Kandi Technologies Reports the Receipt of RMB 100 Million (USD 14.5 Million) in Third Subsidy for R&D Expenditures
01/03/2019
JINHUA, CHINA-- (January 2, 2019) - Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that its wholly-owned subsidiary Kandi Electric Vehicles (Hainan) Co., Ltd., (“Kandi Hainan”) received a third subsidy payment of RMB 100 million (approximately USD 14.5 million*) from the Hainan Provincial Government. Pursuant to an agreement with the Hainan Provincial Government, Kandi Hainan was granted a total of RMB 300 million (approximately USD 43.5 million*) in subsidy payments to support its research and development expenditures for a new electric vehicle ("EV") model. To date, Kandi Hainan has received the entire subsidy totaling RMB 300 million (approximately USD 43.5 million*).
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “Receiving our third subsidy is a strong indication of the Hainan local government’s satisfaction regarding the progress of research and development for a new EV model and construction at the Hainan factory. We will properly allocate the subsidy funds to accelerate the production and development of the best EV products that are expected to exceed consumer demands in order to capture profits and expand market share."
*Note: All of the currency conversions from RMB to USD referred to in this press release are based on the exchange rate of 1RMB = 0.145USD, published by www.xe.com on the date before the release of this press release.
