Kandi Technologies Group, Inc. (NASDAQ:KNDI)

JINHUA, CHINA, March 16, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that it would delay the filing of its 2019 Annual Report on Form 10-K, which was originally due on March 16, 2020.  The impact in China of the current outbreak of COVID-19 has presented significant challenges and undue hardship and expense for the Company to file on a timely basis.  The Company has elected to rely on the order recently issued by the U.S. Securities and Exchange Commission (“SEC”) on March 4, 2020 providing conditional relief to public companies that are unable to timely comply with their filing obligations as a result of the novel coronavirus.

In response to the Chinese central government’s call to contain COVID-19 and to protect employee health, Kandi’s offices had been closed since January 2020 and operations did not restart until late February.  The accounting team and independent auditor were also not able to conduct on-site accounting and auditing work until March.  Considering the lack of time for the compilation, dissemination and review of the information required to be presented, the Company decided to rely on the SEC Order and will endeavor to file the Annual Report no later than April 30, 2020, which is 45 days after the Original Due Date.

JINHUA, CHINA, March 09, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that the company signed a real estate repurchase agreement (the “Agreement”) between Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), its wholly-owned subsidiary in China, and the Jinhua Economic and Technological Development Zone (“Jinhua Development Zone” or “local government”) that will enable Kandi Vehicles to optimize its production efficiency, lower operating costs, and generate a substantial cash inflow of over RMB 1 billion (USD143.9 million) by monetizing one of its largest assets.

Under the terms of the agreement signed on March 6, 2020, Kandi Vehicles will move its current production to a new facility in the New Energy Automotive Zone (“EV Zone”). The new EV Zone is located five kilometers from Kandi Vehicles’ current facility.  Kandi Vehicles will relocate to the new EV Zone when it is ready to accept new occupants, currently expected toward the end of 2020.  Kandi Vehicles intends to occupy approximately 16.5 acres (100 mu, or 66,773 square meters) of land in the new EV Zone, and will construct a compact, multi-story and highly efficient 100,000 square meter new factory.  The new factory will enable the Company to significantly lower operating costs due to more efficient manufacturing and logistics.  Kandi Vehicles will continue to produce in its current facility until the new factory is completed and operating.  Kandi will purchase the land use rights for approximately 16.5 acres (100 mu) for RMB 25 million (USD 3.6 million).  It expects to spend an additional RMB 100 million (USD 14.3 million) to construct and outfit the new facility.

As part of the transaction, the local government will repurchase Kandi Vehicle’s existing land, factory buildings, and real estate for RMB 525 million (USD 75.6 million).  Payments totaling RMB 525 million (USD 75.6 million) to Kandi Vehicles will be made as follows:

The first payment of RMB 244 million (USD 35.1 million) is due within 20 days of signing the Agreement.
The second payment of RMB 119 million (USD 17.1 million) is due within 10 days of “restoration” of the land.  “Restoration” is defined as full legal cancellation of the land use rights, and the ownership rights over the factory buildings and other affixtures on the land, and return the undeveloped part of the land.
The final payment of RMB 162 million (USD 23.3 million) will be paid within 10 days of “return” of the land.  “Return” is defined as completely vacating the land, factory buildings, and real estate and returning the factory and other real property to the Jinhua local government.

Kandi intends to use the proceeds from the land repurchase to fund the land use acquisition and factory construction in the new EV Zone, as well as to fund growth initiatives and general corporate purposes.

The transaction includes additional financial incentives.  Within the next eight years, the Jinhua local government will offer subsidies of no less than RMB 500 million (USD 71.9 million) based on Kandi Vehicle’s financial contribution to the local department of finance.

Mr. Hu Xiaoming, Chairman and CEO of Kandi, commented: “We are very excited to sign this agreement with Jinhua Development Zone, because it brings substantial benefits to all parties. The facility built on the land occupying 400 mu is one story, old, and in need of renovation.  By moving to the new land with a multi-story new factory, Kandi will be able to optimize our production efficiency, thus lowering our costs while improving service to our customers.  The cash infusion from the Agreement will fully fund the capital expenses associated with the move, while leaving plenty of cash to invest in new growth initiatives, such as our online ride-sharing platform and our pure EV products’ entry into the U.S. market.”

JINHUA, CHINA, March 03, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that full operations have resumed at the Company and its subsidiaries and affiliates. Affiliate Fengsheng Automotive Technology Group (“Fengsheng”), which produces the Maple Model 30X, resumed production at the end of February.  The Company’s Hainan facility, which produces the Kandi K23, also resumed production at the end of February.  In addition, the Jinhua facility has fully resumed production of battery PACK smart swapping equipment and all-terrain vehicles.

Mr. Hu Xiaoming, Chairman and CEO of Kandi commented: “We are proud to have fully resumed operations at our key facilities. Like most companies in China, our first quarter results will be impacted by virus-related closures, but we believe those actions were necessary to help our country bring the virus outbreak under control. We cooperated fully with government directives, with our primary focus being the health and safety of our employees and customers.”

Hu continued, “Our restructuring last year created a flexible, nimble, and resilient enterprise, which is why we were able to manage through this crisis with minimal economic damage.  Our market opportunities are large, and our product line is strong, so we expect a relatively rapid rebound in business. We are confident that Kandi can operate profitably before the end of 2020.”

The Company is enthusiastic about the prospects for its product line.  Fengsheng is rapidly expanding distribution of the new Maple Model 30X, which has been well-received by a large number of dealers.  Fengsheng has signed distribution agreements with more than 190 dealers, of which 105 have paid the security deposit. Fengsheng targets sales of over 30,000 units of the Maple Model 30X in 2020.

Prospects for the Kandi K23 are also strong.  In January, Kandi dispatched shipment to the U.S of the first batch of 200 Kandi K23s.  The Company intends to export over 2,000 cars to the U.S. in 2020.

Based on current order rates for all-terrain vehicles, production and sales from Jinhua facility are anticipated to grow 50% in 2020.

Finally, Kandi is making solid progress in its ride-sharing initiative, a cooperative program initiated jointly by Kandi Vehicle, Jiangsu Jinpeng Group, and Zhejiang Ruibo.  This is the first compliant ride-sharing vehicle program to use a two-shift smart battery swap model. The first program is underway in Yongkang City in Zhejiang Province, utilizing the Kandi K23.

JINHUA, CHINA, Feb. 04, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that its subsidiary SC Autosports (“SCA”), the exclusive distributor of Kandi electric cars in the U.S., has begun taking dealer applications to sell Kandi electric cars in the U.S..

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “After nearly two years of preparation, we are thrilled that SCA is ready to bring Kandi electric cars into the U.S. market.  We are confident in our electric cars and firmly believe that SCA will have a successful launch. We have already shipped cars to the U.S. and we look forward to ramping our imports as we build out our distribution network there.”

Key milestones in preparation of the U.S. launch included:

In February 2019, SCA received approval from the U.S. National Highway Traffic Safety Administration (NHTSA) for importation and registration in the U.S. for Kandi electric cars.

In May 2019, SCA entered into an agreement with Northpoint Commercial Finance to provide potential dealers for Kandi electric cars with inventory financing.

