Kandi Technologies Announces the Receipt of Third 2015 Government Subsidy Payment for EV Sales
04/24/2017
Jinhua, China - (April 24, 2017) - Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS: KNDI), today announced that the electric vehicles (“EVs”) manufactured by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group) in 2015 have received total subsidy payments of RMB 603.5 million (approximately US$87.6 million) from the Chinese government for 2015, of which a prepayment of RMB 364.5 million (approximately US$52.9 million) was received on August 10, 2015, and RMB 239 million (approximately US$34.7 million) was received on April 21, 2017.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “the JV Company was top ranked in EV sales during 2015. Once the third central government subsidy payment for 2015 is received, there will be an annual settlement of all subsidy payments for 2015, and a further central government subsidy payment of RMB 400 million (approximately US$58.1 million) is expected to arrive. Although confusion surrounding EVs using the reusable battery exchange model that were manufactured and sold by the JV Company during 2013 and 2014 was finally resolved after dialogue with government authorities, the JV Company’s business in 2016 was nonetheless heavily impacted. With subsidy payment installments of arriving gradually, we will redouble our efforts to grow our business and hope to achieve more promising results in 2017.”
Note: All the currency conversions from RMB to USD referred to in this press release are based on an exchange rate of 1RMB = 0.1452 USD, published by www.xe.com on the date before the release of this press release.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “the JV Company was top ranked in EV sales during 2015. Once the third central government subsidy payment for 2015 is received, there will be an annual settlement of all subsidy payments for 2015, and a further central government subsidy payment of RMB 400 million (approximately US$58.1 million) is expected to arrive. Although confusion surrounding EVs using the reusable battery exchange model that were manufactured and sold by the JV Company during 2013 and 2014 was finally resolved after dialogue with government authorities, the JV Company’s business in 2016 was nonetheless heavily impacted. With subsidy payment installments of arriving gradually, we will redouble our efforts to grow our business and hope to achieve more promising results in 2017.”
Note: All the currency conversions from RMB to USD referred to in this press release are based on an exchange rate of 1RMB = 0.1452 USD, published by www.xe.com on the date before the release of this press release.
