Kandi Enters Framework Agreement to Produce Battery Swap-Enabled Electric Vehicles

Rhea-AI Summary

Kandi Technologies Group, Inc. (KNDI) announced a strategic partnership with Hunan Hengrun Automobile Co., Ltd. to produce battery-swap enabled electric vehicles under the 'Henghe' brand. This collaboration will leverage Kandi's expertise in battery swapping and Hengrun's vehicle manufacturing capabilities. Kandi has produced over 50,000 electric vehicles and holds numerous battery-swap patents, positioning the company as a leader in China's EV industry. The agreement aims to enhance benefits for customers and stimulate the EV market in China.

Positive

• Strategic partnership with Hunan Hengrun to produce battery-swap enabled electric vehicles.
• Kandi's track record of over 50,000 electric vehicles strengthens its market position.
• Kandi holds numerous patents related to battery swapping technology.

Negative

• None.

Jinhua, China, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) today announced that it signed a framework agreement with Hunan Hengrun Automobile Co., Ltd. (“Hengrun”) to jointly produce battery-swap enabled pure electric vehicles.

According to the agreement, Kandi and Hengrun will use their respective capabilities to jointly produce battery-swappable pure electric vehicles. The specific division of labor and cooperation content will be clarified in a separate agreement. The vehicles will be sold under the “Henghe” brand name.

Hengrun specializes in the research, development, manufacturing, sales and after-sales service of automobiles, parts, and accessories. It is certified for the production of passenger cars and commercial vehicles, including EVs. It is one of several automobile companies fully certified to produce complete vehicles.

Hu Xiaoming, Chairman of the Board of Directors of Kandi, said: “Kandi is pleased to partner with Hengrun. We are a pioneer of EV battery swapping in China. Our accumulated experience of building over 50,000 electric vehicles combined with our dozens of battery-swap patents gives us a strong competitive advantage in this initiative. By utilizing our battery swap expertise and Hengrun’s vehicle production expertise, together we expect to create meaningful new benefits for customers and thus promote the development of the China’s EV industry."

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 Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang Kandi Vehicles Co., Ltd.) and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.

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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Contacts:

Kandi Technologies Group, Inc.
Ms. Kewa Luo
+1 (212) 551-3610
IR@kandigroup.com

The Blueshirt Group
Mr. Gary Dvorchak, CFA
gary@blueshirtgroup.com

FAQ

What is the recent announcement by Kandi Technologies Group (KNDI)?

Kandi Technologies announced a partnership with Hunan Hengrun to jointly produce battery-swap enabled electric vehicles.

What brand name will the electric vehicles produced by Kandi and Hengrun bear?

The electric vehicles will be sold under the 'Henghe' brand name.

How many electric vehicles has Kandi previously produced?

Kandi has produced over 50,000 electric vehicles.

What is Kandi's competitive advantage in the electric vehicle market?

Kandi's advantage lies in its extensive experience with battery swapping and its many patents in this area.