In September 2019, SCA received approval from the IRS for a $7,500 federal tax credit for purchases of Kandi Model K23.  In November 2019, SCA subsequently received approval from the IRS for a $7,500 federal tax credit for purchases of Kandi Model K27.

In September 2019, SCA prepared for the launch of Kandi electric cars in the U.S. by marketing them at SCA’s annual Dealer Summit in Dallas, Texas.

JINHUA, CHINA, Dec. 30, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that on December 25, 2019, the Company entered into a Strategic Cooperation Agreement (“Agreement”) with Jiangsu Jinpeng Group Ltd. (“Jinpeng”), whereby Kandi and Jinpeng have agreed to jointly develop the Chinese pure electric vehicles (“EV”) market. Mr. Hu Xiaoming, Chairman of Kandi, and Mr. Lu Shouguang, Chairman of Jin Peng, attended the signing ceremony.

Pursuant to the Agreement, the two parties will begin strategic cooperation in the following three areas:             

Kandi Electric Vehicle (Hainan) Co., Ltd., Kandi’s wholly-owned subsidiary, will exchange a certain percentage of its equity interests with Jiangsu Jimai New Energy Automobile Co., Ltd., a subsidiary of Jinpeng. The specific terms of such equity exchange will be set forth in the Equity Exchange Agreement the parties are to sign separately.

The two parties will jointly establish a Compliant Ride-sharing Vehicle Operating Company (the “Operating Company”) with  Zhejiang Ruibo New Energy Vehicle Service Company Ltd. (“Zhejiang Ruibo”), one of the largest ride-sharing vehicle operators that use a battery exchange model in China. With the goal of becoming the leading Chinese ride-sharing operator in China’s third and fourth tier cities, the Operating Company aims to promote 300,000 government-accredited vehicles within five years. The cooperation will be carried out in accordance with the specific terms in a separate cooperation agreement regarding Operating Company.

Both parties will use their respective advantages to jointly create several pure EV models that meet China’s ride-sharing market demands, as well as consumers’ needs from the United States and other overseas markets. In 2020, both parties plan to deliver Kandi’s model K23 to satisfy China’s ride-sharing market as well as the U.S. demand for Kandi models K23 and K27  in batches. The details of each party’s responsibilities will be specified in a separate agreement.

Jinpeng is a large global company that is engaging in the manufacturing, research and development, sales and service of the new-energy vehicles. Headquartered in Xuzhou City of Jiangsu Province, Jinpeng has 11 manufacturing facilities in 6 provinces and cities, including Jiangsu, Henan, Hebei, Sichuan, Hubei, and Tianjin, covering a total area of ​​nearly 4,000 acres. The company has approximately 7,000 employees. It sells over 1 million electric vehicles each year, including three-wheel electric vehicles. Jinpeng has established a massive network of over 10,000 sales outlets spanning across the country, serving more than 8 million users, more than 2,000 of which are county-level distributors with strong network resources. Additionally, the company's products are exported to more than 40 countries and regions such as Southeast Asia and Africa. The company owns a series of production licenses of manufacturing qualification for passenger cars, commercial vehicles, tricycles, and motorcycles.

Hu Xiaoming, Chairman of Kandi, commented, "We are very pleased to establish this strategic partnership with Jinpeng in addition to having established Kandi Electric Vehicle Group Co., Ltd. (now called Fengsheng Automobile Technology Group Co., Ltd. or the Affiliated Company) with Geely. As a pioneer of the battery exchange model in China’s pure electric vehicle industry, Kandi has been in a leading position in the pure electric vehicle time-sharing leasing market.  During 2018 and the first half of 2019, the Affiliated Company has been focused on laying the groundwork for this expansion.  It has strategically focused on pure electric vehicle production and has made impressive progress in new vehicle models development since Geely became its controlling shareholder. I am confident that the Affiliated Company will have a breakthrough in 2020.”

“In order to maximize Kandi’s strength, facilitate the cooperation with Jinpeng and take full advantage of its network resources in the third and fourth tier cities, Kandi and Jinpeng will work closely to execute the project of providing 300,000 government-accredited online ride-sharing vehicles within five years. This collaboration will provide significant opportunities for the growth of the online ride-sharing business in China’s third and fourth tier cities. After a series of restructurings in 2019, I am deeply confident of Kandi’s bright future and our strong integrated capabilities and comprehensive business model to accelerate the multi-level growth of the EV industry in 2020.” Mr. Hu concluded.

Third Quarter 2019 Financial Results

• Total revenues were $31.7 million for the third quarter of 2019, a decrease of 16.6% from total revenues of $38.0 million for the same period in 2018.
  
• Non-GAAP adjusted net income1, which excludes stock award expenses and the change of the fair value of contingent consideration, was $12.1 million in the third quarter of 2019, compared with non-GAAP net loss of $4.9 million for the same period in 2018. Non-GAAP adjusted income per share1 was approximately $0.23 per fully diluted share for the third quarter of 2019, compared with Non-GAAP adjusted loss per share1 of $0.10 per fully diluted share for the same period in 2018.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Kandi’s financial performance in the first three quarters of 2019 were unsatisfying due to the negative impact stemming from the Affiliate Company’s2 equity adjustment and the corresponding changes to its business operations. However, over the past six months, the Company’s efforts have led to new opportunities for its future development. These efforts include reorganizing and working with other business partners to facilitate the online ride-sharing service alliance project, which offers 300,000 government-accredited vehicles within five years. The Company’s efforts also include improving the operation and production capacity of the Hainan facility, enhancing the Company’s ability to supply the EV-part products, strengthening its relationship with DGL Group Inc. (USA) while simultaneously developing the business of the all-terrain vehicles. We are confident in the Company's ability to grow and prosper in 2020. In addition, Geely Technologies Group Co., Ltd. has conducted substantial work in connection with the improvement of the Affiliate Company and achieved significant results, details of which will be released by the Affiliate Company in December.”

Second Quarter 2019 Financial Results

• Total revenues were $24.1 million for the second quarter of 2019, an increase of 47.6% from total revenues of $16.4 million for the same period in 2018.
• Non-GAAP adjusted loss per share1 was $0.12 per fully diluted share for the second quarter of 2019, compared with Non-GAAP adjusted earnings per share1 of $0.05 per fully diluted share for the same period in 2018.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “The EV sales in the second quarter was still impacted by the Chinese government’s 2019 national subsidy policy adjustments and the JV Company’s pending restructuring, causing the loss of the JV Company, which resulted in Kandi’s overall loss. However, Kandi’s EV parts and off-road vehicle sales have achieved excellent growth during the second quarter, increasing 22.4% and 506.9%, respectively. The management team is expecting to complete the JV Company’s restructuring by the end of the third quarter.  In addition, we believe that Kandi Electric Vehicles Jiangsu Co., Ltd.’s receipt of the “dual production licenses” as a qualified Pure Electric Vehicle Production Manufacturer is a new breakthrough that may lead to tremendous opportunities in the government-accredited online ride hailing market for Kandi’s EVs. We believe that the JV Company will be able to achieve exciting future growth under Geely’s leadership.”

