Kandi’s JV Company Signs Framework Sales Agreement with Pang Da for 60,000 Electric Vehicles
Jinhua, China- (July 25, 2016) - Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS: KNDI) today announced that Kandi Electric Vehicles Group Co., Ltd. (the “JV Company,” a 50/50 Joint Venture between Kandi and Geely Automobile Holdings Ltd.) has signed a Framework Sales Agreement with Pang Da Automobile Trade Co., Ltd. (“Pang Da”) to sell electric vehicles (“EVs”) tailored for college campuses. Pang Da anticipates purchasing not less than 60,000 EVs from the JV Company in the next four years for its time-sharing campus EV lease program (the “Green Campus Drive Electric Campaign”).
“We are very pleased to cooperate with Pang Da to further promote its Green Campus Drive Electric Campaign,” commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. “This is a terrific program that recognizes the positive impact electric vehicles have on the environment. Pang Da’s initiative enhances the younger generation’s awareness and familiarity with EVs. We are honored to serve as the provider of high-quality EVs for the Green Campus Drive Electric Campaign.”
“In response to the national policy promoting the adoption of renewable energy vehicles,Pang Da has been actively working on expanding its Green Campus Drive Electric Campaign this year,” Mr. Chang Ye, Vice President of Pang Da, commented. “So far, Pang Da has signed a cooperative agreement with China Youth Publishing House and had its initial delivery of 50 Global Hawk brand EVs in Dongguan University of Technology offering time-sharing EV lease programs to university students and staff. The Global Hawk brandEVs are catering to campus needs and affordable for the target users. We believe Pang Da’s Green Campus Drive Electric Campaign will be a great success.”