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Interview Geely Holding Group Chairman Li Shufu
For a long time does not appear in public in front of Mr. Li traveled this time flew Maryland, where "all the way along," just blowing warm air, and Mr. Li to do the same with the previous move more forward-looking - he wants a new enterprise called ocean Group to jointly build a mini electric car "know beans."
As a location in the "small is beautiful" on the product, not the people know beans understood the kind of traditional low-speed electric vehicles, it is the use of new ocean accumulated over the years of independent positive technology development system, based on the world's first electric automotive lightweight body and chassis platform dedicated to build a new generation of miniature electric cars, one hundred kilometers in just 8 kWh of energy consumption, mileage up to 160 kilometers.
Cheung Kong Graduate School Associate Dean Professor Liao Jianwen think, positioning know beans Weixing pure electric city car passenger is short for the "last mile Big Traffic" service, mainly used to improve inner city traffic environment. To big to say, China's urbanization occurred during transport and environment are two issues, Weixing electric car is a viable solution.
It is reported that this partnership, Geely and new ocean joint venture with a registered capital of 1 billion yuan total, Geely Holding Lanzhou plant valued 500 million yuan as a joint venture company with registered capital investment, Geely shares accounted for more than 50 percent in the joint venture while the new ocean, GSR joint venture, double-Lin shares, Jiangxi and other joint letters to all the rights and interests of the parties will be Shandong ocean consideration of RMB 500 million investment in the new company, accounting for more than 50% of the shares.
As one of the co-investor, partner GSR Ventures Fund, HE Hu Song is quite optimistic about the future of the joint venture's market prospects. He said the new Ocean Group has in the entire eight years after the establishment of the only round of R & D investment, but not a penny of output, has spending one billion yuan, and in 2006 began to gather in the field of electric vehicles. "So the new ocean called the electric car industry where a small catfish. And now, a veteran of the old catfish Zealous with this small catfish combined together, it produces a chemical reaction how exciting? From my perspective, I think it will be a market capitalization of over ten billion US dollars of the company. "
And this, new ocean Electric Vehicle Technology Co., Ltd. President Bao Wenguang said the identity, he said, the next 15 years, annual mini electric car market capacity will not be less than 15 million, the market prospects for the future. Know beans sold in 2014 over 7400 vehicles, pure electric vehicle market industry ranks third, after a joint venture with Geely, will be effectively integrate their superior resources, the rapid increase in market share.
It is worth mentioning that, like Mr. Li, ??? home is Taizhou, Zhejiang. Therefore, this cooperation is also seen as two fellow handshake Taizhou, China's private economy is reflected in particular dynamism of private enterprises in Zhejiang.
According to reports, after the joint venture, the newly formed joint venture - New Ocean Electric Vehicle Technology Co., Ltd. will be in the development, production, sales and service operations of electric mini-car platform as the main business. The company will base vehicle assets Lanzhou Geely Group and Shandong new electric car company to integrate the ocean, and gradually form an annual production capacity of 300,000 vehicles. The Lanzhou base as a new Ocean Electric Vehicle Technology Co., an important production base in the west, now has an annual production capacity of 100,000 vehicles.
Electric car chargers installed on Beijing-Shanghai expressway
[ 16 January 2015 02:29 ]
Baku-APA. The construction of electric vehicle charging stations along the 1,262-km expressway that links Beijing and Shanghai finished on Thursday, APA reports quoting Xinhua.
State Grid, one of China's two grid corporations, built 50 quick-charging stations along the route, making it the country's first cross-city charging network.
Each of the stations has eight charging poles capable of fully charging an electric car in 30 minutes. All electric cars that meet Chinese standards can use the charging facilities.
State Grid built 133 quick-charging stations with 532 charging poles along three major expressways with total length of 2,900 km in 2014.
The company aims to build charging station networks along eight major expressways with total length of 19,000 km in China by 2020.
Electric vehicles are gaining popularity in China amid its "green" drive, but buyers are hesitant as they worry about a lack of charging stations.
http://www.hushih.net/6/12924.html
Category: Transportation saving Published: 2015-01-17 Editor: saving
Traffic, exhaust emissions Zhejiang China Daily news channel congestion every day, or even trying to find a parking place can not be found. Is there a more environmentally friendly way to travel? Now, a vehicle white green and white, cute electric micro bus often walking through the city. It may not be easy for an environmentally friendly travel tools. January 13, Zhejiang Province, the provincial authorities first "micro-bus" flat site officially stationed in Zhejiang Science and Technology Department, the leading low-carbon travel, energy saving mode of transportation.
"Micro Bus" all pure electric vehicles, the implementation of centralized purchase, centralized management, centralized charging, centralized and decentralized rental car, effectively eliminating the use of pure electric vehicle users to worry about, is a new business model for urban public transport, rich and improve urban public transport.
By the end of 2014, the micro-bus project in Hangzhou has been put on vehicles more than 9000 vehicles, Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou and other cities put nearly 5000. At present, Hangzhou has been put into operation can charge for electricity smart parking garage lease a total of five sites have been built to be put into operation eight, five under construction.Flat site 30, 18 upscale hotel site.
Director of Technology Department of Zhejiang Province Guohui said: "Two days ago, the Technology Department of the just are in the courtyard has been installed on the electric vehicle charge pile, yesterday electric cars come in a vehicle opened a energy saving. low carbon travel very worthy way, I hope we can do the lead role in a low-carbon travel, civilized travel, green travel. "
Condi good electric car company president, said the micro bus project since September 2013 test run, won the praise of customers. Has formed a larger national and global influence. The vast majority of domestic promotion and application of new energy vehicles pilot cities have different levels of school leadership in Hangzhou visit and seek cooperation projects micro bus.
In addition, the January 13 January 20, where the rent in Zhejiang Province in the micro-bus, you can enjoy one hour free micro bus experience activities throughout the city through the site you can also rent through live test drive. I just need to show a driver's license to rent, identity, and 1000 yuan deposit to rent, 20 yuan per hour, two-seater, four-seater car 25 yuan per hour.
Not true, David Hallin is the crook here and the SEC {and according to them} documents prove he's involved.
Seems "he" David Hallin figured it out, and I'm sure the SEC figured David Hallin out. David Hallin should turn himself in and work out restitution with the shareholders. Save himself the embarrassment of the handcuffs. A confession by David Hallin is in order.
"Figured out"
What did he figure out? And when?
He was duty bound to protect the shareholders. And he did what, forgo his duty? He's much much wore than anyone else. So he knew something and did nothing. That's constructive collusion.
This is a REAL low life type individual. Rhona is right there with him, more trash. Edmund Burke rendition at best.
Quote:Much better to be looking at David Hallin... They're closing in fast.
He's on the run....
David Hallin was a Directors for Treaty Energy.
www.sec.gov/Archives/edgar/data/1075773/000135448809001210/treat8k.htm
He was working with all the SEC alleged violators. This guy is a criminal and needs to be charged....
We shouldn't forget about him. Believe me, we won't.
Seems you know this guy.
Tell us everything you know about David Hallin, Treaty Director.
indinvual
Kandi Technologies Announces the Launch of "Mini Police Car" Program in Hangzhou
Kandi Technologies, Corp. January 14, 2015 9:27 AM GlobeNewswire
JINHUA, China, Jan. 14, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (KNDI) (the "Company" or "Kandi"), today announced that the first 60 Kandi Brand electric vehicles ("EV"s) were delivered to launch another innovative EV business model, a "Mini Police Car" Program. The EVs are designated for the first time use by the Hangzhou Uptown Public Security Bureau to facilitate performance of community safety patrols, population permit patrols, fire safety inspections, as well as other police duties.
China's major urban areas are generally crowded and its roads are typically narrowed and congested. The mini police car offers the advantage of providing police with quick access into these congested areas and small alleyways which officers driving bulkier traditional full-size police vehicles had difficulty accessing. To meet the specifications and requirements of the "Mini Police Car" Program, Kandi specifically equipped these EVs with the necessary police equipment, firefighting apparatuses, emergency kits, and other related equipment.
Hu Xiaoming, Chairman and CEO of Kandi, commented: "This type of mini police car is a small size vehicle with full features. It is eco-friendly and enables policemen to navigate congested roads and accomplish tasks more efficiently. I believe that after the launch of the 'Mini Police Car' program, this innovative business model will likely be replicated by more police and security departments in Hangzhou and elsewhere, and will garner the attention of and support from various governmental departments and agencies. In addition to our successful EV sharing program catering average Chinese consumers, going forward, we hope to explore more EV growth opportunities in the area of fleet sales and leasing to large business and government entities in China."
To view an enhanced version of this image, please visit: http://orders.newsfilecorp.com/files/2079/13412_kandi.4.jpg
JINHUA, China, Jan. 14, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (KNDI) (the "Company" or "Kandi"), today announced that the first 60 Kandi Brand electric vehicles ("EV"s) were delivered to launch another innovative EV business model, a "Mini Police Car" Program. The EVs are designated for the first time use by the Hangzhou Uptown Public Security Bureau to facilitate performance of community safety patrols, population permit patrols, fire safety inspections, as well as other police duties.