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “The EV sales in the second quarter was still impacted by the Chinese government’s 2019 national subsidy policy adjustments and the JV Company’s pending restructuring, causing the loss of the JV Company, which resulted in Kandi’s overall loss. However, Kandi’s EV parts and off-road vehicle sales have achieved excellent growth during the second quarter, increasing 22.4% and 506.9%, respectively. The management team is expecting to complete the JV Company’s restructuring by the end of the third quarter.  In addition, we believe that Kandi Electric Vehicles Jiangsu Co., Ltd.’s receipt of the “dual production licenses” as a qualified Pure Electric Vehicle Production Manufacturer is a new breakthrough that may lead to tremendous opportunities in the government-accredited online ride hailing market for Kandi’s EVs. We believe that the JV Company will be able to achieve exciting future growth under Geely’s leadership.”

Second Quarter 2019 Financial Results

• Revenue of $23.4 million decreased 54% compared to $50.9 million in the second quarter of 2018 and increased 21% compared to $19.3 million in the first quarter of 2019.
• Net income was $397,000, or $0.04 per diluted share, compared to $9.0 million, or $0.80 per diluted share, in the second quarter of 2018, and a net loss of $1.9 million, or $0.17 per diluted share, in the first quarter of 2019.

“While we continued to face challenges in China that placed significant pressure on our top-line, we were pleased with the high level of commitment shown by our members through the difficult operating environment,” commented Chris Sharng, President of Natural Health Trends Corp. “As a result, our second quarter revenue was up 21% compared to the first quarter of 2019. Though the Chinese government’s 100-day campaign expired in late April, there has been no official conclusion to formally end the program. As such, we continued our voluntary suspension of member activities in China through the entirety of the second quarter as our cooperation with the Chinese government is a top priority. We continue to believe this proactive approach is the best way to position our company for longer-term success and support the actions taken by the Chinese government to protect Chinese consumers.”

Mr. Sharng further commented, “We are encouraged by our progress in other key markets, especially Latin America, led by Peru; Southeast Asia; India and Europe. Further, we deployed several different promotions throughout the quarter to encourage product purchases which were very well received by our members.”

JINHUA, China, June 25, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") today announced that Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”), a joint venture between Kandi and Geely Group, Ltd. has received a national subsidy payment of RMB 876 million (approximately USD 127.7 million) from the Chinese government for sales of new energy vehicles (“EV”), consisting of RMB 742.8 million (approximately USD 108.3 million) for pure EV sales during 2015 and 2016, and RMB 133.4 million (approximately USD 19.4 million) for partial EV sales in 2017.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “The arrival of this subsidy payment marks another major milestone for Kandi’s development, and, we will maintain this momentum as we strive to grow our business to maximize returns in the near future.”

JINHUA, China, May 14, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") today announced that its Board of Director has approved the Company to implement a stock repurchase program to purchase up to $20 million of the Company’s common stock between a certain price range. The program is to be completed by the end of the 2019 calendar year.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “Given the fact that Kandi’s current stock price is extremely undervalued, the Company has made a decision to buy back up to $20 million worth of Kandi shares to return value to our shareholders. The board of directors believes that our share repurchase will be supported by our shareholders.” 

Kandi may repurchase shares of its common stock from time to time on the open market or in privately negotiated transactions pursuant to Rule 10b-5, Rule 10b5-1, Rule 10b-18 and other applicable legal requirements of the SEC. The timing and actual number of shares repurchased will depend on a variety of factors including regulatory restrictions on price, manner, timing, and volume, corporate and other regulatory requirements and other market conditions in an effort to minimize the impact of the purchases on the market for the stock. The program does not obligate Kandi to acquire any particular amount of common stock and depending on market conditions and other factors these purchases may be commenced or suspended at any time without prior notice.

First Quarter 2019 Financial Results

• Total revenues increased 116.8% to $18.1 million for the first quarter of 2019, from $8.3 million for the same period in 2018.
• Non-GAAP adjusted loss per share1 was approximately $0.09 loss per fully diluted share for the first quarter of 2019 compared with Non-GAAP adjusted loss per share1 of $0.01 per fully diluted share for the same quarter in 2018.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Total revenues in the first quarter increased 116.8%, which represents an incredible year-over-year growth. However, the Chinese government’s national subsidy policy adjustment during the first quarter coupled with the JV Company’s pending restructuring, which is taking place in order to maximize the JV Company’s ability to grow into a prominent company, has resulted in our modifying the JV Company’s business development plan with respect to its integration into Geely under Geely’s management as a primary shareholder. This transition period has directly impacted production and sales, causing a loss for the JV Company. Despite this transitional period, the JV Company has made many meaningful advances in the first quarter. In the beginning of the year, Kandi Jiangsu received an approval notice from Jiangsu Development and Reform Commission with respect to Kandi Jiangsu’s application to an annual capacity of 50,000 pure electric vehicles project. This approval gives Kandi Jiangsu a license to build the factory for EV manufacturing. In April, a team of EV industry experts from the Ministry of Industry and Information Technology and we are currently anticipating approval.”

“Additionally, Kandi has taken advantage of every available opportunity to get into the online ride-hailing market by signing cooperative agreements with several major industry players such as Zhejiang Ruibo, Caocao Zhuan Che, China Resources (Zhejiang), and Didi Chuxing to provide government-accredited EVs. We strongly believe that car-sharing is a promising area with significant room for growth, and that the Company’s continued efforts in laying the foundations for supplying government-accredited EVs to drive sales growth will allow us to regain our position as the leading electric vehicle products manufacturer in the market. Furthermore, the JV Company will be able to achieve faster growth with Geely’s corporate resources and branding profile. While the restructuring reduces Kandi’s equity stake in the JV company to 22%, we believe that the value of Kandi’s 22% equity ownership in the JV Company, following the restructuring, will far exceed Kandi’s original 50% equity in the future.” Mr. Hu concluded.

JINHUA, China, May 09, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") announced today that it signed a Strategic Cooperative Agreement (the “Agreement”) with Northpoint Commercial Finance LLC (“Northpoint”) on May 8th 2019, a leader in commercial finance, supplying flexible inventory financing for clients in a variety of industries.

Kandi is planning on bringing several models of pure electric vehicles (“EVs”) from China to the North American market. Kandi EVs’ cutting-edge technology, trendy designs, affordable price points, and tax-advantaged benefits for USA consumers pursuant to IRS Section 30D create an exciting sales opportunity for Kandi’s new dealership network.

Northpoint specializes in inventory financing programs and is a subsidiary of Laurentian Bank of Canada. Northpoint has offices in Alpharetta, Georgia, and Burlington, Ontario. Laurentian Bank has been in business for over 170 years and has over $45 billion in assets. Northpoint’s inventory finance programs will help Kandi develop its distribution network by helping its dealers to: 1. grow sales revenues; 2. enhance cash flows; and 3. improve profitability.

Mr. Hu Xiaoming, Chairman of Kandi Electric Vehicle Group, commented: “Kandi is honored to collaborate with Northpoint to utilize Northpoint’s lending services for Kandi’s EV dealerships. Northpoint will provide flexible inventory financing to Kandi’s authorized dealers and will help satisfy Kandi dealers’ needs for inventory finance. Kandi and Northpoint are now parties to various dealer financing program agreements that will assist Kandi in developing its new pure EVs dealership network throughout North America.” 

Northpoint and Kandi field sales teams are working together to identify new Kandi dealer prospects and accomplish effective underwriting assessments to establish a financially strong and stable Kandi pure EV dealership network. Northpoint and Kandi are also committed to working together to identify retail and leasing financing sources that will complement the Northpoint inventory financing programs for Kandi pure electric automobile dealers.

