Kandi Technologies Signs Strategic Cooperative Agreement with Northpoint Commercial Finance LLC--To provide financial services to Kandi EV dealerships in North America
05/10/2019
Jinhua, China--(May 9, 2019) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") announced today that it signed a Strategic Cooperative Agreement (the “Agreement”) with Northpoint Commercial Finance LLC (“Northpoint”) on May 8th 2019, a leader in commercial finance, supplying flexible inventory financing for clients in a variety of industries.
Kandi is planning on bringing several models of pure electric vehicles (“EVs”) from China to the North American market. Kandi EVs’ cutting-edge technology, trendy designs, affordable price points，and tax-advantaged benefits for USA consumers pursuant to IRS Section 30D create an exciting sales opportunity for Kandi’s new dealership network.
Northpoint specializes in inventory financing programs and is a subsidiary of Laurentian Bank of Canada. Northpoint has offices in Alpharetta, Georgia, and Burlington, Ontario. Laurentian Bank has been in business for over 170 years and has over $45 billion in assets. Northpoint’s inventory finance programs will help Kandi develop its distribution network by helping its dealers to: 1. grow sales revenues; 2. enhance cash flows; and 3. improve profitability.
Mr. Hu Xiaoming, Chairman of Kandi Electric Vehicle Group, commented: “Kandi is honored to collaborate with Northpoint to utilize Northpoint’s lending services for Kandi’s EV dealerships. Northpoint will provide flexible inventory financing to Kandi’s authorized dealers and will help satisfy Kandi dealers’ needs for inventory finance. Kandi and Northpoint are now parties to various dealer financing program agreements that will assist Kandi in developing its new pure EVs dealership network throughout North America.”
Northpoint and Kandi field sales teams are working together to identify new Kandi dealer prospects and accomplish effective underwriting assessments to establish a financially strong and stable Kandi pure EV dealership network. Northpoint and Kandi are also committed to working together to identify retail and leasing financing sources that will complement the Northpoint inventory financing programs for Kandi pure electric automobile dealers.
Kandi is planning on bringing several models of pure electric vehicles (“EVs”) from China to the North American market. Kandi EVs’ cutting-edge technology, trendy designs, affordable price points，and tax-advantaged benefits for USA consumers pursuant to IRS Section 30D create an exciting sales opportunity for Kandi’s new dealership network.
Northpoint specializes in inventory financing programs and is a subsidiary of Laurentian Bank of Canada. Northpoint has offices in Alpharetta, Georgia, and Burlington, Ontario. Laurentian Bank has been in business for over 170 years and has over $45 billion in assets. Northpoint’s inventory finance programs will help Kandi develop its distribution network by helping its dealers to: 1. grow sales revenues; 2. enhance cash flows; and 3. improve profitability.
Mr. Hu Xiaoming, Chairman of Kandi Electric Vehicle Group, commented: “Kandi is honored to collaborate with Northpoint to utilize Northpoint’s lending services for Kandi’s EV dealerships. Northpoint will provide flexible inventory financing to Kandi’s authorized dealers and will help satisfy Kandi dealers’ needs for inventory finance. Kandi and Northpoint are now parties to various dealer financing program agreements that will assist Kandi in developing its new pure EVs dealership network throughout North America.”
Northpoint and Kandi field sales teams are working together to identify new Kandi dealer prospects and accomplish effective underwriting assessments to establish a financially strong and stable Kandi pure EV dealership network. Northpoint and Kandi are also committed to working together to identify retail and leasing financing sources that will complement the Northpoint inventory financing programs for Kandi pure electric automobile dealers.
