Kandi Technologies Group (KNDI) Joint Venture Unveils New Global Hawk K21 EV

August 22, 2016 8:58 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 unveiled its new pure electric vehicle (“EV”) model named the “Global Hawk K21.” This new all-electric sedan is equipped with automatic braking technology, a voice control system, a infotainment system, remote software update capabilities, and a fully-integrated electrical control system. Packaged with the ternary battery, the vehicle has a top speed of 100+ km/h and a driving range exceeding 150km on a single full charge. The Global Hawk K21 joins the ranks of mid-tier luxury pure electric vehicles offered by the JV Company.

Mr. Hu Xiaoming, Chairman and CEO of Kandi, commented, “The Chinese government recently issued the final guidance that regulates the booming online ride-hailing services industry, and these guidelines will help promote development while standardizing industry behavior. Ride-hailing services are now in high demand, and this new model developed by the JV Company is designed to meet current market needs. Although the K21 model features a range of advanced technologies, the retail price remains exceptionally competitive. This vehicle is in the application process with the China’s Ministry of Industry and Information Technology (“MIIT”), and we hope to get MIIT approval by the year-end. We anticipate releasing the Global Hawk K21 to the market in the beginning of 2017, and expect to sell more than 30,000 units by the end of that year.”

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