Kandi Delivers Automatic Quick BatteryExchangeEquipment to Hainan Rideshare Operator
08/03/2020
JINHUA, CHINA(August 3, 2020)– Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced the achievement of a key milestone in its commercialization plan for its proprietary battery swap technology. On August 2, 2020, Kandi delivered its fully automatic intelligent battery exchangesystem to the rideshare operatorin Haikou City, Hainan Province. The system was developed and is produced by Kandi’s wholly-owned subsidiary, Zhejiang Kandi Smart Battery Swap Technology Company, Ltd. (formerly known as Jinhua Ankao Power Technology Company, Ltd.). Installation is expected to be completed shortly, after which the operating company will use the K23 model’s battery swap service for its online car-hailing business in Hainan.
Kandi Chairman and Chief Executive Officer Hu Xiaoming commented: “Kandi has been a pioneer in the battery swap concept, as the inventor of the ‘vehicle/battery separation’ battery swap model. We have encountered many obstacles in the development of our company due to the controversy around this concept in the past.Fortunately, on April 23,the Ministry of Finance and other three Ministries in China jointly issued a paperstrongly supporting and encouraging the ‘vehicle/battery separation’ battery swapping model. In a 2020 Government Work Report, for the first time the battery swapping station is included in infrastructure construction that promotes renewable energy vehicles.”
Hu continued: “We are gratified to see the government fully embrace this model, thus eliminating much confusion in the market. Fully automatic smart replacement brings tremendous potential to promote the growth of the EV market. With the Kandi system, customers get convenient, fast, intelligent, safe and efficient battery power replacement services. The swap does not require any human intervention, and only takes 90 seconds.With this advanced, patent-protected battery swapping system, we are confident in our near-term ability to drive the market for Kandi’s pure eclectic vehicles.”
Kandi Chairman and Chief Executive Officer Hu Xiaoming commented: “Kandi has been a pioneer in the battery swap concept, as the inventor of the ‘vehicle/battery separation’ battery swap model. We have encountered many obstacles in the development of our company due to the controversy around this concept in the past.Fortunately, on April 23,the Ministry of Finance and other three Ministries in China jointly issued a paperstrongly supporting and encouraging the ‘vehicle/battery separation’ battery swapping model. In a 2020 Government Work Report, for the first time the battery swapping station is included in infrastructure construction that promotes renewable energy vehicles.”
Hu continued: “We are gratified to see the government fully embrace this model, thus eliminating much confusion in the market. Fully automatic smart replacement brings tremendous potential to promote the growth of the EV market. With the Kandi system, customers get convenient, fast, intelligent, safe and efficient battery power replacement services. The swap does not require any human intervention, and only takes 90 seconds.With this advanced, patent-protected battery swapping system, we are confident in our near-term ability to drive the market for Kandi’s pure eclectic vehicles.”
