JINHUA, CHINA, Feb. 04, 2020 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that its subsidiary SC Autosports (“SCA”), the exclusive distributor of Kandi electric cars in the U.S., has begun taking dealer applications to sell Kandi electric cars in the U.S..Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “After nearly two years of preparation, we are thrilled that SCA is ready to bring Kandi electric cars into the U.S. market.  We are confident in our electric cars and firmly believe that SCA will have a successful launch. We have already shipped cars to the U.S. and we look forward to ramping our imports as we build out our distribution network there.”Key milestones in preparation of the U.S. launch included:In February 2019, SCA received approval from the U.S. National Highway Traffic Safety Administration (NHTSA) for importation and registration in the U.S. for Kandi electric cars.In May 2019, SCA entered into an agreement with Northpoint Commercial Finance to provide potential dealers for Kandi electric cars with inventory financing.In September 2019, SCA received approval from the IRS for a $7,500 federal tax credit for purchases of Kandi Model K23.  In November 2019, SCA subsequently received approval from the IRS for a $7,500 federal tax credit for purchases of Kandi Model K27.In September 2019, SCA prepared for the launch of Kandi electric cars in the U.S. by marketing them at SCA’s annual Dealer Summit in Dallas, Texas.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, SC Autosports, LLC, 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.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 StatementThis 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.Company Contact:Ms. Susie Wang
The Blueshirt Group Asia
Phone: 86-13810817475
Email: [email protected]
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