Kandi Technologies Announces the Receipt of Extend Supply Chain Finance Program of RMB 1.6 Billion (USD 237.2 Million)
02/05/2019
Jinhua, China--(February 4, 2019) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi"), announced today that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", an equally held joint venture by Kandi Vehicles and Geely Group, Ltd.) has received a RMB 1.6 billion (approximately US$237.2 million) supply chain finance (SCF) program, to be used as capital support for the JV Company, from the National Economic and Technological Development Zone of Rugao City. The total capital support amount of the SCF program has increased to RMB 1.6 billion (approximately US$237.2 million) based on the initial SCF program of RMB 7.3 million (approximately US$1.08 million) we received in May 2017. As of February 3, RMB 1.28 billion (approximately US$190.2 million) has already been received, and the remainder will be provided according to the JV Company's capital requirements.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "the JV Company has garnered significant attention and support from the government. After receiving the manufacturing license, there has been an increase of support; I believe this positive relationship will continue on into the future. The management team of the JV company views 2019 as an exciting year for renewed interest in and growth of Kandi’s pure electric vehicles, and we anticipate a productive year full of achievements and milestones for the Company.”
Note: All the currency conversions from RMB to USD referred to in this press release are based on an exchange rate of 1RMB = 0.15 USD, published by www.xe.com on the date before the release of this press release.
