Kandi Pure Electric Vehicle Product Pursuing Expansion to the American Market
06/13/2018
JINHUA, CHINA--(June 12, 2018) - Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. (“JiHeKang”), a 100% owned subsidiary of Kandi Electric Vehicles Group Co., Ltd (the “JV Company”, a 50/50 joint venture between Kandi and Geely Group (Ningbo) Ltd.), signed a Framework Sales Agreement with Sportsman Country, LLC (“Sportsman”) on June 10th, 2018 for bringing its pure electric vehicles to the United States.
According to the terms, the JV Company will ship pure electric vehicle prototypes to the United States before August 10th, 2018. The shipment will include Model EX3 and Model K22, which are designed for the American market in order to precede opportunity analysis and market assessment. Sportsman is responsible for all necessary application procedures for the sale of the JV Company’s pure electric vehicles that are required in the United States. Detailed purchase and procurement plans will be determined based on the progress of preparation work.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "The pure electric vehicle market in the United States is full of potentials. The JV Company’s EV products are competitive in price and quality. Sportsman, as the wholly owned subsidiary of the Company, is capable of growing the EV business and expanding the sales channel in the United States.”
Mr. David Shan, Chairman of Sportsman said, “The electric vehicles that are manufactured by the JV Company possess a trendy appearance as well as good performance and affordable pricing; these are highly competitive in the US market. Sportsman is confident that this will be an opportunity to add variety in order to expand its product sales to maximize shareholders’ value.”
