the driving range and allows longer operating time, improving the efficiency of operators. We are confident that the sales of our K23 model will accelerate the growth of Kandi's whole EV value chain business. ”
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 including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC (d / b / a Kandi America), 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”). And Vehicles has established itself as one of China '
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
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.
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Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements. 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. the Company does not assume a duty to update these forward-looking statements. 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. the Company does not assume a duty to update these forward-looking statements. 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. 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. 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. 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. 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. 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. 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. 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. 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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Contacts:
Kandi Technologies Group, Inc.
Ms. Kewa Luo
+1 (212) 551-3610
IR@kandigroup.com
The Blueshirt Group
Mr. Gary Dvorchak, CFA
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