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Kandi Technologies Reports the Receipt of RMB100 Million in Second Subsidy for R&D Expenditures for a New Model of Electric Vehicle
JINHUA, China, Nov. 29, 2016 -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI) today announced that its wholly-owned subsidiary Kandi Electric Vehicles (Hainan) Co. Ltd (“Kandi Hainan”) has received a second subsidy payment of RMB 100 million (approximately USD 14.5 million*) from the Hainan Provincial Government. Pursuant to an agreement with the Hainan Provincial Government, Kandi Hainan will receive a total of RMB 300 million (approximately USD 43.4 million) in subsidy payments to support its research and development expenditures for a new model of electric vehicle (“EV”). The subsidy payment schedule is based on the progress of Kandi Hainan’s new EV model development, and to date Kandi Hainan has received total payments of RMB 200 million (approximately USD 29.0 million).
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “This second timely subsidy payment from the Hainan Provincial Government has helped to ensure the continued progress of EV research and development at our Hainan facility. We are very grateful for the Hainan government’s generous support and will use the subsidy funds to develop the best possible EV products that also satisfy market needs.”
Note: All the currency conversions from RMB to USD referred to in this press release is based on the exchange rate of 1RMB = 0.1447 USD, published by www.xe.com on the date before the release of this press release.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at 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 securities laws, the Company does not assume a duty to update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc. Phone: 1-212-551-3610 Email: IR@kandigroup.com