JINHUA, CHINA, April 11, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that Didi Chuxing Technology Co., (“Didi Chuxing”)’s primary auto solutions platform, Xiaoju Auto Leasing Division and Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”), a joint venture by Kandi Vehicles and Geely Group, Ltd. including its affiliates, a well-known Chinese pure electric vehicle (“EV”) manufacturing enterprise, took the next step in their collaboration by establishing a strategic partnership in order to take advantage of shared resources and opportunities. As a result of a series of key discussions, the JV Company and Didi Chuxing signed a major customer cooperative framework contract (the “Framework Contract”) on April 9, 2019.

According to the Framework Contract, Didi Chuxing will provide existing leasing-related platform resources to the JV Company for the Online Ride-Sharing Service Alliance’s 300,000 government-accredited EVs within five years. By showcasing Kandi’s leasing EV models to potential customers, Didi Chuxing’s customers will become more familiar with the products and services involved in facilitating the EV leasing partnership between Didi Chuxing and the JV Company. The JV Company and the Online Ride-Sharing Service Alliance are in charge of supplying government-accredited EVs to Didi Chuxing. In return, Didi Chuxing will dedicate its resources, including the use its corporate strategies to further promote and publicize the Online Ride-Sharing Service Alliance. The specific cooperative details for implementing in each city will be memorialized in separate agreements.

Mr. Hu Xiaoming, Chairman of Kandi Electric Vehicle Group, commented, “With the rapid expansion of Internet use in recent years, the urban public transportation solution has progressed from a self-driving timeshare car rental service to an online ride-hailing service, which has experienced tremendous growth. Starting in 2019, Kandi has shifted its focus to the development of providing government-accredited EVs. So far, we have secured 300,000 government-accredited EVs within five years for the Online Ride-Sharing Service Alliance, including the related agreements with Cao Cao Zhuan Che and China Resources (Zhejiang). Now adding this partnership with China’s largest mobile transportation platform, Didi Chuxing, will certainly help the Online Ride-Sharing Service Alliance grow quickly and play a crucial role in Kandi’s robust development in China’s EV market.”

JINHUA, China, April 09, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that its pure electric vehicle (“EV”) SMA7001BEV77 (“Model K23”) has been included in the Ministry of Industry and Information Technology’s (the “MIIT”) Directory of New Products (the “318th Directory”) and Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (“2019’s 3rd Annual Directory of New Energy Vehicles”) in the People’s Republic of China. The new model meets the new energy vehicle promotion subsidy program and product technical requirements in the “Notice on Further Improving the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles” issued by the Four Ministries on March 26, 2019. As a result, purchasers of the model K23 will be qualified to receive government subsidies in 2019.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "We are very pleased that the Model K23, whose EV set is manufactured in Hainan, is included in both the 318th Directory and 2019’s 3rd Annual Directory of New Energy Vehicles. Kandi Model K23 launches in 2019 as the key model launched for the ride-hailing market. We are confident that the approval of the Model K23 will drive the implementation of 300,000 government accredited EVs within 5 years for the Online Ride-Sharing Service Alliance.”

JINHUA, China, March 25, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company," "we" or "Kandi") (NASDAQ GS: KNDI), announced today that Kandi�s wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") signed an Equity Transfer Agreement (the "Transfer Agreement") on March 21, 2019 with Geely Technologies Group Co., Ltd. ("Geely") to transfer certain equity interests in the Kandi Electric Vehicles Group Co., Ltd ( the "JV Company") to Geely. Given Geely's competitive strength and recognition in the global automotive industry, this deal could help significantly accelerate the growth of the JV Company. Pursuant to the Transfer Agreement, the parties have agreed to some of the key terms below:

1. The JV Company agrees to convert a loan of RMB 314 million (approximately USD 46.7 million*) from Geely Group last year to equity in order to increase its cash flow. As a result, the registered capital of the JV Company shall become RMB 2.44 billion (approximately USD 363.2 million*) Kandi Vehicles shall own 43.47% and Geely shall own 56.53%, of the equity interests in the JV Company, respectively, upon the conversion of the loan into equity in the JV Company;
2. Kandi Vehicles agrees to sell 21.47% of its equity interests in the JV Company to Geely for a total amount of RMB 516 million (approximately USD 76.9 million*). Kandi Vehicles shall own 22% of the equity interests of the JV Company after the transfer;
3. Both parties further agreed that within next two years, Kandi may purchase a portion of the assets of the JV Company in the form of its shares, resulting in Geely becoming a significant shareholder of the Company.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "Geely's becoming the main shareholder within the JV Company is a fantastic move. This helps show the development of Kandi into a prominent company. First, having Geely become the controlling shareholder of the JV Company will allow for stronger financial support from the local government. Second, the JV Company will be able to utilize Geely resources to quickly grow its EV business. Third, the transaction will help Kandi Vehicles increase its cash flow by having an additional RMB 500 million. Although Kandi Vehicles' equity interest percentage in the JV Company has reduced after the equity restructuring, we believe that the profit of the JV Company in the future will far exceed the original 50% equity, further heightening the potential value ceiling for shareholders. More importantly, if Geely becomes a significant shareholder of Kandi Technologies Group through share conversion within two years, it will be another milestone for Kandi's development."

*Note: All of the currency conversions from RMB to USD referred to in this press release are based on the exchange rate of 1RMB = 0.15USD, published by www.xe.com on the date before the release of this press release.

JINHUA, China, March 15, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced its financial results for the full year ended December 31, 2018 today.

Full Year 2018 Highlights

• Total revenues were $112.4 million in 2018, an increase of 9.4% from total revenues of $102.8 million in 2017.
• EV parts sales increased by 1.8% to $99.1 million in 2018, compared with EV parts sales of $97.4 million in 2017.
• Off-road vehicles sales increased by 144.8% to $13.3 million in 2018, compared with off-road vehicles sales of $5.4 million in 2017.
• Gross margin for the year ended December 31, 2018 was 18.0%, compared to 14.0% for the year ended December 31, 2017.
• Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”) sold 10,259 EV products in 2018, compared to 11,437 EV products sold in 2017, a decrease of 10.3%.
• Income before income taxes in 2018 was $2.08 million, compared with loss before income taxes of $31.61 million in 2017.
• GAAP net loss in 2018 was $5.7 million, or $0.11 loss per fully diluted share, compared with GAAP net loss of $28.3 million, or $0.59 loss per fully diluted share in 2017.
• Non-GAAP adjusted net loss1 which excludes stock award expenses and gain of changes in the fair value of contingent consideration, was $8.8 million in 2018, compared with non-GAAP adjusted net loss of $23.2 million in 2017. Non-GAAP adjusted loss per share1 was approximately $0.17 per fully diluted share for the full year of 2018, compared with non-GAAP adjusted loss per share of $0.48 per fully diluted share for the full year of 2017.
• Working capital surplus was $2.5 million as of December 31, 2018. Cash, cash equivalents and restricted cash totaled $22.4 million as of December 31, 2018.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, comments, “Kandi has experienced challenges over the past few years due to the confusion surrounding the reusable battery exchange model. However, Kandi has been working diligently to overcome the downturn and obstacles to resolve these issues. Early on in 2018, we prepared a three-year plan for 2018 through 2020 based on our company’s and the industry’s situation. 2018 was to be the year of survival, 2019 of revival, and 2020 will be the year of prosperity. Through our hard work in 2018, we rebuilt and refined our practices, and as a result, we are very pleased with our financial performance. In 2018, our total revenue was up 9.4% to $112 million; while pre-tax income was $2.1 million compared to a loss of $31.6 million in 2017. In 2019, we plan to continue this upwards momentum, and further refine our business model and execution plan to forge new opportunities moving forward in the following ways.”

