Kandi JV Company Received Approval to be Pure Electric Vehicle Production Manufacturer by MIIT
08/07/2019
Jinhua, China--(August 7, 2019) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") today announced thatKandi Electric Vehicles Jiangsu Co., Ltd. (“Kandi Jiangsu”), the wholly-owned subsidiary of Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”, a joint venture owned by Geely Group (including its affiliate) and Zhejiang Kandi Vehicles Co., Ltd.,with each owning 56.53% and 43.47% stakes, respectively) received an approval from the Ministry of Industry and Information Technology (“MIIT”)to be a pure electric vehicle production manufactureras published in theprovisions of its Announcement No. 322,“Road Motor Vehicles Manufacturers and Products.” As a result, Kandi Jiangsu has been granted“dual production licenses,”a qualification recognized by both the National Development and Reform Committee ("NDRC") and MIIT.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “Finally, after years of diligent work and dedication, we have successfully reachedthis satisfying result! The receipt of “dual production licenses” marks a milestone for Kandi, as well as a new beginning. We believe that the JV Company will be able to achieve glorious future growth underGeely’s leadership.”
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “Finally, after years of diligent work and dedication, we have successfully reachedthis satisfying result! The receipt of “dual production licenses” marks a milestone for Kandi, as well as a new beginning. We believe that the JV Company will be able to achieve glorious future growth underGeely’s leadership.”
