Kandi Vehicles Signs Purchase Framework Agreement with DGL Groupfor 300,000 Electric Scooters and 500,000Electric Self-Balancing Scooters
09/23/2019
JINHUA, CHINA-- (September 23, 2019) - Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced thatMr. Hu Xiaoming, Chairman of Kandi, and Mr. Joey Wahba, CEO ofDGL Group Inc. (USA) (“DGL Group”)signed a Purchase Framework Agreement (“Agreement”)on behalf of Kandi’s wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”) and DGL Group regarding an initial batch order of 300,000 electric scooters and 500,000 electric self-balancingscooters. The total value of the Agreement is expected to be about RMB 500 million (approximately USD 70.5 million).The purchased products are expected to be completed and delivered within one year from the date of signing this Agreement.
DGL Group is a U.S.-based company focusing on market development, product sourcing, and sales. Having established a long-term strategic partnershipwith Walmart, Sam's Club, Home Depot, Kohl's, Dollar General, Bed Bath and Beyond, and other large retail stores, DGL is a leading full serviceprovider offering one-stop solution services to retail stores and supermarkets including, but not limited to, marketing research, product positioning development, quality control, and after-sales services. Since2017, DGL is Wal-Mart's largest supplier and strategic partner of electric self-balancing scooters under intelligent transportationproduct category. Internationally, DGLpartners withArgos inthe United Kingdomas its largest supplier and strategic partner of electric self-balancing scooters in the intelligent transportation product category. For more information about DGL Group, please visit www.dglusa.com.
Mr. Hu Xiaoming, Chairman of Kandi, commented,“Kandi is currently in the process of upgrading its pure electric vehicle products to comply with US regulations. The upgraded products will be launched in the U.S. market in the near future. Additionally, the electric vehicle products that are designed for China’s online ride-sharing market are also being improved.Kandi model K23 is expected to enter intothe online ride-sharing market soon.Given Kandi’s experience in off-road vehicle products development, Kandi is in a strong position to manufacture intelligent transportation products. Collaboratingwith DGL Group to develop intelligent transportationproducts together allows us utilize our best resources and expertise in thisarea. Beyondthe electric scooters and electric self-balancing scooters we are working on, the two parties are in discussion about further cooperation on other pure electric transportation products.”
DGL Group is a U.S.-based company focusing on market development, product sourcing, and sales. Having established a long-term strategic partnershipwith Walmart, Sam's Club, Home Depot, Kohl's, Dollar General, Bed Bath and Beyond, and other large retail stores, DGL is a leading full serviceprovider offering one-stop solution services to retail stores and supermarkets including, but not limited to, marketing research, product positioning development, quality control, and after-sales services. Since2017, DGL is Wal-Mart's largest supplier and strategic partner of electric self-balancing scooters under intelligent transportationproduct category. Internationally, DGLpartners withArgos inthe United Kingdomas its largest supplier and strategic partner of electric self-balancing scooters in the intelligent transportation product category. For more information about DGL Group, please visit www.dglusa.com.
Mr. Hu Xiaoming, Chairman of Kandi, commented,“Kandi is currently in the process of upgrading its pure electric vehicle products to comply with US regulations. The upgraded products will be launched in the U.S. market in the near future. Additionally, the electric vehicle products that are designed for China’s online ride-sharing market are also being improved.Kandi model K23 is expected to enter intothe online ride-sharing market soon.Given Kandi’s experience in off-road vehicle products development, Kandi is in a strong position to manufacture intelligent transportation products. Collaboratingwith DGL Group to develop intelligent transportationproducts together allows us utilize our best resources and expertise in thisarea. Beyondthe electric scooters and electric self-balancing scooters we are working on, the two parties are in discussion about further cooperation on other pure electric transportation products.”
