Kandi Technologies (KNDI) Receives RMB100M Initial Subsidy for R&D

August 8, 2016 8:33 AM EDT

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Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ: KNDI) today announced that its wholly-owned subsidiary Kandi Electric Vehicles (Hainan) Co. Ltd (“Kandi Hainan”) has reached an agreement with the Hainan Provincial Government for Kandi Hainan to receive an RMB 300 million (approximately USD 45.1 million) subsidy to support its research and development expenditures on a new model of electric vehicle. The subsidy payment schedule is based on the progress of Kandi Hainan’s new model development and the initial payment of RMB100 million (approximately USD15 million) has already been received.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “We very much appreciate the Hainan government’s generous support. We will use the funds to develop the best possible electric vehicle products that also satisfy market needs.”

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