To view an enhanced version of the Mini Police Car Launching Ceremony, please visit: http://orders.newsfilecorp.com/files/2079/13412_kandi.2.jpg
China's major urban areas are generally crowded and its roads are typically narrowed and congested. The mini police car offers the advantage of providing police with quick access into these congested areas and small alleyways which officers driving bulkier traditional full-size police vehicles had difficulty accessing. To meet the specifications and requirements of the "Mini Police Car" Program, Kandi specifically equipped these EVs with the necessary police equipment, firefighting apparatuses, emergency kits, and other related equipment.
Hu Xiaoming, Chairman and CEO of Kandi, commented: "This type of mini police car is a small size vehicle with full features. It is eco-friendly and enables policemen to navigate congested roads and accomplish tasks more efficiently. I believe that after the launch of the 'Mini Police Car' program, this innovative business model will likely be replicated by more police and security departments in Hangzhou and elsewhere, and will garner the attention of and support from various governmental departments and agencies. In addition to our successful EV sharing program catering average Chinese consumers, going forward, we hope to explore more EV growth opportunities in the area of fleet sales and leasing to large business and government entities in China."
To view an enhanced version of this image, please visit: http://orders.newsfilecorp.com/files/2079/13412_kandi.4.jpg
"Figured out"
What did he figure out? And when?
He was duty bound to protect the shareholders. And he did what, forgo his duty? He's much much wore than anyone else. So he knew something and did nothing. That's constructive collusion.
This is a REAL low life type individual. Rhona is right there with him, more trash. Edmund Burke rendition at best.
Much better to be looking at David Hallin... They're closing in fast.
He's on the run....
David Hallin was a Directors for Treaty Energy.
www.sec.gov/Archives/edgar/data/1075773/000135448809001210/treat8k.htm
He was working with all the SEC alleged violators. This guy is a criminal and needs to be charged....
We shouldn't forget about him. Believe me, we won't.
Seems you know this guy.
Tell us everything you know about David Hallin, Treaty Director.
indinvual
Kandi is the clear leader........
Much better to be looking at David Hallin... They're closing in fast.
He's on the run....
David Hallin was a Directors for Treaty Energy.
http://www.sec.gov/Archives/edgar/data/1075773/000135448809001210/treat8k.htm
He was working with all the SEC alleged violators. This guy is a criminal and needs to be charged....
We shouldn't forget about him. Believe me, we won't.
Seems you know this guy.
Tell us everything you know about David Hallin, Treaty Director.
Two good reads, it's ironic one's from Harvard.
https://xa.yimg.com/kq/groups/73793385/886242430/name/China%20EV%20pilots%2Epdf
https://xa.yimg.com/kq/groups/73793385/374500261/name/Kennedy%20School%20Report%2Epdf
Not that this article really has anything new, but that it is interviewing Liu Jingliang as President of Condi Electric Car Company.
Liu Jingliang is the Former Geely Founding VP of Sales and Marketing that Li Shifu sent the JV back at inception. When Shifu stepped down as Chairman, Mr. Hu took over his position and Jingliang was moved up as President. This is one of the few times I have seen Jingliang given the title in an article.
IMO, just another public confirmation that KNDI and Geely are "tight".
(for some reason I can't get this article to translate with a working translated link, though my Google "auto-translator" does work.)
"Micro Bus" stationed in Zhejiang province-level authorities leading advocate of energy saving (Photo)
2015-01-13 16:14 | Source: China Daily, Zhejiang Channel | Author: Su Qi | Editor: Zhu Yun Add a comment
Traffic, exhaust emissions Zhejiang China Daily news channel congestion every day, or even trying to find a parking place can not be found. Is there a more environmentally friendly way to travel? Now, a vehicle white green and white, cute electric micro bus often walking through the city. It may not be easy for an environmentally friendly travel tools. January 13, Zhejiang Province, the provincial authorities first "micro-bus" flat site officially stationed in Zhejiang Science and Technology Department, the leading advocate of low-carbon travel, energy saving mode of transportation.
"Micro Bus" all pure electric vehicles, the implementation of centralized purchase, centralized management, centralized charging, centralized maintenance and decentralized hire car, effectively eliminating the use of pure electric car users to worry about, is a new business model for urban public transport, rich and improve the urban public transport.
By the end of 2014, the micro-bus project in Hangzhou has been put on vehicles more than 9000 vehicles, Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou and other cities put nearly 5000. At present, Hangzhou has been put into operation can charge for electricity smart parking garage lease a total of five sites have been built to be put into operation eight, five under construction. Flat site 30, 18 upscale hotel site.
Science and Technology Department of Zhejiang Province Zhou Guohui, said: "Two days ago, the Science and Technology Department this just being repaired courtyard has installed electric car charging pile, yesterday opened the electric car also came in a vehicle such an energy-efficient and environmentally friendly. low-carbon travel very worthy way, I hope we can do the lead role in a low-carbon travel, civilized travel, green travel. "
Condi electric car company president, said Liu Jinliang, micro-bus project since September 2013 test run, won the praise of customers. Has formed a larger national and global influence. The vast majority of domestic promotion and application of new energy vehicles pilot cities have different levels of school leadership in Hangzhou visit and seek cooperation projects micro bus.
In addition, the January 13-January 20, where the rent in Zhejiang Province in the micro-bus, you can enjoy one hour free micro bus experience activities throughout the city through the site you can also rent through live test drive. I just need to show a driver's license to rent, identity, and 1000 yuan deposit to rent, 20 yuan per hour, two-seater, four-seater car 25 yuan per hour.
Reply
marva18_86
Jan 13 5:57 AM
Looks like 5 garages are in operation with 8 more to be put into operation soon and 5 are being built.
Also the majority of pilot cities, which is over 80, are looking into micro-bus cooperation.
ASIA 1/13/2015 @ 9:45AM 3,253 views
Managing The Dragon's China Predictions For 2015
http://www.forbes.com/sites/jackperkowski/2015/01/13/managing-the-dragons-china-predictions-for-2015/
Chinese companies will set a new record in 2015.
Prediction #5: Car Sharing Will Become A Growing Trend In China’s Auto Industry, Spurring Demand For Electric Vehicles
Although China’s increasing wealth will continue to drive the growth of car ownership, severe air pollution and traffic congestion have led a number of large Chinese cities to take actions to limit the growth in the number of private cars. Beijing, Shanghai, Guangzhou, Guiyang, Tianjin and Hangzhou already limit the number of vehicles registered each year through various means. While Beijing and Guiyang issue plates through a lottery, Shanghai uses a bidding scheme. Guangzhou and Tianjin use both systems.
Aside from government restrictions, and despite increasing per capita incomes, many Chinese consumers still cannot afford the car of their dreams, particularly when the cost of maintenance and parking are taken into account. Many Chinese consumers would prefer access to a car, but do not necessarily need to own a car.
For China’s cities, and for many of Chinese consumers, car sharing programs can help reduce the number of cars on the streets, while at the same time, meet China’s increasing demand for personal mobility. Car sharing programs come in a variety of forms.
Station-based car sharing programs offer vehicles at designated car sharing stations within a defined service area. Depending upon availability, cars can be reserved spontaneously or in advance by phone, website or smartphone application. Free floating car sharing programs provide vehicles without designated car sharing stations for spontaneous car access for short trips within a defined area. The cars, which can be located by service hotline, website or smartphone application, are parked in legal parking spots within a defined area. Reservations are not required, and are typically made only for short periods of time — 15 to 30 minutes. Finally, peer-to-peer car-sharing companies provide a platform for members to rent vehicles owned by other members in the network.
Whatever the form, car sharing is growing in China. In 2012 there were only two car-sharing operators, with a total of 39 vehicles in Chinese cities. Today, China’s car-sharing network has grown to a total of 1000 vehicles with five active operators in Beijing, Hangzhou, Wuhan, Shenzhen and Changsha. In its study, “Sharing the future – Perspectives on the Chinese car-sharing market,” Roland Berger Strategy Consultants predict annual growth of about 80 percent in China for the next five years.
The growth in car sharing will also provide new demand for electric vehicles because these programs tend to mitigate the disadvantages of high cost, range and the availability of charging stations normally associated with electric vehicles. An emphasis on low cost and affordability, however, means that the prime beneficiaries of this trend will be the growing number of manufacturers of small and affordable electric vehicles, not necessarily the manufacturers of expensive luxury models.
Zealous new ocean together Yupo bottleneck scale low-speed electric vehicles
http://www.nbd.com.cn/articles/2015-01-15/890759.html
http://www.nbd.com.cn 2015-01-15 01:02
Every time there was correspondent Liu Xu from Beijing
The new president of Ocean Electric Vehicle Co., Taizhou Taizhou fellow Li Bao Wenguang finally come together: January 10, Geely Holding Group (hereinafter referred to as the Geely Group) and the new Ocean Group (hereinafter referred to as the new ocean) establishment of the new Ocean Electric Vehicle Technology Limited. The company made Geely Group, the new GSR oceans and constitute a tripartite funding, will create a joint electric car brand known beans. January 11, the first product to know beans D1 Geely Group, Lanzhou base in the official line.
New Ocean from the low-speed electric vehicles in Shandong province, in 2012, the new ocean-known beans electric vehicle market in Linyi. Although the car has reached the time required by the government, "double 80" standard (mileage of 80 kilometers or more, a maximum speed of 80 km), but the absence of production qualification, it is difficult to know beans out of Shandong.