“First, the management team hopes the JV Company to achieve its projected goals of producing and selling 20,000 EVs in 2019. Second, the Company is expecting to obtain the approval of its application for a manufacturing license from the Ministry of Industry and Information Technology to become an official EV manufacturing enterprise with “dual production licenses”. Third, following the U.S. National Highway Traffic Safety Administration’s (NHTSA) approval of certain Kandi EV models for importation and registration in the U.S., Kandi EV models are now eligible for up to $7,500 in federal tax credits in 2019 and 2020. To capitalize on the opportunity presented by the NHTSA’s approval, we are in the process of preparing a strategic sales plan for the debut of Kandi EV models in the American market later this year. Fourth, the car share program (or Micro Public Transportation) has been upgraded to an online ride-hailing business model in China, which is expected to open up a broader market for Kandi electric vehicles. Finally, the Company is evaluating for the optimal time to restructure the JV Company’s equity in order to unlock the shareholder value of the JV Company. We are dedicated in taking full advantage of the milestones we have reached thus far, achieving stronger business results in 2019, as well as maximizing our long-term shareholders’ investments,” Mr. Hu concluded.

JINHUA, China, March 11, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI) through its 100% owned subsidiary SC Autosports, LLC announced today that Kandi Pure EV Models EX3 and K22 reached another significant milestone in the American market. After both models received approval of eligibility in October 2018 for up to a $7,500.00 New Qualified Plug-in Electric Drive Motor Vehicle Credit (the “Credit”) from the Internal Revenue Service (“IRS”) for U.S. customers who purchased models EX3 and K22 in 2019, new U.S. buyers who purchase models EX3 and K22 in 2020 also qualify for the Credit according to Internal Revenue Code Section 30D. For more information about the Credit, please visit https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit .

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “We are very pleased that Kandi EV Models K22 and EX3 are qualifying for this U.S. federal tax credit again in 2020. According to the IRS website, as of now, K22 and EX3 are the only two EV models that are qualified for both the 2019 and 2020 federal tax credit. We are currently in the process of preparing a detailed plan in advance of Kandi’s debut of EV models in the American market. We, at Kandi, believe that our talented and hard-working team, as well as our quality products, will lead to a successful launch and secure Kandi’s market share in the U.S. for the years to come.”

JINHUA, China, March 04, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today further steps it has taken in order to maintain favorable momentum generated by its recent establishment of the Government-accredited Online Ride-hailing Vehicle Alliance (“Accredited Vehicle Alliance”) on January 13, 2019. Kandi Electric Vehicles Co., Ltd. (the “JV Company”, an equally held joint venture by Kandi Vehicles and Geely Group, Ltd. including its affiliate) signed a strategic cooperative agreement for operating government-accredited vehicles with China Resources (Zhejiang) Vehicle and Ship Natural Gas Co., Ltd (“China Resources Zhejiang”) on March 2, 2019. The JV Company led the efforts in organizing the Accredited Vehicle Alliance, which includes over 10 vehicle service providers such as Zhejiang Ruibo and Hangzhou Ruixiang. The mission of the Accredited Vehicle Alliance is to provide 300,000 government-accredited vehicles for the ride-hailing service within five years. The JV Company will be the primary vehicle supplier in the Accredited Vehicle Alliance, responsible for delivering pure electric vehicles with quick battery exchange features. Going forward, China Resources Zhejiang will be in charge of investment and operations of Accredited Vehicle Alliance’s vehicle battery exchange business.

China Resources Zhejiang is a subsidiary of China Resources Gas Group (“CR Gas”), which is a subsidiary substantially owned by China Resources (Holdings) Company Limited (“China Resources Group”). China Resources Group, headquartered in Hong Kong, is a state-owned enterprise supervised by the State-owned Assets Supervision and Administration Commission of the State Council. China Resources Group is number eighty-six on the 2017 Fortune 500 list. CR Gas is among China Resources Group’s strategic business segments, mostly engaged in downstream city gas distribution businesses including piped natural gas distribution and natural gas filling stations. CR Gas’s portfolio extends throughout the nation covering 25 provinces, municipals, and direct administrative municipalities. CR Gas has become China’s largest city gas distribution business operator. At the end of October 2008, CR Gas successfully listed in the Hong Kong Stock Exchange (01193.HK) and is a constituent stock in Hong Kong’s Hang Seng Composite Index. Its subsidiary, China Resources Zhejiang, is mainly engaged in gas station management consulting, gas vehicle refueling operations, charging and replacing facilities operations, and other service related businesses. 

Mr. Hu Xiaoming, Chairman of Kandi Electric Vehicle Group, commented, “We are thrilled to have the opportunity to collaborate with such a respectable enterprise—China Resources Zhejiang. Given their rich reserved resources and distribution networks, China Resources Zhejiang is well equipped to take advantage of such a favorable operating environment to provide operational efficiency of battery exchange services for 300,000 government accredited online ride-hailing vehicles within five years.”

JINHUA, China, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that Kandi brand electric vehicle (“EV”) Model EX3 and Model K22 have been approved for importation and registration in the USA by the National Highway Traffic Safety Adminstration (“NHTSA”). More information can be found by visiting the NHTSA’s website at https://vpic.nhtsa.dot.gov, clicking the “vPIC Decoder” link and entering 7KZ in the Vehicle Identification Number (“VIN”) field. This is another significant milestone after qualifying for a $7,500 U.S. Federal tax credit in October 2018. The NHTSA approval is an assurance that Kandi’s two EV models conform to NHTSA standards and are registered in the U.S.. The JV Company will begin the process of launching the Model EX 3 and Model K22 for the American market.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “we are thrilled   Kandi Model EX3 and Model K22 received approval from the NHTSA. The approval has demonstrated our EV models meet all the necessary requirements and standards of the U.S. government. With this, we are confident in introducing our reliable vehicles to the American public. We believe both the EX3 and K22 are competitive in price and quality with advanced tech features that are in demand by American consumers. We are confident that SC Autosports, our U.S. subsidiary, will have a successful launch and grow the EV market in addition to its powersports business.”

JINHUA, China, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi"), announced today that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", an equally held joint venture by Kandi Vehicles and Geely Group, Ltd.) has received a RMB 1.6 billion (approximately US$237.2 million) supply chain finance (SCF) program, to be used as capital support for the JV Company, from the National Economic and Technological Development Zone of Rugao City. The total capital support amount of the SCF program has increased to RMB 1.6 billion (approximately US$237.2 million) based on the initial SCF program of RMB 7.3 million (approximately US$1.08 million) we received in May 2017. As of February 3, RMB 1.28 billion (approximately US$190.2 million) has already been received, and the remainder will be provided according to the JV Company's capital requirements.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "the JV Company has garnered significant attention and support from the government. After receiving the manufacturing license, there has been an increase of support; I believe this positive relationship will continue on into the future. The management team of the JV company views 2019 as an exciting year for renewed interest in and growth of Kandi’s pure electric vehicles, and we anticipate a productive year full of achievements and milestones for the Company.”

