Kandi Technologies and State Grid Corporation Affiliate Hangzhou Electric Vehicle Service Co. Sign Strategic Cooperation Agreement

JINHUA, China, July 11, 2011 /PRNewswire/ -- Kandi Technologies, Corp. (Nasdaq: KNDI), a leading Chinese supplier of off-road vehicles and developer of pure electric vehicles (EV), recently announced the signing of a strategic cooperation agreement with Hangzhou Electric Vehicle Service Co., Ltd., effective July 5, 2011. Hangzhou Electric Vehicle Service Co., a professional service company affiliate of State Grid Corporation, is assisting the local municipal government in launching the 20,000 pure electric vehicle pilot program for Hangzhou consumers through the end of 2012. Hangzhou Electric Vehicle Service Co. also manages the local State Grid "Express Change" battery service network.

The strategic cooperation will establish a strong relationship through which Kandi's pure electric vehicles will become a preferred vehicle of choice for Hangzhou Electric Vehicle Service Co. and will leverage and promote Kandi's unique "Express Change" business model.  Under the agreement, Hangzhou Electric Vehicle Service Co. will ensure that the service network being built by State Grid will support Kandi's technical requirement and infrastructure needs, while permitting efficient and effective operation of Kandi's EVs.  

"We are very pleased to announce our newest strategic partnership with Hangzhou Electric Vehicle Service Co. This cooperative agreement will form a solid foundation for consumers' access to Kandi's pure electric vehicles in the Hangzhou market," said Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies.

About Kandi Technologies, Corp.

Kandi Technologies, Corp. (Nasdaq: KNDI) is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second-generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO EV are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010. The Company's products can be viewed at http://www.kandivehicle.com and its corporate website is http://www.chinakandi.com.

Information Regarding Forward-Looking Statements

The foregoing press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements about the Company's expectations, beliefs, intentions or strategies for the future, which the Company indicates by words or phrases such as "anticipate," "expect," "intend," "plan," "will," "we believe," "our company believes," "management believes" and similar language. These forward-looking statements are based on the Company's current expectations and are subject to certain risks, uncertainties and assumptions. The Company's actual results may differ materially from results anticipated in these forward-looking statements. The Company bases its forward-looking statements on information currently available, and it assumes no obligation to update them. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements.

Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Contacts:
Kandi Technologies, Corp.
Xiaoming Hu
Chairman and CEO
86-579-82239856

Cathy Cao
Executive Vice President of Finance
212-551-3610
e-mail: [email protected]

Jeff Lambert, Mike Houston
Lambert, Edwards  & Associates
616-233-0500
e-mail: [email protected]

SOURCE Kandi Technologies, Corp.