Kandi Announces Establishment of Rideshare Company
October 26 2020 - 9:05AM
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.
Follow us on Twitter: @ Kandi_Group
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 susie@blueshirtgroup.com
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