Kandi Technologies Reports First Quarter 2013 Financial Results

– Company gained significant sales in UTV growing 677.4% YoY –

– ATV sales Increased 27.5% YoY –

JINHUA, China, May 14, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today reported financial results for the first quarter ended March 31, 2013.

For the three months ended March 31, 2013:

• Revenues grew 2.1% to $14.67 million from $14.36 million last year;
• UTV revenues had a significant increase of 677.4% from $74,433 to $578,673, while ATV sales grew 27.5% to $2.55 million in the quarter from $2.00 million a year ago;
• Operating income rose 5.1% to $1.90 million as gross profits grew 0.9% to $3.37 million compared with $3.34 million in the first quarter of 2012;
• GAAP net income was $2.24 million, a slight decrease of 6.1% compared with $2.38 million in the 2012 first quarter;
• EV sold 302 units in the first quarter compared with 296 in the first quarter of 2012;
• Working capital surplus was $19.94 million at the end of March 31, almost unchanged from the same period last year

Mr. Xiaoming Hu, Chairman and CEO of the Company commented, "The first quarter has been our slowest quarter due to the Chinese New Year Holiday. However, we are still pretty happy about our steady financial results. As we anticipate that 2013 will be Kandi's breakout year, we have successfully started our expansion plan in Shandong and Hainan, as well as enhanced our brand and profile via a joint venture with Geely Auto. We are confident that our efforts will help Kandi's leadership position in the emerging EV market."

"Given our new manufacturing facility in Changxing with full scale production and assembly line, coupled with Geely's experienced operation and marketing team, Kandi will assure its continuous success as China's leading pure EV provider," Mr. Hu concluded.

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicles. Kandi has established itself as the one of the world's largest manufacturer of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

CONTACT: Kandi Technologies Group, Inc.
         
         China:
         Email: IR@kandigroup.com
         Phone: 86-579-82239856
         
         U.S.A.:
         Email: IR@kandigroup.com
         Phone: 1-212-551-3610