2014, the new ocean and Zotye automobile joint ventures, production qualification by Zotye electric car production know beans. This cooperation was Tsinghua Automotive Institute Quanshi called "borrowed boat."
This time, the new ocean together Geely Group, Geely production base, drawing Geely vehicle manufacturing technology, sharing Geely scale advantages, to achieve a "common shipbuilding."
From the "borrowed boat" to "common shipbuilding" /
2012, known officially listed beans. In order to give it an "identity", the new ocean it costs a bit of trouble.
According to state regulations, engaged in electric vehicles and other new energy automobile production enterprises, must apply for a new energy automobile production license.
So, a new ocean early 2014 signed a cooperation agreement with the Thai public, know beans using Zotye production qualification into the directory, "Zotye know beans" was born. Market rumors, the new ocean do this every sale a knowledge beans, shall be paid to the Zotye expensive qualification costs.
By "borrowed boat", expand the domain knowledge from Shandong bean sales areas throughout the country. According to the new president Bao Wenguang Ocean to the "Daily Economic News" reporter, in 2014 the new ocean in the country 88 new energy vehicle demonstration cities in 66 cities know beans sales of electric vehicles.
According to reports, a matching triple battery of new energy vehicles, known after the beans sell for around 40,000 yuan subsidy. 2014, sales reached 7400 know beans. Vice president of new ocean ??? told reporters that the competitor does not know beans Shandong low-speed electric vehicles, but the private market for electric vehicles.
After the auspicious "common shipbuilding," the new Ocean targeting higher market size. According to Bao Wenguang expected 2015 sales should know beans last year on the basis of "several-fold." New ocean official told reporters that in 2015 the size of the electric car in the private market at around 50,000, of which about 30,000 micro-electric car, the new ocean goal is targeting this market.
For the production of new knowledge in collaboration with Geely beans, Wen Hongguang said, "In the Geely Group, Lanzhou production base models were known to bean technology upgrades to meet the latest developed countries 'dual 100' standard (mileage of 100 km or more, the maximum speed reached 100 km). "
"Daily Economic News" reporter learned that, after the joint venture with Geely, the new ocean and Zotye cooperation will continue until the contract expires. In the short term, the Thai public to know beans and beans Geely known parallel.
Electric car industry into the differentiation /
Data show that in 2014, Shandong low-speed electric car sales approaching 200,000, this huge "gray area" is still no standard constraints and management.
"Next, Shandong electric car companies will enter the differentiation stage." Quanshi to the "Daily Economic News" reporter, 5% of the electric car business has reached the corresponding national standards should be included in the electric vehicle management, and most of the low-speed electric car business is still in the "workshop" of the production, management standards should be promulgated separately.
"The future of China's auto industry in the rest of the (new energy) is not more than ten brands." Geely another partner in the field of electric vehicles electric cars Condi Condi, founder, chairman and president Hu Xiaoming told the "Daily Economic News "reporter, said," This trend will be faster than we thought. "
"Car must be the product of large-scale social cooperation, the future trend is completely open, highly cooperative." Li Shufu, chairman of Geely Holding Group, recently told the "Daily Economic News" reporter, said that through cooperation to achieve large-scale production, reducing costs in all aspects, to bring the advantages of scale, in the automotive sector will reflect the new energy will be more apparent.
It is understood that Geely and Condi joint venture focused on the public transport sector, Timeshare Rentals way through the city to promote "micro-bus." The new joint venture with Geely ocean areas are concentrated in the private car.
Quanshi said that in the private sector, electric vehicles focused on "both ends", the high-end electric cars both for "rich toys," such as Tesla and other models; low-end electric car is a means of transport for the majority of consumers, the market space greater.
Data show that 30 to 50 km daily mileage vast majority of the urban population. This part of the population is the low end of the target consumers of electric vehicles.
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GM hopes new Volt plug-in helps EVs get out of low gear
By Ben Klayman
Related Stories
DETROIT (Reuters) - General Motors Co on Monday will unveil its next-generation Chevrolet Volt plug-in hybrid and is expected to restate a commitment to build an affordable long-range electric car, doubling down in a segment with scant sales and even skimpier profits.
Electric cars and plug-ins like the Volt account for less than 1 percent of the global vehicle market, and falling oil prices are widening the cost gap between electrified cars and petroleum-fueled internal combustion engine vehicles.
GM's current Volt has sold well below initial company projections and is a money loser, analysts say. The company doesn't disclose profits by model line. Last year, U.S. sales of the Volt fell almost 19 percent to fewer than 19,000 vehicles.
Fiat Chrysler Automobiles Chief Executive Officer Sergio Marchionne last May asked consumers to steer clear of his company’s Fiat 500e.
"I hope you don't buy it because every time I sell one it costs me $14,000," he said.
Still, GM and its major rivals persist in their efforts because without “zero-emission” vehicles and ultra-high mileage hybrids, they could fall short of meeting government demands to more than double fuel efficiency by 2025. In addition, California has set its own quotas for zero-emission vehicle sales, and China is pushing the industry for more battery-powered vehicles.
“We’re in for the long haul,” GM CEO Mary Barra told reporters last week at the company’s downtown Detroit headquarters. “I’m very excited about the new Volt.”
The new Volt, which will be unveiled ahead of the Detroit auto show this week, will offer customers an electric driving range of 50 miles, up from about 40 in the current model.
Steve Marjoros, director of Chevy car marketing, said GM will spend more to market the new car, which will launch in the second half of the year, and emphasize a fun-to-drive message more.
Barra’s predecessor, Dan Akerson, said in 2013 that he thought GM could cut Volt’s price - currently $34,345 - by up to $10,000 while making the car profitable. GM did not say how much the new Volt will cost.
Forecaster LMC Automotive expects U.S. sales of EVs and plug-in hybrids to almost triple to more than 339,000 in 2020 from last year. But that's still fewer sales - from dozens of competing battery-powered models - than Toyota Motor Corp realizes in a year from sales of its Camry or Ford Motor Co from its F-150 pickup truck.
Barclays only sees the global share of such vehicles hitting about 3 percent by the end of the decade. “The driver at this point would be more regulatory push than consumer pull,” Barclays analyst Brian Johnson said.
GM also plans to offer a new EV called the Chevy Bolt that would include a 200-mile electric driving range, something Akerson said in 2013 might “radically change the calculus” for EVs.
GM will get competition from Tesla Motors Inc, which is building a $5 billion electric battery plant in Nevada to meet what it expects will be heavy demand for its Model S sedan and for its forthcoming Model X SUV and Model 3 sedan that will be sold for about $35,000.German luxury car maker BMW, has spent almost $3 billion to develop its i-Series of electric cars.
The company has hinted at the scope of its plans by getting trademarks to number i9 for the series.
Nissan Motor Co, maker of the all-electric Leaf, is the leading seller of mass-market electric cars, and CEO Carlos Ghosn has stood by his bet on battery-electric vehicles,
even with gas prices falling. The Leaf, however, can travel only 84 miles between charges, according to government ratings. That distance is too short for many U.S. drivers.
Morgan Stanley analyst Adam Jonas doesn’t see EVs becoming anything more than a “rounding error” in the market, especially with low gasoline prices. He sees the vehicles as more goodwill PR than money maker.
“It’s just science lab stuff now,” Jonas said. “It’s not really for immediate commercial benefit.”
He believes that EVs will only succeed as fun-to-drive luxury vehicles, something that bodes well for BMW and Tesla’s higher-end models. More mainstream models like the Volt and Leaf, and even Tesla’s $35,000 car have less potential.
(Additional reporting by Edward Taylor in Munich; Editing by Jeffrey Benkoe)
Geely launches electric car rentals
By Yang Jing -- Published: 2015-1-9 5:03:02
Zhejiang Geely Holding Group, a leading private automaker in China, launched an electric car rental service in Chengdu, capital city of Southwest China's Sichuan Province, in December 2014, promoting on-demand car sharing to citizens as an option to car ownership.
Kandi Electric Car Group, a joint venture set up by Geely and Kandi Technologies Corp, had already initiated a similar program in Hangzhou, capital city of East China's Zhejiang Province in September 2013.
With China's growing demand for automobiles and increasing traffic pressure in cities, the new business model may be a new option for urban residents.
Chengdu projects
Geely and Chengdu-based auto dealer China Ekingo Corp jointly started the electric car rental service in Chengdu in December 2014 and has 1,000 vehicles available as of now, a staff member working for the car rental project, who asked to remain anonymous, told the Global Times Monday.
The service is proving popular in the local market, she said, but did not reveal how many users the service has gained.
"We plan to provide 5,000 electric cars for rental in 2015," she said.
There are two types of electric cars to choose from, a car for two passengers and a car for four passengers, according to Ekingo's car rental introduction on its Sina Weibo.
Among the rental deals, which range from one year to three years, the average daily rental cost of a two-seat electric car for one year is 16 yuan ($2.60) per day and 19 yuan for a four-seat vehicle per day, according to the company's website, with the cost declining for longer rental deals.
As for charging facilities, which is consumers' biggest concern when it comes to green cars, the staff member said that users will receive a charging cable for each car and charging can be done on a regular power supply, taking about six hours to fully charge a car.
According to the staff member, there is only one service site in Chengdu now, which means renting and return can only be done there.
