Kandi Electric Vehicles Group (KNDI), Shanxi Coal Enter Strategic Cooperation Agreement
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Kandi Technologies Group, Inc. (NASDAQ: KNDI) today 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 strategic cooperation agreement with Shanxi Coal Asset Management Group (“Shanxi Coal”) to sell over 50,000 electric vehicles (“EVs”) during a five-year cooperation period. The agreement was signed by Mr. Hu Xiaoming, Chairman of the JV Company and Mr. Wang Jianping, Chairman of Shanxi Coal.
The JV Company and Shanxi Coal signing a strategic cooperation agreement
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/cea9ef83-6b96-4a8c-8f2d-17a817c9efd0.
Shanxi Coal is a subsidiary of Shanxi Financial Investment Holding Group Co., Ltd. (“Shanxi Holding”), which is a wholly state-owned company. Established by the People's Government of Shanxi Province, Shanxi Holding is directly funded and managed by the Shanxi Finance Bureau. The primary business of Shanxi Coal is the management, recovery and operation of coal asset development funds.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “The JV Company and Shanxi Coal will succeed through cooperation. Shanxi abounds in mineral resources and has tremendous market potential, with a strong demand for zero emission all-electric vehicles. Our cooperation agreement with Shanxi Coal is a major milestone in our successful expansion throughout China.”
“Recently, the industry-wide review of subsidies has put enormous pressure on us. Additionally, there have been certain misunderstandings regarding our EV battery exchange method, which was initiated by the Company for efficient battery utilization. We have been working diligently with the government and related authorities to clarify this issue and we believe there will be a positive outcome. Meanwhile, the Company has started to strategically optimize our overall business model to cope with subsidy policy changes, with a focus on manufacturing profitable EV products even without subsidy payments. We are fully confident that both the JV Company’s and Kandi’s businesses will continue to experience rapid growth in 2017,” Mr. Hu concluded.
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