Kandi’s JV Company Signs Major Customer Cooperative Framework Contract with Didi Chuxing
04/12/2019
JINHUA, CHINA-- (April 11, 2019) - Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that Didi Chuxing Technology Co., (“Didi Chuxing”)’s primary auto solutions platform, Xiaoju Auto Leasing Division and Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”), a joint venture by Kandi Vehicles and Geely Group, Ltd. including its affiliates, a well-known Chinese pure electric vehicle (“EV”) manufacturing enterprise, took the next step in their collaboration by establishing a strategic partnership in order to take advantage of shared resources and opportunities. As a result of a series of key discussions, the JV Company and Didi Chuxing signed a major customer cooperative framework contract (the “Framework Contract”) on April 9, 2019.
According to the Framework Contract, Didi Chuxing will provide existing leasing-related platform resources to the JV Company for the Online Ride-Sharing Service Alliance’s 300,000 government-accredited EVs within five years. By showcasing Kandi’s leasing EV models to potential customers, Didi Chuxing’s customers will become more familiar with the products and services involved in facilitating the EV leasing partnership between Didi Chuxing and the JV Company. The JV Company and the Online Ride-Sharing Service Alliance are in charge of supplying government-accredited EVs to Didi Chuxing. In return, Didi Chuxing will dedicate its resources, including the use its corporate strategies to further promote and publicize the Online Ride-Sharing Service Alliance. The specific cooperative details for implementing in each city will be memorialized in separate agreements.
Mr. Hu Xiaoming, Chairman of Kandi Electric Vehicle Group, commented, “With the rapid expansion of Internet use in recent years, the urban public transportation solution has progressed from a self-driving timeshare car rental service to an online ride-hailing service, which has experienced tremendous growth. Starting in 2019, Kandi has shifted its focus to the development of providing government-accredited EVs. So far, we have secured 300,000 government-accredited EVs within five years for the Online Ride-Sharing Service Alliance, including the related agreements with Cao Cao Zhuan Che and China Resources (Zhejiang). Now adding this partnership with China’s largest mobile transportation platform, Didi Chuxing, will certainly help the Online Ride-Sharing Service Alliance grow quickly and play a crucial role in Kandi’s robust development in China’s EV market.”
