Company Sees Rome as Starting Point for Expanding European Sales
JINHUA, CHINA – March 14, 2011 – (Motor Sports Newswire) – Kandi Technologies, Corp. (NASDAQ: KNDI) (the “Company” or “Kandi”), a leading Chinese exporter of off-road vehicles and developer of the “COCO” all-electric vehicle, today announced further developments on the previously announced letter of intent signed by Kandi and Share s.r.l corporation. Kandi has received a purchase order for 1,000 pure electric vehicles for the Italian market from Share. A delegation led by the Chairman of Share and the official representative in charge of energy and environmental protection of Rome, recently visited the Company to finalize a strategic cooperation agreement regarding the European launch of Kandi Technologies’ pure electric vehicles.
To better protect and preserve the ancient city of Rome, the city’s government has planned to gradually employ electric vehicles to restrict gasoline cars’ entrance into the city, which will substantially reduce pollution from automobile emissions. This commitment brings a unique opportunity for Kandi’s pure electric vehicles in the European market. According to the agreement signed by the companies, Kandi and Share will cooperate to expand sales of Kandi’s pure electric vehicles in the European market, with Rome as a starting point. “We believe that, in the future, Kandi EVs will appear throughout Europe,” said Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies. “Without question,” he added, “an increased number of non-polluting electric vehicles will protect Europe and our planet and greatly enhance the quality of life in our cities.”
Kandi added that under the terms of its strategic cooperation agreement with Share, the 1,000 electric vehicles for export to Italy will be provided by Kandi. This strategic agreement for business in Italy will provide the initial platform for Kandi’s expansion into Europe.
About Kandi Technologies, Corp.
Kandi Technologies, Corp. (NASDAQ: KNDI) is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO, a highly economical, beautifully designed, all-electric super mini car for neighborhood driving and commuting. The convertible and hardtop models of the COCO electric vehicle (EV) are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010. The Company’s products can be viewed at http://www.kandivehicle.com and its corporate website is http://www.chinakandi.com.
About Share s.r.l. corporation
Share s.r.l. was founded in 2010 to reinforce and develop new industrial and commercial activities, including the treatment of main solid waste (MSW), alternative energy production and marketing of electric cars with zero emissions. For more information, please visit the Company’s website, http://www.sharegroup.it/.
SOURCE: Kandi Technologies, Corp.