Kandi Technologies Announces First Taiwan-Made UTV Shipment to the U.S.

Rhea-AI Summary

Kandi Technologies Group (NASDAQ GS: KNDI) has announced the successful completion of trial production for its first batch of 10K fully electric UTVs manufactured by its Taiwanese partner, Hartford Industrial. These vehicles are now ready for shipment to the United States, marking a significant milestone in Kandi's expansion of manufacturing operations to Taiwan.

Dr. Xueqin Dong, CEO of Kandi Technologies Group, expressed satisfaction with the swift completion of the trial production, highlighting the company's readiness for mass production. This achievement underscores Hartford Industrial's robust manufacturing capabilities and is expected to enhance product quality and market competitiveness for Kandi's electric off-road vehicles.

Positive

• Successful completion of trial production for 10K fully electric UTVs in Taiwan
• Readiness to commence mass production of the new UTV model
• Expansion of manufacturing operations to Taiwan, potentially improving product quality and competitiveness
• Partnership with Hartford Industrial expected to increase production capacity for electric off-road vehicles

Negative

• None.

JINHUA, CHINA, July 22, 2024 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (“Kandi” or the “Company”), a leader in all-electric personal transportation and utility vehicles, today announced that the first batch of its 10K fully electric UTVs, manufactured by its Taiwanese partner Hartford Industrial Co., Ltd. (“Hartford Industrial”), has successfully completed trial production. These vehicles are now packed and ready for delivery to the United States. This marks a significant milestone as Kandi extends its manufacturing operations to Taiwan, aiming to enhance product quality and increase market competitiveness.

Dr. Xueqin Dong, CEO of Kandi Technologies Group, commented, “We are pleased to announce the swift completion of trial production for the first batch of Kandi 10K fully electric UTVs in Taiwan. This achievement signifies our readiness to commence mass production of this vehicle model, underscoring the robust manufacturing capabilities of our partner, Hartford Industrial. As our collaboration deepens, we anticipate a substantial increase in the production of Kandi electric off-road vehicles in Taiwan. We are confident that this partnership will significantly enhance product quality and market competitiveness, thereby bolstering our product lineup and expanding our market presence.”

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua New Energy Vehicle Town，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 Kandi Electric Vehicles (Hainan) 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.co   

FAQ

What milestone did Kandi Technologies (KNDI) announce on July 22, 2024?

Kandi Technologies announced the completion of trial production for its first batch of 10K fully electric UTVs manufactured in Taiwan, which are now ready for shipment to the United States.

Who is Kandi's manufacturing partner in Taiwan for the 10K electric UTVs?

Kandi's manufacturing partner in Taiwan for the 10K electric UTVs is Hartford Industrial Co.,

How does the Taiwan-made UTV production affect Kandi's (KNDI) market strategy?

The Taiwan-made UTV production is expected to enhance Kandi's product quality and increase market competitiveness, potentially expanding their market presence and bolstering their product lineup.

What are the next steps for Kandi (KNDI) following the trial production of UTVs in Taiwan?

Following the trial production, Kandi is ready to commence mass production of the 10K fully electric UTV model and anticipates a substantial increase in the production of electric off-road vehicles in Taiwan.