Kandi Pure Electric Vehicle Project Received Approval
01/10/2019
JINHUA, CHINA-- (January 9, 2019) - Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that Kandi Electric Vehicles Jiangsu Co., Ltd. (“Kandi Jiangsu”), the 100% owned subsidiary of Kandi Electric Vehicles Co., Ltd. (the “JV Company”, a joint venture owned by Kandi Vehicles, Geely Group, Ltd., and Geely Group (Ningbo) Ltd. with each company owning 50%, 26.08%, and 23.92% stakes in the venture respectively) received an approval notice from Jiangsu Development and Reform Commission regarding Kandi Jiangsu’s annual capacity of 50,000 pure electric vehicles project (“EV Project”) on January 8, 2019. The approval was granted pursuant to the provisions of Announcement No.22 - the “Regulations on the Administration of Investment in the Automobile Industry” (“Auto Regulations”) published on December 18, 2018 by the National Development and Reform Commission (the “NDRC”). Kandi Jiangsu’s EV Project application was assigned to the Jiangsu Provincial Development and Reform Commission to review and approve.
Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “Due to the State’s initiative on the Renewable Energy Vehicle Enterprise Clean-up Regulations Act in May 2017, the approval process for the new independent pure electric vehicle enterprise investment project was suspended, which negatively impacted Kandi’s operations. Announcement No.22- Auto Regulations was issued afterwards to replace the original Announcement No. 27. The updated regulations increased the difficulty by raising the standards for passing applicants. However, under Article 48 in the updated regulations, the applicants prior to the execution of the Renewable Energy Vehicle Enterprise Clean-up Regulations Act have been reviewed based on the old rules by the Provincial Development and Reform Commission, therefore, Kandi Jiangsu was approved. Only three enterprises nation-wide were approved. This approval of Kandi’s EV Project marks a milestone for the Company. In light of the positive outcome, this will be one of the many milestones in 2019 which will enhance Kandi’s brand value and competitiveness, and in turn, driving Kandi’s EV business growth to the next level.”
