JINHUA, China, July 30, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that, due to the high demand for EV charging and parking facilities in Hangzhou city, Zhejiang province in China, on-street EV charging/parking stations have been added to the Hangzhou Car-Share Program network to meet the needs of the Car-Share Program participants. Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the "Service Company" or "ZZY") owns and runs the Car-Share Program. The Company, through its 50% ownership interest in Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), indirectly holds a 9.5% interest in the Service Company.
The on-street EV charging/parking stations are in addition to the vertical parking and charging facility that the Service Company has constructed to accelerate the establishment of the Car-Share Program.
The first on-street EV charging/parking station was launched at the beginning of June this year, and has received strong support from the government of Hangzhou municipal and West Lake District. The launch of the first on-street station was also well publicized by the various national media outlets, including China Central Television (CCTV) Channel 2, Channel 4, Channel 13 and other provincial TV stations.
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In contrast to the complex construction process for the vertical parking and charging facility, the on-street stations can be built more quickly and easily. As of now, there have been 30 on-street stations completed and added to the Hangzhou Car-Share Program network. Each on-street station has the capacity to park between 10 and 30 electric vehicles depending on the location, and includes charging facilities and onsite customer services.
At present, ZZY has a total of 50 stations within the Hangzhou Car-Share network including on-street stations, high-end hotel EV charging/parking stations, and smart vertical charging/parking garages. Additionally, through its long-term group leasing program ZZY has over 2000 EVs that benefit from use of the charging facilities. The long-term group leasing program is designed to meet the long-term rental needs of enterprises and community groups. Group leases require a minimum term of three years and a minimum of 100 EVs per group. Each group entity is responsible for its own charging facility, but ZZY provides each group entity with a maintenance service team for any technical support.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented "ZZY's additional charging and parking stations for the Car-Share Program will enhance the EV network and provide Hangzhou residents with more convenient EV rental experience. Furthermore, the long-term group leasing program has also been highly recognized by various enterprises. We are confident that both of ZZY's leasing models (the long-term group leasing and the Car-Share Program) will continue to succeed, which will benefit Kandi's EV development."
About the Car-Share Program
ZZY is the first in the market to have proposed the public pure electric vehicle sharing program (the "Car-Share" Program). Besides the zero-emission benefit, the Car-Share Program combines city taxis, the resident cars, rental cars and traditional mass transportation advantages, along with vertical automatic charging/parking garage and on-street EV charging/parking stations. This new business model for urban public transportation is designed to greatly improve the efficiency of urban car usage, as well as ease traffic congestion, alleviate demand for scarce parking resources, and reduce the environmental impact. Additionally, it will likely help to promote the global development of pure electric vehicles.
Individually driven pure EVs are utilized in the Car-Share Program. Its automated charging parking system is located at airports, train stations, hotels, business centers, selected residential areas and other places in the city that are typically congested due to commuter traffic. The network system provides EV rental service to individual drivers in and around the city. The network system also provides centralized management of EV maintenance, and battery charging to disperse self-service users. The EV rental station (or the charging/parking station) is the basic unit of the network system, providing a variety of services and transactions, such as charging, maintenance, battery recycling and other services related to the rental of EVs. In addition, a tracking system allows the Car-Share Program management to know at all times the precise location and the status of each vehicle.
This Car-Share Program model has been implemented in Hangzhou since the second half of 2013.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicles. Kandi has established itself as one of the world's largest manufacturers of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com. Kandi routinely posts important information on its website.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Source: Kandi Technologies, Corp.