Having to do the charging themselves will put off potential users as the majority of communities, especially older ones, have no power sockets in parking lots, Gao Jian, an industry analyst at Shanghai-based consultancy LMC Automotive, said on Monday.
However, considering the public's doubts over electric cars, rental services are a good start for promoting green vehicles, he said.
'Mini public transport' Compared with Geely's yearly rental service in Chengdu, Kandi's green car rental service in Hangzhou offers consumers more options and greater convenience.
Kandi started its experiment in September 2013, providing hourly electric car rental services through multiple service sites, the company told the Global Times Monday via e-mail.
In a bid to make it easier for users to rent and return cars, Kandi built five automated garages that serve as both car "vending machines" and also charging stations, the company said.
At the same time, eight new garages will be put into operation soon and five are under construction, according to the e-mail.
The company has also set up a dispatch center that can accommodate 1,500 electric cars in Hangzhou.
The company also established 48 service sites in the city, including some at premium hotels.
Kandi hopes that with these services sites solving the problems of parking, charging and maintenance, users can experience all the conveniences offered by electric cars and none of the worries.
As of the end of December, Kandi's car rental project had provided 9,850 electric vehicles in Hangzhou.
Like Geely's rental service in Chengdu, Kandi also provides vehicles in two sizes: two-seat cars and four-seat cars, according to the charging list from Kandi.
The hourly rental fee for a two-seat Kandi car is 20 yuan, and 25 yuan for a four-seat car, compared with a Hangzhou taxi's minimum charge of 11 yuan.
In addition to hourly rentals, the company has also offered yearly rental services since May 2014 in a local residential community, and plans to expand the service into other cities soon, including Beijing and Shanghai.
Kandi refers to its rental project as "mini public transport" and expects it to be a new means of public transportation and a solution to China's chronic crowded urban traffic problem.
App backlash
With its growing prosperity, China's demand for automobiles has also surged and made the country the world's biggest auto market in 2009. But increasing vehicle ownership has come with traffic jams and poor air quality.
After Shenzhen in South China's Guangdong Province suddenly started curbing auto purchases on December 29, just one hour before it had formally announced the limit policy, eight cities, including Hangzhou, have implemented similar policies.
Some people have had to resort to public transportation, although it is not easy to take a taxi in megacities such as Beijing and Shanghai, especially during rush hour.
As a result, taxi-hailing apps have been popular in China since 2013 and car service providers soon expanded their business into car-hiring, expecting to attract consumers willing to pay more for a better car.
Uber, a US-based start-up, also joined the Chinese market in February 2014, promoting its car-sharing business model.
But they soon faced a backlash.
Uber has come under fire in Taiwan and Southwest China's Chongqing in December 2014 over concerns that it and its drivers are not appropriately licensed.
Thousands of taxi drivers in Shenyang, capital of Northeast China's Liaoning Province, held a strike on January 4 to express their discontent over unlicensed vehicles using car-hiring apps.
Beijing's local transportation authority confirmed on Wednesday that car-hiring platforms are forbidden to hire private cars to provide service.
More cities will follow up with crackdowns in the future, Zhao Zhanling, a Beijing-based Internet law expert, told the Global Times on January 4, noting that nascent car-hiring services offered through apps will be affected.
Under these circumstances, car rentals, especially hourly car rental services, which is similar to an upgraded edition of communal bikes, can become a solution for Chinese cities, Gao said.
A fully charged electric car usually has a range of 80 miles, which is enough for urban use, he said, noting that if there are enough charging facilities, electric car rentals will become more popular.
General Motors plans fresh move into electric car market: report
WASHINGTON (Reuters) - General Motors Co (GM.N) plans to offer a new electric vehicle with a style and price-point that can compete with the forthcoming Tesla Model 3 car due out in two years, the Wall Street Journal reported on Friday.
The $30,000 electric car called the Chevrolet Bolt, expected to debut commercially in 2017, will be able to drive 200 miles on a charge and is intended to cut into a market where Elon Musk's Tesla Motors Inc (TSLA.O) has been an investor darling.
Electric car purchases badly lag sales of gas-powered vehicles but the market is growing and GM will show off an early model of the Bolt at the Detroit auto show next week to stake a stronger claim in the space, the newspaper reported.
The Chevy Bolt will boast a stronger battery manufactured by South Korea's LG Chem Ltd , the paper reported.
(Story corrects name of Tesla car to Model 3 from Model S in first paragraph)
(Reporting By Patrick Rucker; Editing by Alan Crosby)
Exclusive: Volvo to sell Chinese-made cars in U.S. this year - execs
By Norihiko Shirouzu
BEIJING (Reuters) - Volvo Car Group plans to export a Chinese-made midsize sedan this year to the United States, and is starting to weigh the possibility of building a vehicle factory in the United States, people familiar with the Chinese-owned automaker’s plans said.
Both moves would be significant for the auto industry and Volvo’s parent, Zhejiang Geely Holding Group Co [GEELY.UL]. So far, global automakers have chosen not to ship vehicles made in China to the U.S. market in any significant numbers, and efforts by Chinese automakers to export vehicles to the United States have foundered.
Volvo is also behind rivals BMW (BMWG.DE) and Mercedes (DAIGn.DE) in establishing production in the United States, which insulates the German brands from currency fluctuations.
Volvo might also export a large "strategic, flagship" sedan based on a newly developed underpinning technology, said the executives, who work for Zhejiang Geely. That car would be shipped out of China in addition to the Volvo S60L, a long wheelbase version of the S60 sedan Volvo began producing in the southwestern China city of Chengdu more than a year ago.
The moves are aimed at reviving Volvo’s momentum in the U.S. market where volume last year fell 8 percent from 2013 to 56,371 vehicles. The U.S. market, which has long been Volvo’s largest market, was replaced by China last year. China bought 81,221 Volvos in 2014, up 33 percent.
More broadly, the moves are part of Geely’s turnaround strategy for Volvo which has struggled to go beyond being a brand with an annual volume of less than a half-million vehicles. Thanks to its focus on China where the brand expanded its distribution network and product portfolio, Volvo sales volume is on the rise. It sold a total of 465,866 vehicles globally last year, up 9 percent from 2013.
LONG-STANDING GOAL
"The S60L offers class-leading rear space, something that has been consistently demanded by U.S. customers. It will be made at Volvo’s plant in Chengdu, China, and will be on show for the first time at this year’s North American International Auto Show in Detroit,” said David Ibison, a Gothenburg, Sweden-based Volvo spokesman. “The S60L forms just one part of our U.S. revival plan.”
Ibison said Volvo plans to launch seven new products by 2018 and increase U.S. sales to around 100,000 cars a year in the medium term. He declined to elaborate.
Exporting Chinese-produced mainstream passenger cars to the United States and other advanced auto markets has been a long-standing goal of China’s indigenous automakers – an objective that has largely eluded the industry.
"It would be a big breakthrough" not just for Geely but for China’s industry, said James Chao, Asia-Pacific director of consulting and research firm IHS Automotive.
"Volvo is not an indigenous Chinese brand but it is wholly Chinese-owned. Perhaps this is the model or strategy that finally works for Chinese companies trying to enter the U.S. market and other markets."
Chao added Volvo’s owner, Geely, could follow Volvo into the U.S. market with its own products, perhaps leveraging Volvo’s manufacturing and parts supply chains.
Geely's purchase of Volvo from Ford Motor Co (F.N) five years ago surprised many in the auto industry, who doubted that a relative newcomer could turn around the nearly 90-year-old Swedish business while protecting its famous brand.
The S60L was developed originally as a China-specific model to cater to wealthy Chinese consumers who prefer cars with bigger, comfortable rear seats because many of these owners have chauffeurs. Volvo expects to ship roughly 1,500 made-in-China S60L cars to the United States this year, compared with the car’s projected volume in China this year of 26,000.
The additional car Volvo plans to export to the United States, those executives said, is a flagship large sedan that might be called the S90 which uses Volvo’s new vehicle underpinning technology called "scalable platform architecture" or SPA. The S90 will be a second vehicle based on that new architecture, following the redesigned XC90 sport utility vehicle based on the same technology.
Volvo announced in late 2013 that it would produce “a large premium sedan” based on SPA at a new plant in the northeastern Chinese city of Daqing. At Daqing, Volvo began producing in September last year the XC Classic, the previous generation of the redesigned XC90.
(Editing by Joe White and Matthew Lewis)
The new joint venture company Geely Ocean Lanzhou base annual capacity of 100,000
2015-01-10 19:54:07 Source: NetEase car
http://translate.google.com/translate?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=zh-CN&u=http://auto.163.com/15/0110/19/AFKFFQTD00084TV0.html
Geely Group, a joint venture with the new ocean was formally established on January 10, which is Geely's second joint electric car company. Lanzhou base as a new Ocean Electric Vehicle Technology Co., an important production base in the west, now has an annual production capacity of 100,000 vehicles.
Disclaimer: This article copyright Netease car all, reproduced, please indicate the source.
NetEase reported car January 10 January 10, Geely Holding Group and the new ocean Electromechanical Group (Shandong Electric Vehicle Co., the parent company of the ocean) in Lanzhou officially announced the establishment of a joint venture company - new ocean Electric Vehicle Technology Co., Ltd. is committed to create a joint mini electric car brand - known beans . This is the second of Geely Automobile and Condi electric car company, Keli far the company in new energy vehicles is another new business model of cooperation after the successful cooperation in the field of exploration, further demonstrates the strong momentum auspicious new energy vehicles to the layout.
