NASDAQ | KNDI Kandi Technologies, Corp.is engaged in designing, developing, manufacturing, and commercializing all-terrain vehicles (ATVs), go-karts, and specialized automobiles, such as electric vehicles (EVs) for the People Republic of China and global markets. Its products include off-road vehicles (which include ATVs, utility vehicles (UTVs), and go-karts), motorcycles, refitted cars and super-mini-cars. During the year ended December 31, 2011, the Company's ATVs sales were 9,958 units. During 2011, its go-karts sales were 25,757 units. During 2011, the Company’s UTVs sales were 1,198 units.The KD 5011 is available for sale to consumers in Hangzhou. In March 2013, the Company’s wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (Kandi Vehicles) established Kandi Electric Vehicles (Changxing) Co., Ltd. On April 23, 2013, it announced that Kandi Electric Vehicles (Wanning) Co., Ltd. (Kandi Wanning), incorporated by Kandi's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. Kandi and Geely (Geely owns Swedish carmaker VOLVO) Enter Into Joint Venture Contract to Establish Zhejiang Kandi Electric Vehicles Co, Ltd. March 22, 2013, the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') entered into a Joint Venture Agreement with Shanghai Maple Guorun Automobile Co., Ltd. ('Shanghai Maple'), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely") to establish a joint venture company of Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company").
Pursuant to the JV Agreement, the registered capital for the JV Company is RMB1 billion (approximately $160 million) and each party will contribute 50% of the registered capital in cash and will each own 50% of the JV Company.
The business scope of JV Company is to develop, manufacture and sell electric vehicles (the "EVs") and to develop, purchase, manufacture and sell auto parts, and invest in other companies which engage in such businesses.
The JV Company will acquire EV assets from Kandi and Geely in order to possess the necessary properties, assets and technologies to conduct its EV business. The JV Company will leverage the strength, resources and expertise of both Kandi and Geely in the EV segment to develop and provide affordable electric vehicles and efficient services to its customers.
The primary product of the JV Company will be to provide EVs and EV services for the intra-city public transportation and it will use the experience of EV operations in Hangzhou City to promote the use of EVs and make it the leader in the electric vehicle market. www.kandivehicle.com
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