China’s government has been pushing for a while to make electrified models more popular there, and the tactics seem to have started to work. According to Green Car Reports, the country’s Ministry of Industry showed about 25,000 EVs and plug-in hybrids produced in June and 78,500 in the first six months of 2015. For comparison, Autoblog Green’s By the Numbers report indicated 8,738 plug-in vehicles were sold in the US that month, down 23 percent from 2014, and about 49,000 units in the first half of the year.
There are major caveats for these Chinese figures, though. First, the numbers are only for passenger vehicles – 10,500 BEVs and 6,663 PHEVs – and the rest are considered commercial models, according to Green Car Reports. Also, the government there includes neighborhood electric vehicles with low top speeds and short ranges in the tally, which further skews thing because they’re excluded from the segment’s US sales figures.
While China is looking to miss its 500,000 EV target for 2015, there continue to be advancements thanks to government support. Kandi Technologies is broadening its Micro Public Transportation sharing and leasing service with 2,000 of its EVs for the city of Kumming. Already available in nine other Chinese cities, the company claims that the network reduces traffic congestion, and it could be up and running there by the end of the year. Hopefully, the deal means another EV vending machine.
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-Plans to Deliver 2,000 Kandi Brand Electric Vehicles by the End of 2015-
JINHUA, China, July 13, 2015 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”, a 50/50 Joint Venture between Kandi and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd.) plans to deliver an initial order of 2,000 Kandi Brand electric vehicles (“EVs”) to launch Kunming’s Micro Public Transportation (“MPT”) program.
The JV Company and the Kunming municipal government agreed to promote the MPT program after a delegation from Kunming visited the JV Company last week and reviewed the progress of the MPT program in Hangzhou. The delegation was led by Mr. Wang Chunyan, a Deputy Mayor of Kunming, and included government officials from Kunming Development and Reform Commission, Finance Bureau, Industry and Information Committee, Science and Technology Bureau, Communication Bureau, Public Security, Housing and Construction Bureau, Urban Planning Bureau, and the Kunming University of Science.
To view an enhanced version of the Kunming municipal government delegation group visiting the JV Company, please visit:
http://orders.newsfilecorp.com/files/2079/16230_kandi_2.jpg
During the visit, Mr. Zhang Geng, a Deputy Mayor of Hangzhou, described how the MPT program has achieved remarkable progress in alleviating Hangzhou’s traffic congestion, and contributed to Hangzhou being ranked China’s Number One city in promoting renewable energy vehicles. Mr. Wang Chunyan also acknowledged the success of the MPT program and put forth the targeted plan for delivery of no less than 2,000 Kandi Brand pure EVs in Kunming by the end of 2015. The Kunming municipal government will support the MPT through financial subsidies and favorable land-use planning.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “We are very confident about the launch of the MPT program in Kunming and the delivery of 2,000 Kandi Brand EVs by the end of
2015. With strong government supporting policies, the MPT program will be the most efficient solution for easing Kunming’s traffic and environment concerns, while also promoting the city’s development and use of EVs.”
Kunming, well known as Spring City, is the capital and largest city in Yunnan Province, with a population of over 10 million people. It is the provincial political, economic, communications and cultural center, as well as the most popular tourist destination in southwest China. Due to its location, Kunming also serves as a transportation hub to Southeastern Asian Countries, and has been chosen by the national government to be one of the pilot cities for the national renewable energy automobile program.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China’s leading manufacturers of pure electric vehicle (“EV”) products (through its joint venture), EV parts and off road vehicles. More information can be viewed at the Company’s corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.
About Micro Public Transportation (“MPT”) Program
Kandi has been advocating, and through Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the “Service Company”), implemented the “Micro Public Transportation” model, or MPT, which provides a shared pure EV transportation platform that has not been previously afforded to urban residents. It is a network system for EV sharing & leasing as a model for public transportation to alleviate traffic congestion. It also includes a variety of the Long-term Group Leasing options, ideal for the companies, government entities and residential communities which lease at least 100 EVs on an annual basis. As of the end of 2014, the MPT had been launched, through the Service Company, in nine cities including Hangzhou, Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou and Rugao.
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.
