Kandi Technolgies Corp (KNDI)

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Kandi Technologies Group Announces New JV Sales Contract
- RMB540 Million for Delivery of 4,000 Kandi Brand EV Units to Zhejiang Shi Kong -
Kandi Technologies, Corp. 4 minutes agoGlobeNewswire
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JINHUA, China, July 6, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 Joint Venture between Kandi and Geely Automobile Holdings Ltd.) has signed a sales contract with Zhejiang Shi Kong Electric Vehicle Co. Ltd. ("Zhejiang Shi Kong") for 4,000 units of Kandi Brand electric vehicles (EVs), including 1,500 units of Kandi K11 (Panda) and 2,500 units of Kandi K10 (Mini). The total value of the contract is over RMB540 million (approximately US$89 million). Kandi expects vehicle delivery to be completed by the end of 2015.

Zhejiang Shi Kong is dedicated to deepening the penetration of new energy vehicles (NEVs) through the Internet Plus concept. The 4,000 units of Kandi Brand EVs will be used in Zhejiang Shi Kong's innovative programs to promote the adoption of NEVs in China.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "The Internet Plus concept is widely recommended to facilitate the adoption of NEVs in China. The 4,000-unit sales contract marks Kandi's entrance into this innovative field, and will further enhance our leadership position in China's EV market."