Jinhua, China, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) announced today the establishment of the company that intends to operate a ridesharing service across China. The operating company will operate under the name Zhejiang Ruiheng Technology Company (“Ruiheng”). The company was established by Zhejiang Ruibo New Energy Vehicle Service Company Ltd. (“Ruibo”), Jiangsu Jinpeng Group Ltd. (“Jinpeng”) and Kandi. Ruibo, Jinpeng and Kandi each owns 80%, 10%, and 10% of Ruiheng, respectively. The operating company was approved by the Hangzhou Xihu District Market Supervision Administration after an extensive application process.
Ruiheng intends offer a ride-sharing service utilizing a fleet of 300,000 government-accredited pure electric vehicles, with an initial focus on pilot operating programs for vehicle-battery separation and exchange services in Haikou in Hainan province and Shaoxing in Zhejiang province. Ruiheng’s wholly owned subsidiary in Hainan province, Hainan Ruiheng Technology Company has received approval from the Hainan Market Supervision Administration and is working on filings and documentation pertinent to operating 1,000 Kandi K23 regulatory-compliant vehicles in Hainan. The Company expects to receive approval soon and will start trial operations immediately thereafter.
Ruiheng is also preparing filings and documentation to launch a pilot program of 2,500 Kandi K23 regulatory-compliant vehicles in the city of Shaoxing in Zhejiang province. The Company expects to initiate this pilot program in November 2020.
Upon successful completion of the two pilot programs, the remainder of the 300,000 compliant vehicles in the rideshare program will be put into service in other third and fourth tier cities across China.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company”). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. Geely Group (including its affiliate) and Kandi Vehicles currently holds 78% and 22% of the equity interests in the Affiliate Company, respectively. The Affiliate Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.
More information about KNDI is available on the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.
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 applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
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Contacts:
Kandi Technologies Group, Inc.
Ms. Kewa Luo
+1 (212) 551-3610
IR@kandigroup.com
The Blueshirt Group
Mr. Gary Dvorchak, CFA
+1 (323) 240-5796
gary@blueshirtgroup.com
Ms. Susie Wang
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