Communication will be the scene
Automotive Engineering, Tsinghua University, Professor Bao Wenguang Geely Chairman Li Shufu, president Quanshi communicate new ocean scene
In the media communication at the signing ceremony, Geely chairman Li Shufu has repeatedly stressed that "automobile production is large-scale social cooperation, is completely open, highly collaborative form of large-scale production, Geely will adhere to corporate strategy and extensive cooperation, promote China Automotive enhance the overall competitiveness of the industry. "
In fact, the new ocean Geely is Geely's second joint venture electric car company. March 2013, Geely Group and Condi car industry in Hangzhou, Zhejiang Province signed a cooperation framework agreement, Condit Electric Vehicle Co., Ltd. was established in Zhejiang, the new joint venture company with registered capital of 1 billion yuan, mainly in urban micro-pure electric vehicles development and sales, the main business and the "auspicious new ocean," the business is quite similar.
Geely, the new ocean for Condi and two joint venture companies, in a strategic position and business areas will be how to divide? Mr. Li told Netease interview about the car, Geely Condi joint venture company's main business is concentrated in the cities, "micro-bus" in the field, and to the society in Jiangsu and Zhejiang by the pilot and create a model for the country to promote the project. Geely new ocean joint product - known beans will be sold directly to the market. The future will continue to integrate resources, so that all companies in all areas of technology, research and development, production, marketing a complementary line into play together.
Condit EV Group chairman Hu Xiaoming said in a clear, on the auspicious new venture oceans are very happy. Hu Xiaoming Speaking in an interview, although two joint venture companies are committed to pure electric mini-car market, but I believe in the Geely Group, unified planning, the two sides will not be a conflict exists in the product positioning, market segmentation and so on. More importantly, Geely itself is outstanding, Condi and new oceans also have their own advantages in the new energy vehicles, after the integration of the tripartite technical resources will have increased the amount of postpartum suppliers and sharing platform can also be common. "It is lucky Condi, Geely new ocean, I think the final will be the lucky electric car", Hu Xiaoming replied, smiling.
Over the years, Geely Holding Group carried out in the new energy vehicle development, science and technology course, product development, marketing and other aspects of a large number of model research and feasibility studies and actively prepare and follow a variety of new energy vehicle development strategy, greatly enhance the traditional internal combustion engine on the basis of efficiency, and actively explore alternative fuel, hybrid, plug-in hybrid and pure electric vehicle research and development and marketing model, and strive to integrate the advantages of resources, combined upstream and downstream partners, to create a solid foundation chain, whether it is lucky Volvo's new energy product development, or Geely and CORUN layout in terms of the hybrid system, in cooperation with Shandong Heng Yuan in the battery, and have achieved a market-oriented, pragmatic and steady development.
Cash beans electric car is known by the public in the form of Taihe new Ocean Group joint research and development of technical cooperation. The new electric car will know beans D1 Geely to build a joint venture with the new ocean, January 11 and will be the official line.
The new joint venture Geely ocean and will take full advantage of the experience in terms of Geely Automobile manufacturing, operating system, and accumulation, combined with the new ocean in 10 years in the field of micro-pure electric vehicles accumulated independent R & D system and technological achievements forward, in booster know beans electric car manufacturing processes, product quality, marketing and other parts of the system and the rapid increase capacity while speeding auspicious development in the field of new energy vehicles, out of a market-oriented and sustainable development of electric vehicles cooperation.
It is reported that this collaboration has attracted the participation of GSR Ventures Fund. Jinsha River, as the industry's leading venture capital organization, nearly $ 1.3 billion under management, the fund, in the new energy automotive industry chain multiple pen investment and extensive layout.
New Ocean Group CEO Bao Wenguang
New Ocean Group CEO Bao Wenguang
New Ocean Group President ??? in an interview with reporters, said, Geely and new ocean in the development of new energy vehicles not only have the same perception and views, but share a common pursuit. In the new energy vehicle market expanded rapidly today, through this cooperation, Geely and new ocean will form a complementary technology to share the value of a common destiny, will profoundly change the current generation model of pure electric vehicles and mini-market.
According to reports, the new electric car Ocean Technology Co., Ltd. will be the development, production, sales and service operations of electric mini-car platform as the main business. The company will base vehicle assets Lanzhou Geely Group and Shandong new electric car company to integrate the ocean, and gradually form an annual production capacity of 300,000 vehicles. Lanzhou base as a new Ocean Electric Vehicle Technology Co., an important production base in the west, now has an annual production capacity of 100,000 vehicles.
Wang Fang This article Source: NetEase car Author: Wang Fang
dantman859
His take...
In another post, I have stated that the P/S (Price to Sales) ratio is actually directly related to the better known P/E ratio, so using one method to determine the value of a company stock does not exclude the other. Both methods are actually just different ways of expressing the same thing, namely value based on profitability (as opposed to Book Value or Cash per share...). I will try in the following to show the direct (theoretical) relationship b/w P/S and P/E as valuation metrics.
We know that Sales (S) generate Earnings (E) via the overall Net Margin (NM) of a business:
E = S * (NM)
Depending on the consistency and growth of the earnings reported and/or expected, the market typically assigns a price to the stock, price per share (p) ,or equivalently Price P = Market Cap = p * shares outstanding via its P/E ratio (PE) which is:
PE = P/E = P/ [S * (NM)}
Thus a high-growth company will command a higher P/E than a slow-growth company with same earnings per share (eps). So:
Sales S --> Earnings E --> Price P
Specifically:
P = Earnings x (P/E) = E x (P/E) and
E = S x (NM) so:
P = S x (NM) x (P/E) meaning:
P/S = (NM) x (P/E)
--> the P/S of a stock is the product of overall Net Margin and P/E ratio.
Thus if a company sports a NM of 15% and a P/E of 40, its P/S is 6= 40 x 0.15 (Bill: sounds familiar?). But a P/S of 6 may also be obtained with a NM=30% and P/E= 20 since 6= 20 x 0.3 (maybe for a company with high profitabilty but inconsistent eps growth since a P/E is related to eps growth via the PEG ratio which is the (P/E) growth rate, often equal to 1. Hence the P/E also reflects the expected earnings growth rate of a stock based on its history and growth prospects. But this analysis shows that the P/S ratio as a valuation metrics is clearly related to the P/E metrics which itself contains not only profitability metrics like Net margin but also its growth pattern, reported and expected.
Car-Rental Firms See Open Road in China
Chinese rental-car companies backed by Hertz and Enterprise are raising money and boosting spending to meet what analysts say will be a surge in car renta...
View on online.wsj.com
SHANGHAI—Chinese buy more cars than anybody else. Now, they are starting to rent them as well.
Chinese rental-car companies backed by U.S. names such as Hertz Global Holdings Inc. and Enterprise Rent-A-Car, are raising money and boosting spending to meet what analysts say will be a surge in car rentals and leases in China. That market is still only about a quarter of the size of the U.S.’s, where rentals and leases logged revenue of $24 billion last year, according to consulting firm Roland Berger Strategy Consultants.
Change of gear for China’s car sales as stricter regulations imposed
Neil_Flynn Neil_Flynn
Head Equity Analyst / Chinese Investors
China
https://www.tradingfloor.com/posts/chinas-car-sales-to-change-gear-following-stricter-regulations-3140015
$KNDI adds 10th new city on Jan. 1 reported by China Media.
http://translate.google.com/translate?hl=en&sl=zh-CN&tl=en&u=http%3A%2F%2Fnews.ddc.net.cn%2Fnewsview_57304.html
JV Changxing 100000 annual capcity 2dr EV facility
Changxing made ??micro bus
2015-01-09 08:11 Manuscript Source: Zhejiang Online - Zhejiang Daily Author: Editor: Wang Su mantle
http://zt-hzrb.hangzhou.com.cn/system/2015/01/09/012848413.shtml
In recent days, Condit Electric Vehicle Co., Ltd. Zhejiang Changxing production base, a section of the electric car production lines running at full capacity.
2013, Xihu District pilot micro-buses run city to lease electric vehicles provide to the public, Condit became the first supplier.
Newspaper reporter Liang Zhen Ding Shanshe county reported group
There are 4 analyst covering KNDI.....
1.Goldman Sachs Gao Hua Securities Co Ltd.
Auto parts enterprises electrification most likely to benefit
Gao Hua Securities, said the electric car is the clear trend in the Chinese market; bus / groups may be the first fleet of new energy vehicles to grow. Because electric cars electric vehicle battery technology will drive the demand for battery management systems, lightweight components, motors, and other major components of electric vehicles grows, China's major parts manufacturers will benefit from the power of the trend. Focus on new energy vehicles, the entire value chain, including SAIC, Geely / Condit and other auto manufacturers are wins (battery management system), Huaxiang (lightweight parts), Shanghai electric drive (motor) and other parts of the production business. BYD / Geely (through its joint venture with Condit's) and other independent electric car leader in the most favorable position.
2. Shun International Securities -Kandi-Overweight Rating
"Condi car industry (KNDI): a new model electric passenger beneficiaries. Company shares left-right business model using time-sharing operating lease Hangzhou micro bus project, due to the effective subsidies and policy support, Kandi.
