Kandi Announces Establishment of China Battery Exchange Technology Co., Ltd.

JINHUA, CHINA, Sept. 14, 2020 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced the establishment of a wholly-owned subsidiary for its battery swapping services: China Battery Exchange Technology Co., Ltd.

By establishing the China Battery Exchange Technology Company, Kandi can better monetize its dozens of patents in the field of battery swap systems. The new Company can also attract strategic investors to participate across the whole sector value chain, including battery swapping services and used battery recycling.

Kandi Chairman and CEO Hu Xiaoming commented: “Kandi is a pioneer in the battery swap concept. As the inventor of the ‘vehicle/battery separation’ battery swap model, we have overcome many obstacles in the development of our company due to past controversy around this concept. Fortunately, on April 23, 2020, the Ministry of Finance and other three Ministries in China jointly issued a paper strongly supporting and encouraging the ‘vehicle/battery separation’ battery swapping model. In a 2020 Government Work Report, for the first time the battery swapping station is included in infrastructure construction that promotes renewable energy vehicles. We are gratified to see the government fully support this model. By establishing the China Battery Exchange Technology Company, we believe Kandi is even better positioned to reignite growth in the near future.”

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 securities laws, the Company does not assume a duty to update these forward-looking statements.

Contacts:

Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: +1 (212) 551-3610
Email: [email protected]

The Blueshirt Group
U.S.:
Mr. Gary Dvorchak
Email: [email protected]

China:
Ms. Susie Wang
Email: [email protected]