Kandi Announces the Sale and Delivery of 700 Kandi Brand Electric Vehicles in Guangzhou City
Kandi Technologies, Corp. 8 minutes agoGlobeNewswire
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JINHUA, China, Dec. 18, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), today announced that Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. ("JiHeKang Sales"), a wholly owned subsidiary of Kandi Electric Vehicles Group Co., Ltd. (the "JV Company")* and Guangzhou MingZhi Auto Trade Co., Ltd. ("Guangzhou Mingzhi"), a local auto distributor in Guangzhou, signed a contract for sale of 700 Kandi brand electric vehicles ("EVs") in November. On December 16, all 700 Kandi brand EVs including 550 SMA7000BEV and 150 SMA7001BEV were delivered to Guangzhou MingZhi. The sales revenue for the 700 EVs is valued at approximately RMB 90.2 million or USD 14.5 million.
Guangzhou Mingzhi will be responsible for promoting and implementing EV leasing businesses in Guangzhou market. Working directly with the local auto distributor will be an effective marketing strategy to enhance Kandi brand's market visibility and attract more renewable energy automobile pilot cities to promote and purchase Kandi brand EVs. Guangzhou is one of the national renewable energy automobile pilot cities, therefore, the purchaser of Kandi's two EV models are eligible to receive the same amount of subsidy payment from both the national government and the local government.
Guangzhou, located in South China, is the capital city of Guangdong province with a population of more than 13 million. Guangzhou serves as an important national transportation hub and trading port. Since 1957, in spring and autumn each year, China's largest trade fair with the most complete exhibit varieties and the broadest distribution of global buyers, "China Import and Export Fair", also known as "Canton Fair", is held in Guangzhou.