3. New brokerage,Haitong Securities "overweight" KNDI.
New energy automotive industry: mini electric car barbaric growth
4. Citi Orient Securities Director Qi Hongwei / optimistic about the next two years of barbaric growth
recommended by Citi Orient Securities investment director Qi Hongwei We are optimistic about the next two years of barbaric growth.
Some say it doesn't count. I beg to differ....
Sure it counts, however the weigh is not as heavy. Understand the fact the KNDI has come from relative obscurity, trading around 25k shares a day, 2007 to 2010 to a full fledged Nasdaq Global Select trading an average of nearly 1 million shares a day here in 2015. One of the reasons I'm here is that there is no "popular" US coverage. And, like you, I fully understand the nature of that catalyst and patiently waiting it's arrival.
Many seem to forget KNDI is GS market stock, per Nasdaq....
Qualifying for the Global Select Market is a mark of achievement, leadership and stature for companies. It sends a message of high standards to investors.
Recent studies show that investors will pay a premium for high standards, and companies are likely to want that premium and the valuation that goes with it. All NASDAQ-listed companies receive a portfolio of exceptional services and informational programs that facilitate transparency, increase visibility, mitigate risk and inspire better corporate governance.
BULL
Here's his post....
I spoke with Kewa yesterday after she confirmed with Mr. Hu, that the JV sold 4028 EV's in Q4. I also asked her about the choice of words in the headline "delivered" instead of sold, and she said something to the effect that while all these "deliveries" are "booked" as sold, since some have not been fully paid for yet but instead booked as "accounts receivables", Mr. Hu felt better about using "delivered". My followup question was; Is there any chance they can be "returned" and she said no, the contracts are firm. Supposedly, as in the case of most businesses, some of the buyers wanted normal AP terms up to 90 days. Likely in hopes of receiving their local subsidies before having to pay.
I also asked her why we didn't mention the average cost per EV ($21,500) and her response was Mr. Hu didn't want to confuse investors by trying to multiply the 14,200 by $21.5 since the EV;s sold in 2013 were at a cheaper price.
IMO, the Hangzhou subsidy delay was the main reason we didn't sell more EV's in Q4. As of the end of Q3, Hangzhou it appears owes ZZY somewhere between $75 to 80 million. My guess is that ZZY's financial backers were reluctant to advance too much more until they get what is already owed them. So, the always flexible Mr. Hu, had to hurriedly put together all these deals in other cities to get the 4k sales we did get. Apparently, we cut off Hangzhou for any new sales at the end of Q3 until we get paid. In the short run it may have hurt us a bit, but in the long run, getting our "foot in the door" of all these new cities so early will likely pay off big for 2015.
I guess my biggest complaint was why we never saw free standing PR's on some new cities with initial sales mentioned in the PR like Ragaou and Changstra, These could have been a "tipping point" had they come out prior to this announcement.
If you all remember when I was speculating we would sell 5000 in Q4, I had forgotten that the subsidy reduction had been changed to 5% from 10% previously announced. I suspect had there been a 10% reduction, the number would have been large enough to encourage more sales in Q4, but 5% probably was so small as to not create as much urgency.
Rob, We knew that the only two cities we had made sales to in the first three quarters were Hangzhou and around 400-500 in Shanghai. So if you add the totals in the PR for the other new cities you get 3860, so it appears we sold none in Hangzhou, and 150 or so more in Shanghai in Q4. Assuming the cars and batteries were sold somewhat together, this should still approximately double last quarter JV dollar sales.
The link....
http://hangzhouweekly.com/traffic/police-enforce-vehicle-control-rules-in-west-lake-area/
Police enforce vehicle control rules in West Lake area
Auto vehicles still using the National I and II emission standards are banned from entering the West Lake area starting from 2015 and Hangzhou police stopped 322 such vehicles and slapped 102 warning tickets during the three-day New Year holiday.
Meanwhile, police blocked 874 vehicles from entering the area for not following the odd-even license plate rules which require cars to enter the West Lake area according to the last digit on their license plates on weekends and public holidays.
Local highways did not report congestions yesterday, the end of the holiday. “Highway traffic is unexpectedly sooth,” said a driver surnamed Yang. He said it took him only two hours to drive from Quzhou to Hangzhou. The same trip took him four and a half hours during the National Day holiday in early October last year.
Officials attributed smooth traffic to the absence of toll-free policy, shorter holiday compared with the National Day holiday, and closeness to the Chinese New Year
Off of the private Kandi Board.....
I spoke with Kewa for about 20 minutes yesterday (Wednesday). Here’s what she told me…
- For the first half of the call - she explained that sales and deliveries are not necessarily the same thing. For instance, the sale of 1,000 EVs to a city can proceed the actual “delivery” of same EVs. She said that EVs are only considered "delivered" when they are “ready” for the CarShare program or to be leased. In order for this to happen - ZZY must complete the inspection process and acquire a License plate for the EV before it is considered a delivered EV.
But, for the second half of the call - she seemed to change her mind - saying that the sale and delivery of EVs by the JV was practically the same thing (or real close to it). I was left kind of confused. I told her that it should be SALES numbers (not Delivered, or Produced EVs) that are PR’d. And that we should be provided with beginning balances - so we can easily figure out 4th quarter and 2014 total EVs sold by the JV.
She also said that…
- The delivered EV numbers in the PR include back to July, 2013.
- The delivered EV numbers in the PR include BOTH CarShare and Leased EVs.
- That the province that Chengdu is located in - has a law requiring that a local car dealership company needs to take ownership of the EVs before they are leased out by ZZY. So this is the way it works there … The JV sells an EV to the Local dealership company who sells it to ZZY who then either puts it into the CarShare program or Leases it out. So, it appears that ZZY is still MANAGING the CarShare and Leasing programs in ALL of the cities still.
I also called her again and left a voicemail - asking her to call me back regarding 4Q EVs sold by the JV. Regarding….
A PR issued on 9/29/2014 (basically the end of the 3rd quarter) states that so far 5,406 EVs have been DELIVERED to HANGZHOU.
Mr. GongZheng Emphasized the Importance of Customer Service And The Promotion of Accelerating Renewable Energy Automobile Industry DevelopmentWhile Visiting the CarShare Project[2014-09-29]
The JV Company, through its 19% equity interest in Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd., launched the CarShare Project at Xihu District and has so far DELIVERED 5,406 pure electric vehicles to the project.
Yesterday’s PR states that at the end of 2014 a total of 9,852 EVs have been delivered to HANGZHOU. This means that 4,446 EVs were delivered to Hangzhou during the 4th quarter. Which alone is more than the 3,057 total JV EVs we were deducing.
If you add in all of the new cities on top of this it adds up to 8,784 EVs in the 4th Quarter - which is what Bill comes up with below…...
I’ll let you know what else I find out from Kewa…..
Rich
-
On Jan 7, 2015, at 6:58 PM, billx@unforgettable.com [KNDI] <KNDI@yahoogroups.com> wrote:
> I emailed Kewa for clarification as follows...
>
> Hi Kewa,
>
> Your investors took the great information you provided in today's PR and tried to figure out what the Q4 EV unit sales were and came up with many conflicting answers. Q4 EV unit sales are a critical number affecting stock price and the ongoing battle with shorts. Below is a spreadsheet to help define the problem...
> PR
> SEC Filing
> 13FY
> 14Q1
>
> 1,215
> 08/18/14
>
> Shanghai
>
> 208
> 14Q2
>
> 4,114
> 09/29/14
>
> Hangzhou
>
> 5,406
> 14Q3
>
> 1,950
> Q3 Cumulative Total
>
> 5,614
> Q3 Cumulative Total
>
> 7,279
> 01/07/15
>
> Hangzhou
>
> 9,852
> 01/07/15
>
> Shanghai
>
> 686
> 01/07/15
>
> Chengdu
>
> 1,020
> 01/07/15
>
> Nanjing
>
> 340
> 01/07/15
>
> Guangzhou
>
> 700
> 01/07/15
>
> Wuhan
>
> 612
> 01/07/15
>
> Changsha
>
> 388
> 01/07/15
>
> Changzhou
>
> 500
> 01/07/15
>
> Ruao
>
> 300
> Q4 Cumulative Total
>
> 14,398
> Q4 Cumulative Total
>
> 14,398
> Q4 = Q4 CT - Q3 CT
>
> 8,784
> Q4 = Q4 CT - Q3 CT
>
> 7,119
>
>
> Taking the PR data we show that the Q4 EV sales were 8,784.
>
> Taking the SEC Filing data we show that the Q4 EV sales were 7,119 if the Jan 7 PR total is for 2014 sales.
>
> If the Jan 7 PR total is for 2013 and 2014 Q4 EV unit sales will be <7,119. We have a problem calculating because we can find no record of how many EVs were sold into car-share in 2013 (???? in table above). In 2013 Kandi sold 4,694 EV Products (sometimes defined as complete sets of parts) and not all were sold to the JV. Of those sold to the JV, some will have been resold to car-share in 2013 and some resold to car-share in 2014. JV sales in 2013 were $15,212,347 corresponding to about 800 EVs.
>
> Please advise the number of EV unit sales for Q4 2014. If it is different from the 8,784 EV unit sales indicated by the PR data, please explain.
