Kandi JV Company Enters Into Strategic Partnership With Pang Da
January 26, 2016: 09:31 AM ET
JINHUA, China, Jan. 26, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ: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 Strategic Cooperation Framework Agreement with Pang Da Automobile Trade Co. Ltd. (“Pang Da”). The scope of the agreement includes, but is not limited to, establishment of Kandi and Pang Da sales teams that will share marketing resources, development of customized new energy vehicle for use at campus, and additionally, Pang Da is authorized to sell Kandi Brand pure electric vehicles (“EVs”) in specific regions.
Pang Da, listed on Shanghai Stock Exchange (601258.SS), is China’s leading auto dealership, and has been recognized as one of China’s Top 500 Enterprises. Pang Da began selling Kandi Brand EVs in September 2015, and as of year-end 2015, had sold more than 2,000 Kandi Brand EVs.
The executive management teams from Kandi and Pang Da joined the signing ceremony in Beijing on January 22, 2016. The attendees included Hu Xiaoming, Chairman and CEO of Kandi, Pang Qinghua, Chairman of Pang Da, three representatives from Ssang Yong China Co. Ltd.: Wang Zhihong, General Manager, Liu Bin, Vice President and Gao Qingfeng, Assistant General Manager, Chen Ming, Director of President Office of Kandi, Zheng Tianbao, Regional General Manager of Pang Da Ssang Yong and Li Dianjun, Director of Pang Da New Energy Department.
About Pang Da Pang Da Automobile Trade Co., Ltd. is primarily engaged in the distribution, repair and maintenance of automobiles. The Company primarily sells and provides services to sedan cars under brands including Mercedes-Benz, Audi, Subaru, Ssang Yong, Brabus, and Volkswagen, among others; trucks; mini-vans; agricultural vehicles; construction machinery vehicles and commercial vehicles, among others. In addition, the Company also involves in the distribution of spare parts and the provision of after-sale services. Pang Da operates business through its 4S shops and wholly owned subsidiaries throughout China.
About Kandi Technologies Group, Inc. Kandi Technologies Group, Inc. (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 one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com.
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.