Kandi Technolgies Corp (KNDI)

[PennyWorld]

On August 9th, Kandi announced the construction of four additional stereo charging garages is on schedule to be completed in September. Incorporated into the municipal transit system as a microbus last mile solution, the City of Hangzhou expects completion of between 30-40 garages in Hangzhou before the end of 2013, as does the General Manager of ZZY. The garages are expected to accommodate 5,000-10,000 vehicles during this first phase of this project. Subsequent development of the car share network in Hangzhou is expected to reach 100,000 vehicles by 2017. Upon this build-out, Kandi would be operating the largest purely electric vehicle sharing program in the world. Agreements to develop facilities and operations in other provinces such as Chengdu in Szechuan Province, Wanning in Hainan Province, Changxing in Zhejiang Province and Shanghai (which expects to be operational by the end of this year) indicate that Kandi's success will not be constrained to Hangzhou. Once proven, Kandi's EV leasing and car share programs will have the potential to occupy a significant portion of the growing market share that is projected for new energy vehicles in China.