Kandi Technologies Group (KNDI) Commences 'Global Hawk' EV Sales in Qingdao City

September 6, 2016 8:49 AM EDT

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Kandi Technologies Group, Inc. (Nasdaq: KNDI) announced that Kandi Electric Vehicles Group Co., Ltd. (the “JV Company,” a 50/50 joint venture between Kandi and Geely Automobile Holdings Ltd.) has signed a purchase and sale agreement with Qingdao TELD New Energy Co. Ltd. (“Qingdao TELD”) to sell its “Global Hawk” series all-electric vehicles (“EVs”) in Qingdao City, Shandong Province. The JV Company has received an initial payment of RMB56 million (approximately US$8.4 million) from Qingdao TELD.

Qingdao City is the sub-provincial city of Shandong Province and one of China’s national social and economic developing municipalities. Since the China State Council approved the plan to develop a “Blue Economic Zone” on the Shandong Peninsula - the nation’s first regional development strategy centered on the marine economy - Qingdao City has become a leading city of the Blue Economic Zone. On April 25, 2016, CBNWeekly (a magazine published by China Business Network Co., Ltd.) published an article indicating that Qingdao City made its list of new first-tier cities in China (according to a comprehensive city ranking survey). Qingdao City has a resident population of approximately 9 million and is one of China’s first pilot cities for the expanded use of renewable energy automobiles.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Shandong Province is a pioneer market in the electric vehicle industry and has rapidly increasing consumer awareness of electric vehicles. Our expansion in the Shandong market will provide fantastic new opportunities to grow Kandi’s brand and capture greater market share. We expect to exceed our sales goal of 3,000 electric vehicles in Qingdao City by the end of 2016.”

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