JINHUA, CHINA – June 16, 2011 – (Motor Sports Newswire) – Kandi Technologies, Corp. (Nasdaq: KNDI), a leading Chinese supplier of off-road vehicles and developer of pure electric vehicles (EV), today reported a further strengthening of its relationship with State Grid Corporation following a recent visit from Mr. Liang Nie, general manager of Dayou Technology Development Company to Kandi’s facilities. The Dayou Technology Development Company is a wholly owned subsidiary of State Grid Corporation responsible for the development and operation of battery charging and changing facilities in the city of Hangzhou.
Mr. Nie toured the Kandi facility and test drove Kandi EVs that use Kandi’s “Express Change” battery model. During the facility tour, Mr. Nie spoke with Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies, about enhancing cooperation with State Grid and the further development of the “Express Change” battery model. The two discussed the plans for 20,000 electric cars on the road in Hangzhou by the end of 2012. Mr. Nie strongly encouraged Kandi to pursue its development plan and efforts to achieve a significant share of the market in Hangzhou.
“I am confident that this goal is attainable and that Kandi can gain a significant share of the growing Hangzhou market,” said Mr. Hu. “The close cooperation between Kandi and Dayou Technology will provide great contributions to the progression of the electric vehicle industry, which will be bolstered by Hangzhou’s plan to reach 20,000 EVs on the road.”
About Dayou Technology Development Company
Dayou Technology Development Company (“Dayou”), a wholly owned subsidiary of Hangzhou electric power company of China State Grid Corp, is located at Hangzhou High-tech Park. It is an innovative technology company that combines technology, industry and trade in one organization. The company has been committed to the development of technology that enlightens and empowers electric power users. Hangzhou’s municipal plan to open a market for 20,000 household electric vehicles by the end of 2012 is being organized and executed by Dayou.
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 electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO 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.
“Express Change” Business Model
Kandi’s work with its partners in Jinhua – State Grid Corporation, China’s largest power company, and Tianneng Power International, China’s leading battery maker – creates China’s first EV battery replacement services company. This innovative agreement allows purchasers of Kandi EVs to have easy access to multiple, readily accessible battery changing stations throughout the city, eliminating concerns about limited driving range and battery maintenance. By having batteries available on a rental basis, rather than purchasing them with the vehicles, the consumer cost of a new EV is also substantially reduced.
The completion by State Grid Corporation of the battery charging and express change stations in Hangzhou and Jinhua enables drivers to exchange their batteries in a matter of minutes in professionally managed battery service centers. The express change service centers will also follow standard procedures for reusing and recycling depleted batteries, eliminating potential pollution caused by used battery waste. Kandi’s innovative EV market opportunity will not only help protect the environment, but will also address the frequently cited obstacles to widespread consumer adoption of pure EVs: high price, low driving range, long charging times, inadequate charging equipment and proper battery recycling.
Kandi Technologies, Corp.
Chairman and CEO
Executive Vice President of Finance
Jeff Lambert, Mike Houston
Lambert, Edwards & Associates
SOURCE: Kandi Technologies, Corp.