Kandi Technologies (KNDI) Unit Receives Second $14.5M Subsidy Payment from Hainan Provincial Government

November 29, 2016 8:33 AM EST

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Kandi Technologies Group, Inc. (Nasdaq: KNDI) announced that its wholly-owned subsidiary Kandi Electric Vehicles (Hainan) Co. Ltd (“Kandi Hainan”) has received a second subsidy payment of RMB 100 million (approximately USD 14.5 million*) from the Hainan Provincial Government. Pursuant to an agreement with the Hainan Provincial Government, Kandi Hainan will receive a total of RMB 300 million (approximately USD 43.4 million) in subsidy payments to support its research and development expenditures for a new model of electric vehicle (“EV”). The subsidy payment schedule is based on the progress of Kandi Hainan’s new EV model development, and to date Kandi Hainan has received total payments of RMB 200 million (approximately USD 29.0 million).

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “This second timely subsidy payment from the Hainan Provincial Government has helped to ensure the continued progress of EV research and development at our Hainan facility. We are very grateful for the Hainan government’s generous support and will use the subsidy funds to develop the best possible EV products that also satisfy market needs.”

Note: All the currency conversions from RMB to USD referred to in this press release is based on the exchange rate of 1RMB = 0.1447 USD, published by www.xe.com on the date before the release of this press release.

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