Where's Waldo?
Karl's got him, well not exactly. No, he doesn't, Cris Carey trapped him, no, Ben's got him cornered, certainly not.
All this as cuban chimes in....Fraud
Now here comes Waldo slayer Ezra Serrur, wielding the infamous Manuel Noriega sword. Shouting and touting a short position "Triple R" (Recycled Redundant Ramblings) to no avail, except trading volatility for Karl and company to profit. And of course, lure the novice clean out of his position. It's all too shameful to bare. All of this plus 7-8 million short and still, they have not managed to bring our beloved KNDI under 10.... A significant price level.
From Where's Waldo, Ezra Serrur moves to Abbot and Costello, Who's on first "Mary Jo White" current Chairwoman of the Securities and Exchange Commission, that's who, I presume....Adorably Shameful.
BULL
Police enforce vehicle control rules in West Lake area
Auto vehicles still using the National I and II emission standards are banned from entering the West Lake area starting from 2015 and Hangzhou police stopped 322 such vehicles and slapped 102 warning tickets during the three-day New Year holiday.
Meanwhile, police blocked 874 vehicles from entering the area for not following the odd-even license plate rules which require cars to enter the West Lake area according to the last digit on their license plates on weekends and public holidays.
Local highways did not report congestions yesterday, the end of the holiday. “Highway traffic is unexpectedly sooth,” said a driver surnamed Yang. He said it took him only two hours to drive from Quzhou to Hangzhou. The same trip took him four and a half hours during the National Day holiday in early October last year.
Officials attributed smooth traffic to the absence of toll-free policy, shorter holiday compared with the National Day holiday, and closeness to the Chinese New Year
China News reporting LUZHOU, Kandi CarShare city...
http://sc.people.com.cn/n/2015/0108/c345458-23480979.html
Luzhou: 30 new energy vehicles waiting for you to rent a minimum nine dollars a day
At 07:57 on January 8, 2015 Source: WCC phone read the news
30 new energy vehicles available for lease, this month unveiled Luzhou
The past month, the new energy buses, taxis have appeared new energy Luzhou streets.Then, leaving the public expectation is that in the late 30 month lease used for new energy vehicles will also debut in Luzhou. By then, Luzhou public can rent these new energy vehicles travel.
Quantity
30 cars available for lease
Since January 1 this year, in Luzhou street people everywhere have a blue and white body, different from other models of "Blue Wizard" new energy taxi BYD E6. This is also a result of the promotion of new energy vehicles, the first 100 taxis have been from New Year's Day this year, the streets of the shuttle in Luzhou.
Luzhou City West Reading correspondent was informed by a car dealer, later this month, will launch leasing 30 new energy vehicles, only need to provide a valid driver's license and ID card, pay a deposit and rental fee, you can have a new energy vehicles, ranging from one to three years tenure. Love the car, especially for new energy vehicles, a soft spot white-collar family, do not look for economic reasons car disappointed, only need to pay a fee to become a "car owners", but also new energy saving and environmental protection car.
Style
2 models to choose from
Early last year, the founding of Geely Automobile Group jointly launched the 5000 electric car rental project in Sichuan approved. Recently, the first phase of the 1000 zero-emission zero pollution no maintenance costs for new energy electric vehicles have been allowed on the card.Later this month, to be put in 30 were in Luzhou rental market is expected to launch before the end of February to reach around 200.
Luzhou person responsible for the founding of the automotive market, said Li Yong, in order to conserve energy to support environmental protection, promotion of new energy vehicles, is to deal with the car market is shrinking now, another move to open up new markets.
According to the founding of the market Luzhou person in charge, the pure electric vehicles as Condi brand, Geely Automobile and Condi car industry jointly developed a pure electric car.The launch of the rental cars are K10 (2) and K11 (4 seats) two. 2 seater car body petite, size and Smart models similar to the body only 2.9 meters long. 4-seater car is slightly smaller than the average body shape similar to the lucky "Panda", green and white body, the front face resembles a simple and honest smile, style is very vivid.
Price
9 yuan more than the minimum daily rent
It is understood that only a day minimum rental 9 yuan more electricity to about 0.1 yuan per kilometer, a top speed of 80 km / h. Charging no special charging pile, just use ordinary 220V outlet, it will take 6-8 full hours on a single charge mileage up to 150 kilometers, four battery charge for dual-use. When the car only need to carry an ID card and driver's license.Meanwhile, due to the small body, parking is also convenient.
Each model monthly, conducted leasing, leasing a total of four kinds. In two of the K10, for example, count the discount, the minimum daily rent of about 9 yuan more. 5500-7500 per month plus insurance, a bridge and a management fee Rd told, only 12,300 yuan a year, three-year period is only 8920 yuan. In addition, the lease period can free maintenance free vehicle maintenance. For office workers, spending less than 1 million a year, can be said to be very favorable.
Public opinion
A year could save more than 10,000 overall performance worth the wait
"Doing really good deal, but also combined with the current energy saving ideas, monthly fuel costs, not to mention saved." Lives Naxi District of Luzhou City, said Li Bin, a day to drive to the area of ??the unit to work Longmatan occasionally but also to act in the city, driving back and forth all day, mileage 70 km, fuel costs have spent only about 40 yuan, 1200 yuan monthly expenditure had. A year later, the oil fee is more than 14,000 yuan. Plus insurance plus the usual maintenance and repair costs 4,000 yuan, a year to nearly 2 million.But if the car, at least to save the cost of about 10,000, not to bear the expenses of car.
Ms. Wang said the people, these two models are more suitable for travel office workers, small and in congested urban areas is also convenient parking, the only worry is that the battery problem, "although household power can charge, but there are suddenly in motion case of power failure, if not find the charging points in trouble. "
New energy automobile business cards
Two models: K10 (? 2) K11 (4 seats) Top speed: 80 km / h Charging time: 6-8 hours full of need endurance:
An electric charge can travel 150 kilometers, four battery charge for dual-use.
Do the math
First, low energy consumption
New energy vehicles: about 0.1 yuan per kilometer electricity ordinary car: oil per kilometer cost about 0.6 yuan
Second, the low rents
K10 (2) an annual rent: daily rent for 18 yuan. (One-year, $ 16 daily rent, 10% for 6120 yuan after; two years period, daily rent for $ 15, the total annual rent of 5436 yuan, 4752 yuan% off for later; three-year period, daily rent 13 yuan, Total annual rent for 4764 yuan, 3420 yuan for after Qizhe) K11 (4 seats) annual rent: daily rent 21 yuan. (One-year, daily rent for $ 19 after 10% for 7020 yuan; two years period, the daily rent for 17 yuan, the total annual rent of 6240 yuan, 5460 yuan% off for later; three-year period, daily rent 15 yuan, Total annual rent for 5460 yuan, 3900 yuan for after Qizhe)
Third, free maintenance
New energy vehicles: free ordinary car: about 5,000 yuan (years)
Q4 total is 7119 EV's
Kandi Technologies Announces the Expansion of Micro Public EV Sharing Program to Nine Chinese Cities With 14,398 Pure EVs Del...
Date : 01/07/2015 @ 9:17AM
Source : GlobeNewswire Inc.
Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that since the initial launch of micro public EV Sharing Program (the "Car-Share Program") in Hangzhou in the second half of 2013, the Car-Share Program has rapidly expanded and is now available in Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou, and Rugao. As of the end of 2014, there have been a total of 9,852 Kandi Brand electric vehicles ("EVs") delivered to Hangzhou, 686 EVs to Shanghai, 1,020 EVs to Chengdu, 340 EVs to Nanjing, 700 EVs to Guangzhou, 612 EVs to Wuhan, 388 EVs to Changsha, 500 EVs to Changzhou, and 300 EVs to Rugao. With a total of 14,398 Kandi EVs delivered throughout the country as of the end of 2014, the Company believes it becomes the leading volume seller in the Chinese pure EV market.
Introduced by Kandi, the Car-Share Program is an innovative business model aimed at promoting and popularizing the use of EV in China. Since its inception, the Car-Share Program has made remarkable progress and received great recognitions and supports from consumers as well as the government agencies. Mr. Hu Xiaoming, Chairman and Chief Executive Officer of the Company, commented, "After more than one year of testing and unceasing improvement, we are confident that Kandi has built a solid foundation to be universally recognized as the leading pure EV producer and innovator in China. Looking forward to 2015, we will continue to maximize the most favorable factors, such as our early mover advantages, strategic alliances, and the privilege of receiving government EV subsidiaries."
About Micro Public EV Sharing Program (the "Car-Share Program")
The Car-Share Program is an innovative EV business model Kandi created to promote, among many things, the faster adoption of electric vehicles in China. Since its inception, it has made impressive progress and received great recognition and support from Chinese consumers as well as government agencies. Without the hassle of owning and operating EVs, the Car-Share Program, enables consumers to rent pure EVs on a short-term hourly base or lease on the long-term base. The Car-Share Program is supported by a network of charging/parking stations, which provide charging, service, maintenance and battery recycling, located at airports, train stations, hotels, business centers, selected residential areas and other places that are typically congested. A centralize tracking system allows the Car-Share Program management to keep a close watch at the status and precise location of each vehicle.