 Note: All the currency conversions from RMB to USD referred to in this press release are based on an exchange rate of 1RMB = 0.15 USD, published by www.xe.com on the date before the release of this press release.

JINHUA, China, Feb. 01, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company," "we" or "Kandi"), announced today that Mr. Mei Bing, resigned from the Chief Financial Officer position for his personal reasons, to pursue other opportunities effective January 29, 2019. The board of directors approved his resignation. Mr. Mei’s resignation is not the result of any dispute or disagreement with the Company. The board has appointed Ms. Zhu Xiaoying as interim Chief Financial Officer, effective January 29, 2019. Additionally, the board has appointed Ms. Wang Yuanyao as Vice President of Finance, effective February 1, 2019.

Ms. Zhu has been engaged in the financial management industry for over 20 years. She has extensive experience in the financial management of publicly traded companies. From October 2003 to June 2007, Ms. Zhu was the Chief Financial Officer of Zhejiang Kandi Vehicle Co., Ltd.; from June 29, 2007 to April 30, 2015, Ms. Zhu served as Kandi’s Chief Financial Officer. After her time as Kandi’s Chief Financial Officer, she returned to Zhejiang Kandi Vehicle Co., Ltd. as its Chief Financial Officer, where she is currently employed. Prior to 2003, Ms. Zhu served as a financial manager at Zhejiang YongKang Auto Manufacturing Company. Ms. Zhu graduated from Hangzhou University of Electronic Technology with a degree in accounting in July 1992 and obtained the EMBA certificate from Hong Kong Polytechnic University in 2011. Ms. Zhu has obtained qualification certificate of the chief financial officer, the international registered internal auditor (CIA) qualification certificate, the CMMA international registered management accountant qualification certificate, and the national first-level credit manager qualification certificate in China.

Ms. Wang Yuanyao has over 12 years of experience in the finance, audit, and investment fields with a focus on M&A, strategic planning, budgeting, business support, and internal controls. Prior to joining Kandi, Ms. Wang worked for KPMG (China) as an auditor from 2006 to 2011 with extensive auditing experience for companies in the U.S. market in addition to significant internal control experience in complying with U.S. GAAP and the Sarbanes-Oxley Act. From 2011 to 2012, Ms. Wang served as finance manager of Owens Corning, a U.S. publicly traded company. After that, Ms. Wang served as Chief Investment Officer of Oriental Capital from 2012 to 2014; Director of Kaihe Capital from 2014 to 2016; and CFO of Shanghai Bojiang Capital and three subsidiaries owned by Fosun Group from 2017 to 2018. Ms. Wang obtained a CIA certificate and has extensive experience in International Accounting Standards. Ms. Wang received a B.S. degree in Economics from Zhejiang University in Hangzhou, China and a M.S. degree from Norwegian Business School.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “We are thankful for Mr. Mei Bing’s great work as CFO over the past two years and wish him the best in his future endeavors. Ms. Zhu was the first CFO of the Company since it was listed in 2007. After her departure from the CFO position of the Company in May 2015, she continued to serve as the CFO of Zhejiang Kandi Vehicles Co., Ltd., Kandi’s wholly-owned subsidiary until today. Being an important member of our management team, Ms. Zhu has played a key role in the Company's financial management. We believe that Ms. Zhu is the most suitable interim CFO candidate and will lead our finance team to make greater contributions. Additionally, with Ms. Wang Yuanyao's extensive experience in U.S. GAAP and Sarbanes-Oxley internal controls, their combined efforts and dedication will provide a seamless transition and help the Company achieve great results.”

JINHUA, China, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company," "we" or "Kandi"), announced today that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", an equally held joint venture by Kandi Vehicles and Geely Group, Ltd.) and Hangzhou Youxing Technology Co. Ltd. (“Youxing Technology”) have agreed to collaborate in exploring new and innovative models for an online ride-sharing business with their combined resources and market advantages. On January 28, 2019, representatives from each party, Mr. Zhu Feng, CEO of the JV Company and Mr. Dong Kainan, General Manager of Youxing Technology signed a Cooperation Agreement. Mr. Hu Xiaoming, Chairman of the JV Company and Mr. Liu Jinliang, Chairman of Youxing Technology also attended the signing ceremony. The two parties have agreed to utilize the “Cao Cao Zhuan Che” online ride-sharing platform to launch 20,000 Kandi brand pure electric vehicles for urban network ride-sharing services within three years.

Founded in 2015, Hangzhou Youxing Technology Co., Ltd. is a strategic investment company owned by Geely Group, one of the world's top 500 enterprises. It was created to fulfill the goal of sharing the economic ecology of new energy vehicles. Youxing Technology aims to become the first ever ride-sharing platform combining the Internet and New Energy Vehicles. “Cao Cao Zhuan Che” is the core business brand of Youxing Technology and is the first and foremost Chinese domestic new energy focused mobility service. With a focus on environmentally friendly concepts in the urban environment, “Cao Cao Zhuan Che” aims to bring a new mobility solution to the electric vehicle ride-sharing market.

Mr. Hu Xiaoming, Chairman of the Company, commented, “We are very excited to cooperate with Youxing Technology. We believe that our strong alliance will provide users with a high-class and convenient ride-sharing experience as part of efforts to achieve a one-stop low-carbon lifestyle. Combining our resources will enable us to rapidly expand market share, cut costs, and help maximize our business profits.”

JINHUA, China, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that Kandi Electric Vehicles Co., Ltd. (the “JV Company”, an equally held joint venture by Kandi Vehicles and Geely Group, Ltd.) led the efforts in organizing a five-year online ride-sharing service alliance in Hangzhou on January 13, 2019 (the “Online Ride-sharing Service Alliance”).  The Online Ride-sharing Alliance was initiated by Zhejiang Ruibo New Energy Vehicle Service Company Ltd. (“Zhejiang Ruibo”). Its goal is to provide 300,000 government-accredited vehicles within five years. Participating companies from more than ten cities including Beijing, Tianjin, Shenzhen, Chengdu, Suzhou, Guangzhou, and Xiamen jointly signed the alliance agreement. On January 18, 2019, the JV Company signed a Framework Agreement with Zhejiang Ruibo to provide 300,000 government-accredited vehicles for the ride-sharing service within five years as the primary vehicle supplier.

Mr. Hu Xiaoming, Chairman of Kandi Electric Vehicle Group, commented, “The time-sharing micro public transportation (MPT) project innovated by Kandi in 2013 was a big hit nationwide. However, because of the surge in internet users and the increasing popularity of ride-sharing services, time-sharing micro public transportation services have been gradually evolving and upgrading to compete with newer online ride-sharing services. Currently, there are more than 3 million vehicles operated for online ride-sharing services, 90% of which are not government-accredited. According to the Chinese government’s related regulations, drivers of online ride-sharing services and their vehicles must have two government-approved documents — an online ride-sharing driver’s license and a reserved transport permit. Presently, the vast majority of vehicles used for online ride-sharing are privately owned by drivers as their own personal assets. If the privately-owned vehicles are to be converted into reserved passenger vehicles, the insurance for one vehicle would increase by more than RMB 10,000 (approximately USD 1470). Additionally, the vehicles must be totaled after a designated period of use, which means that the used vehicles then become less valuable. Therefore, most household vehicle owners are reluctant to convert privately owned vehicles into operating vehicles for online ride-sharing services, resulting in over 90% of vehicles in operation not being government-accredited.”

