Three of Kandi JV’s EV Models Eligible for 110% of Central Government Subsidy
07/14/2017
Jinhua, China - (July 14, 2017) - Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS: KNDI) today announced that the Geely Global Hawk electric vehicle (“EV”) model SMA7001BEV25 (the Kandi Model K17A), developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company”, a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group), has been included as a new recommended model vehicle in the Ministry of Industry and Information Technology of the People’s Republic of China’s (the “MIIT”) Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (the “Sixth Annual Directory of New Energy Vehicles”) in the MIIT’s third public announcement of 2017.
According to the Ministry of Finance, the Ministry of Science and Technology, the MIIT, and the National Development and Reform Commission’s (the "Four Ministries") Notice of Financial Subsidy Policy Adjustment for Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion, new energy passenger vehicles are required to incorporate enhanced battery power systems with increased energy density quality of higher than 120wh/kg in order to receive 110% of the central government subsidy for such vehicles. Three of the JV Company’s EV models - SMA7000BEV05(K12), SMA7000EV06(K10D), and SMA7001BEV25(K17A) - have successfully achieved this standard after receiving technology upgrades. As a result, all three of these models are eligible to receive a 110% subsidy from the central government.
Mr. Hu Xiaoming, Chairman of Kandi commented, “Through a transformation in our technology, Kandi’s battery systems have obtained much higher quality energy intensities. Eligibility to receive 110% of the central government subsidy for our three EV models mentioned above will be a competitive advantage for us and a significant driver of growth going forward. We believe the approval of these three models will contribute to the Company’s continued development in the second half of 2017.”
According to the Ministry of Finance, the Ministry of Science and Technology, the MIIT, and the National Development and Reform Commission’s (the "Four Ministries") Notice of Financial Subsidy Policy Adjustment for Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion, new energy passenger vehicles are required to incorporate enhanced battery power systems with increased energy density quality of higher than 120wh/kg in order to receive 110% of the central government subsidy for such vehicles. Three of the JV Company’s EV models - SMA7000BEV05(K12), SMA7000EV06(K10D), and SMA7001BEV25(K17A) - have successfully achieved this standard after receiving technology upgrades. As a result, all three of these models are eligible to receive a 110% subsidy from the central government.
Mr. Hu Xiaoming, Chairman of Kandi commented, “Through a transformation in our technology, Kandi’s battery systems have obtained much higher quality energy intensities. Eligibility to receive 110% of the central government subsidy for our three EV models mentioned above will be a competitive advantage for us and a significant driver of growth going forward. We believe the approval of these three models will contribute to the Company’s continued development in the second half of 2017.”