In addition, the Car-Share Program includes a variety of the Long-term Group Leasing options, ideal for those companies, government entities and residential communities which lease at least 100 EVs on the annual basis.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq: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 the one of the world's largest manufacturers of pure electric vehicle ("EV") products, Go-Kart vehicles, three-wheel motorcycles and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com. Kandi 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.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: 1-212-551-3610
Email: IR@kandigroup.com
Because it's a reply to a SA article published last week.
Recycled BS by Carey....
Amazing how you can answer a new article with a 3 1/2 year old note from a filing.
BULL
Carey wrote a similar story years ago and this note was filed back then. Just guessing it was 2011.
BULL
China Fast-Tracks $1 Trillion in Projects to Spur Growth
Bloomberg
By Bloomberg News 2 hours ago
China is accelerating 300 infrastructure projects valued at 7 trillion yuan ($1.1 trillion) this year as policy makers seek to shore up growth that's in danger of slipping below 7 percent.
Premier Li Keqiang's government approved the projects as part of a broader 400-venture, 10 trillion yuan plan to run from late 2014 through 2016, said people familiar with the matter who asked not to be identified as the decision wasn't public. The National Development and Reform Commission, which will oversee the projects, didn't respond to a faxed request for comment.
More from Bloomberg.com: Oil Below $60 Tests Economics of U.S. Shale Boom
The move illustrates concern among officials that China's planned shift to a domestic-consumption driven economy has yet to produce enough growth momentum. The yuan rose, halting a two-day decline, and Australia's dollar -- a proxy for China due to its shipments of iron ore and other commodities used in construction -- climbed after the news.
"It's part of China's efforts to stabilize growth, and the news will help to boost market confidence," said Julia Wang, a Hong Kong-based economist with HSBC Holdings Plc. "Infrastructure investment will continue to be a major driver for China's economic growth."
DEAR FELLOW KANDI TECHNOLOGIES SHAREHOLDERS:
http://www.sec.gov/Archives/edgar/data/1316517/000114420411026983/v221488_ex99-1.htm
Recently there was an online story about our company, which was followed by significant volatility in our stock. The author presented the information in such a way that the clear implication was that some of the company’s revenue must have been inaccurately reported. That is not the case. Nearly all of the misinformation in the article is the result either of the author’s misunderstanding or inaccurately construing Kandi’s business, and in particular, its sources of revenue.
We take our fiduciary duty to shareholders and all stakeholders very seriously, and the inaccurate reporting by this website in no way reflects the current business of Kandi Technologies. In fact, Kandi has a strong U.S. presence in go-karts and specialized EV products, and we are making great strides in our EV business in China as we shift our focus toward this market. We stand by our business strategy and results. At the same time, we felt it was important to clarify several questions that were raised. The following are our responses on the topics raised in the inaccurate article.
1. Source of Revenue. As we have described clearly and repeatedly in our public filings, Kandi Technologies Corp. (“Kandi”) is a leading Chinese manufacturer and supplier of off-road vehicles and developer of pure electric vehicles (EV). As disclosed in our 10-K reports, we sell our vehicles to distributors, Chinese exporters and export agents, but not dealers. Kandi itself has no direct dealer network and is not involved in the distributors’ retail supply chain. Kandi is not aware of the dealers to whom the distributors sell our vehicles, and we have no relationship with them. To the best of our knowledge, these distributors through their dealer networks distribute our vehicles throughout the world.
At 10:01 on January 4, 2015 Source: Automotive News
Abstract: China battery manufacturers Tianneng Power International Ltd., said in 2015, Zhejiang electric car company will supply lithium-ion battery Condit annual contract amount not less than 260 million yuan(41,698,800.00 USD).
Chinese battery maker Tianneng Power International Ltd., said in 2015, Zhejiang electric car company will supply lithium-ion battery Condit annual contract amount not less than 260 million yuan(41,698,800.00 USD).
Notice that the day to power the car industry in Zhejiang Condit lithium fiscal 2015 sales contracts signed, the two sides agreed to conduct extensive cooperation and promote the use of electric vehicles in the business models, Condi in 2015 promised to day to day to subsidiaries Energy technology is not less than the total value of 260 million yuan purchase of lithium-ion battery.
Condi car industry is in NASDAQ-listed technology Condi's business, is one of the Chinese government to obtain accreditation of the largest manufacturers of electric vehicles, products and services primarily for public transport electric city car, the use of Hangzhou market mature operational experience, promote the use of electric vehicles to become a leader in the market segments.
Last year, Condi car industry and Chinese private car maker Geely Automobile formed a 50-50 joint venture to develop a small short-range electric vehicle classification market.
The short position is consistently yelling KNDI is a fraud.
For me. it's not plausible when we examine certain facts.
http://www.forbes.com/profile/li-shufu/
First, our partner....
Net Worth
$2.4 Billion
As of October 2014
Age 51
Source Of Wealth automobiles, Self Made
Residence Hangzhou, China
Education Master of Science, Yanshan University
Li Shufu on Forbes Lists
#53 China Rich List
#54 in 2013
#973 Billionaires
#65 in China
Li Shufu's family didn't have the money when he was young to buy toy cars, so he made them from sand near his house. Now he owns a whole car company. After paying $1.8 billion for Swedish automaker Volvo in 2010, he is bringing the storied brand back to health.
Looks like we're getting their discontinued models....
Volvo Billionaire Owner Revamps China's Big Geely Brand
Chinese billionaire Li Shufu is revamping his flagship Zhejiang Geely Holding Group Co. after setting Swedish automaker Volvo Cars on a five-year renewal. His latest move involves killing three brands.
At the National Aquatics Center in Beijing last night, Li handed the keys of the carmaker’s latest Geely GC9 sedan to members of the Chinese national swimming team, which the company is sponsoring. The carmaker will replace its Emgrand, Gleagle and Englon ]marques introduced in 2009 and market all future models under the single “Geely” brand.
The Hangzhou, China-based automaker will also concentrate on creating “refined cars” instead of making “good yet affordable” autos as it seeks to stands out in the world’s largest auto market, according to the company. Li is embarking on the revamp as the carmaker’s sales slumped 22 percent last month from a year earlier amid a broader slide in market share by homegrown marques to foreign brands led by Volkswagen AG and General Motors Co.
“Chinese can not only make cars, but are also capable of making good cars,” An Conghui, chief executive officer of Zhejiang Geely, told reporters at the event yesterday. “We are utilizing the very best designers the automotive world offers to create a new global design language.”
Photographer: Tomohiro Ohsumi/Bloomberg
A worker assembles car doors for the Geely Automobile Holdings Ltd. Emgrand EC7 sedan... Read More
Geely Automobile Holdings Ltd. (175), its Hong Kong-traded unit, declined 17 percent this year through yesterday, compared with a 1.2 percent drop in the benchmark Hang Seng Index.
Volvo Designer
The GC9 sedan, which comes in three engine variants starting from 1.8 liters, will begin sales in March and is crafted by former Volvo Cars design director Peter Horbury. He crossed over to Geely after Li bought the Swedish carmaker from Ford Motor Co. in 2010.
Geely didn’t provide a price for the GC9. Other full-sized sedans priced around 150,000 yuan ($24,000) with similar features include the Toyota Camry and Mazda 6, said Harry Chen, a Shenzhen, China-based analyst at Guotai Junan Securities Co.
“Geely and other local carmakers have to make a breakthrough and move up the food chain by introducing more sophisticated models,” said Chen, who has a neutral rating on Geely Auto. “It is challenging as the GC9 is targeting a segment dominated by foreign players, but they have to tough it out. By consolidating the brands, the company can save costs on marketing and enhance efficiency.”
The Chinese government will be among the first buyers for the GC9, using it to ferry foreign diplomats and visiting dignitaries. Geely signed an agreement in October to sell 50 GC9 sedans and 20 Volvo S80L cars to the Diplomatic Personnel Service Bureau, an arm of China’s Ministry of Foreign Affairs.
Volvo Cars CEO Hakan Samuelsson, who was present at yesterday’s event, said the Swedish carmaker is “sincerely cooperating” with Geely to maximize the synergies between the two brands.
To contact Bloomberg News staff for this story: Tian Ying in Beijing at ytian@bloomberg.net
To contact the editors responsible for this story: Chua Kong Ho at kchua6@bloomberg.net Terje Langeland
There been some concerns cited over this payment by some because they can't find this company on the internet. This could be for a number of reasons.
For sure we need more clarity going forward. I suspect it's Nanjing Automobile which is SAIC since 2007. Just a guess.
Financial Condition Liquidity and Capital Resources Working Capital
We had a working capital surplus of $108,121,553 as of September 30, 2014, compared to a working capital deficit of $24,027,852 as of September 30, 2013.
As of September 30, 2014, the amount of advances to suppliers was $58,777,479, which included the advance of RMB353 million, or approximately $57,342,430, for a prepayment by Kandi Wanning to an equipment supplier - Nanjing Shangtong Auto Technologies Co., Ltd. (“Nanjing Shangtong”) for equipment purchases relating to developing Kandi Wanning’s manufacturing factory in Wanning city, Hainan province. The equipment will be purchased and delivered according to the construction schedule and development of Kandi Wanning. This advance will be used to offset the equipment purchase price upon delivery.
As of September 30, 2014, we had credit lines from commercial banks of $41,910,331, of which $35,412,606 was used as of September 30, 2014.