“The related state department is aiming to impose restrictions on car-sharing operations to legalize and standardize the industry. We believe that 2019 will be the perfect time to rectify the use of non-government-accredited ride-sharing vehicles, as well as to mark the entry point for pure electric vehicles being officially introduced to the ride-sharing market. Given Kandi’s specialty in producing quick-change batteries for pure electric vehicles, getting into the online ride-sharing market would have inherent advantages for the Company. To seize the opportunity of the fast-growing online ride-sharing market, we believe our involvement in organizing the online ride-sharing alliance over five-year arrangement to provide 300,000 government-accredited vehicles is a meaningful milestone,” concluded Mr. Hu.

Kandi Technologies Group, Inc. (NASDAQ:KNDI) ($4.43; $228.0M makret cap) announced that its 50% owned JV company received an approval notice from the Jiangsu Development and Reform Commission regarding Kandi Jiangsu's annual capacity of 50,000 pure electric vehicles on January 8, 2019.

JINHUA, China, Jan. 09, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that Kandi Electric Vehicles Jiangsu Co., Ltd. (“Kandi Jiangsu”), the 100% owned subsidiary of Kandi Electric Vehicles Co., Ltd. (the “JV Company”, a joint venture owned by Kandi Vehicles, Geely Group, Ltd., and Geely Group (Ningbo) Ltd. with each company owning 50%, 26.08%, and 23.92% stakes in the venture respectively) received an approval notice from Jiangsu Development and Reform Commission regarding Kandi Jiangsu’s annual capacity of 50,000 pure electric vehicles project (“EV Project”) on January 8, 2019. The approval was granted pursuant to the provisions of Announcement No.22 - the “Regulations on the Administration of Investment in the Automobile Industry” (“Auto Regulations”) published on December 18, 2018 by the National Development and Reform Commission (the “NDRC”). Kandi Jiangsu’s EV Project application was assigned to the Jiangsu Provincial Development and Reform Commission to review and approve.

Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “Due to the State’s initiative on the Renewable Energy Vehicle Enterprise Clean-up Regulations Act in May 2017, the approval process for the new independent pure electric vehicle enterprise investment project was suspended, which negatively impacted Kandi’s operations. Announcement No.22- Auto Regulations was issued afterwards to replace the original Announcement No. 27. The updated regulations increased the difficulty by raising the standards for passing applicants. However, under Article 48 in the updated regulations, the applicants prior to the execution of the Renewable Energy Vehicle Enterprise Clean-up Regulations Act have been reviewed based on the old rules by the Provincial Development and Reform Commission, therefore, Kandi Jiangsu was approved. Only three enterprises nation-wide were approved. This approval of Kandi’s EV Project marks a milestone for the Company. In light of the positive outcome, this will be one of the many milestones in 2019 which will enhance Kandi’s brand value and competitiveness, and in turn, driving Kandi’s EV business growth to the next level.”

JINHUA, China, Jan. 02, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that its wholly-owned subsidiary Kandi Electric Vehicles (Hainan) Co., Ltd., (“Kandi Hainan”) received a third subsidy payment of RMB 100 million (approximately USD 14.5 million*) from the Hainan Provincial Government. Pursuant to an agreement with the Hainan Provincial Government, Kandi Hainan was granted a total of RMB 300 million (approximately USD 43.5 million*) in subsidy payments to support its research and development expenditures for a new electric vehicle ("EV") model.  To date, Kandi Hainan has received the entire subsidy totaling RMB 300 million (approximately USD 43.5 million*).

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “Receiving our third subsidy is a strong indication of the Hainan local government’s satisfaction regarding the progress of research and development for a new EV model and construction at the Hainan factory. We will properly allocate the subsidy funds to accelerate the production and development of the best EV products that are expected to exceed consumer demands in order to capture profits and expand market share."

Third Quarter 2018 Financial Results

• Total revenues were $38.0 million for the third quarter of 2018, an increase of 34.0% from total revenues of $28.4 million for the same period in 2017.
• Non-GAAP adjusted net loss1, which excludes stock award expenses and the change of the fair value of contingent consideration, was $5.0 million in the third quarter of 2018, compared with non-GAAP net income of $2.9 million for the same period in 2017. Non-GAAP adjusted loss per share1 was approximately $0.10 per fully diluted share for the third quarter of 2018, compared with Non-GAAP adjusted income per share1 of $0.06 per fully diluted share for the same period in 2017.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “EV sales were impacted in the third quarter due to the JV Company’s new EV models awaiting MIIT’s approval to be included in the Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion, as well as approval of purchase tax exemption. Additionally, a large increase in the research and development expense caused a decline in net profits in the third quarter. However, we are happy to announce that the JV Company’s new EV models obtained all required approvals from MIIT for both Directory of Recommended Models for New Energy Vehicles and the Tax Exemption on September 19, 2018, and are now available for sale on the market. With the launch of the new EV models, the Company’s operations are forecasted to improve. The management team remains confident in enhancing Kandi’s brand name and competitive edge through its consumer favored EV products.”

JINHUA, China, Oct. 03, 2018 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI)’s 100% owned subsidiary SC Autosports, LLC announced today that Kandi Pure EV Models EX3 and K22 continue to make significant progress in the American marketplace. Both models have received the written acknowledgement of eligibility for credit and the amount of the qualifying credit from Department of the Treasury of Internal Revenue Service for the New Qualified Plug-in Electric Drive Motor Vehicle Credit (the “Credit”) effective immediately. According to Internal Revenue Code Section 30D, manufacturers must provide appropriate information to be eligible for the Credit. Kandi has completed the entire application process. As a result, a purchaser of 2019 Kandi Models EX3 and K22 electric vehicles in America may claim the Credit of up to $7,500.00 during the tax year under Internal Revenue Code Section 30D.

JINHUA, China, Sept. 20, 2018 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that according to Public Notice No. 45 issued by China’s Ministry of Industry and Information Technology (“MIIT”) and State Administration of Taxation (“SAT”) promulgated on September 17, 2018, Geely Brand Electric Vehicle (“EV”) SMA7001BEV49 (Model EX3) and SMA7001BEV47 (Model K23), developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company" - a 50/50 joint venture between Kandi and Geely Group (Ningbo) Ltd.) was listed in the twentieth approved directory of New Energy Vehicles. As a result, the Model EX3 and K23 are now qualified for purchase tax exemption.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “we are very pleased that the Model EX3 and K23 are included in the approved directory of purchase tax exempted new energy vehicles. These two EV models met all the sale requirements after obtaining approvals from MIIT for Directory of New Products, Recommended Models for New Energy Vehicles and the Tax Exemption Directory. We believe the Model EX3 and K23 will be the engine that propels Kandi’s growth going forward.”

JINHUA, China, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), announced today that its wholly-owned subsidiary SC Autosports, LLC – previously Sportsman Country, LLC (“Autosports”) – unveiled Kandi’s two new American Pure Electric Vehicle (“EV”) Models in Dallas, Texas — the SUV model EX3 and the two-seater model K22. Distinguished guests including Rich Aubin, Mayor Pro Tem for the City of Garland, Texas; Angie Chen Butto, State Representative; Cindy Burkett, State Representative; and Paul Mayer, CEO of Garland Chamber of Commerce, attended the unveiling event, along with a number of media representatives and automobile dealers.

The two American EV Models—the model EX3 and the model K22 — have undergone several driving performance upgrades from the original models, to specifically accommodate the needs of the U.S. market. The newer models’ performance, battery life, and driving experience have been upgraded to strengthen their presence in the U.S. market. The participating government officials, media attendees, and dealers were very satisfied with the new models which exceeded expectations. Attendees were confident of the Company and these vehicles entering the American EV market. 

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: “Based on a series of surveys we have conducted regarding American consumers, our EV models are expected to be quite competitive in the American market, due to their cutting-edge technology, trendy appearance, and affordable price point. Given the tremendous market opportunities in America, we will continue to enhance our EV products to satisfy American consumers’ driving preferences. It will be another milestone for the Autosports team to add EV sales to its primary off-road business. With the team’s efforts, we believe our EV products will succeed in the American market.”

JINHUA, China, June 12, 2018 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS:KNDI), today announced that Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. (“JiHeKang”), a 100% owned subsidiary of Kandi Electric Vehicles Group Co., Ltd (the “JV Company”, a 50/50 joint venture between Kandi and Geely Group (Ningbo) Ltd.), signed a Framework Sales Agreement with Sportsman Country, LLC (“Sportsman”) on June 10th, 2018 for bringing its pure electric vehicles to the United States.

According to the terms, the JV Company will ship pure electric vehicle prototypes to the United States before August 10th, 2018. The shipment will include Model EX3 and Model K22, which are designed for the American market in order to precede opportunity analysis and market assessment. Sportsman is responsible for all necessary application procedures for the sale of the JV Company’s pure electric vehicles that are required in the United States. Detailed purchase and procurement plans will be determined based on the progress of preparation work.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "The pure electric vehicle market in the United States is full of potentials. The JV Company’s EV products are competitive in price and quality. Sportsman, as the wholly owned subsidiary of the Company, is capable of growing the EV business and expanding the sales channel in the United States.”

Mr. David Shan, Chairman of Sportsman said, “The electric vehicles that are manufactured by the JV Company possess a trendy appearance as well as good performance and affordable pricing; these are highly competitive in the US market. Sportsman is confident that this will be an opportunity to add variety in order to expand its product sales to maximize shareholders’ value.”

JINHUA, China, June 07, 2018 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS:KNDI), today announced the Geely brand pure electric vehicle (“EV”) models SMA7001BEV41 (Model EX3) and SMA7001BEV45 (Model K23) have been included in the Ministry of Industry and Information Technology of the People’s Republic of China’s (the “MIIT”) Directory of New Product (the “308th Directory”) and Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (the “6th Annual Directory of New Energy Vehicles”) under the 2018 No. 30 public announcement. As a result, purchasers of these two EV models will be qualified to receive government subsidies.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "We are very pleased that the Model EX3 and Model K23 are included in both the New Product Directory and Directory of New Energy Vehicles. These two EV models are the indicator of Kandi’s newly developed pure electric vehicle products’ official kick-off in the market as well as representing Kandi’s new era in electric vehicle product development. Model Ex3 is an SUV model with a substantial number of dealers who have entered into a sales contract. As a crossover vehicle, Model K23 is one of Kandi’s All-Star vehicle products in 2018. We are confident that the increased variety and quality in product offerings are expected to generate greater potentials in Kandi’s long-term growth."

JINHUA, China, June 04, 2018 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS:KNDI), today announced that Kandi entered into a Membership Interests Transfer Agreement (the “Transfer Agreement”) with the two members (the “Transferors”) of Sportsman Country, LLC (“Sportsman Country”) under which Kandi will acquire 100% of the ownership of Sportsman Country. The Transfer Agreement was signed on May 31, 2018.

Sportsman Country is a Dallas based sales company primarily engaged in the wholesale of off-road vehicle products, with a small percentage of business in off-road vehicle parts wholesale and retail. Currently, Sportsman Country has a seasoned management team and a distribution force averaging over ten years of sales experience. With countrywide sales channels in the US, its off-road vehicle products are particularly popular to American consumers.

According to the terms of the Transfer Agreement, the Transferors promised that Sportsman Country will achieve pre-tax profit totaling over $10.0 million from 2017 to 2020. The pre-tax profit in 2017 was $1.02 million and Sportsman Country is targeting a pre-tax profit of more than $2.0 million, $3.0 million, $4.0 million for 2018, 2019 and 2020, respectively. Kandi will transfer $10.0 million worth of corresponding restricted shares to acquire 100% membership interests in Sportsman Country. Kandi is required to issue $1.0 million worth of corresponding restricted shares within 30 days from the signing date of the Transfer Agreement, the remaining $9.0 million worth of corresponding restricted shares will be released from escrow based on its pre-tax profit performance, i.e., $2.0 million worth of corresponding restricted shares will be released from escrow if pre-tax profit of $2.0 million is achieved for the full year of 2018, $3.0 million worth of corresponding restricted shares will be released from escrow if pre-tax profit of $3.0 million is achieved for the full year of 2019, $4.0 million worth of corresponding restricted shares will be released from escrow if pre-tax profit of $4.0 million is achieved for the full year of 2020. For more details on the terms of the purchase, please refer to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on the same day of this press release.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "The powersports market is improving and is expected to continue to grow in the near future. After conducting a thorough due diligence on Sportsman Country, we determined that the company had strong performance in terms of business execution, sales network, marketing cost controls, and profitability. The acquisition is an entry point to gain a compelling opportunity for business integration and market expansion in America which will provide Kandi a solid foundation for the future strategic business development.”

JINHUA, China, May 23, 2018 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS:KNDI), today announced the Geely Global Hawk electric vehicle (“EV”) model SMA7000BEV20 (Model K22) and SMA7001BEV40 (Model K27) developed by Kandi Electric Vehicles Group Co., Ltd (the “JV Company”, a 50/50 joint venture between Kandi and Geely Group (Ningbo) Ltd.) have been included in the Ministry of Industry and Information Technology of the People’s Republic of China’s (the “MIIT”) Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (the “Fifth Annual Directory of New Energy Vehicles”) under the 2018 No. 24 public announcement. As a result, purchasers of these two approved 200-km EV models will be qualified to receive higher national and local subsidies.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "We are very pleased to receive the MIIT's approval of the two advanced EV models with driving range that exceeds 200 kilometers. These two longer ranged vehicles have 145wh/kg batteries and qualify for higher subsidies. The increased variety in product offerings is expect to drive Kandi’s EV sales growth.”

First Quarter 2018 Financial Results

• Total revenues increased 95.0% to $8.3 million for the first quarter of 2018, from $4.3 million for the same period of 2017.
• Non-GAAP adjusted net loss1, which excludes stock compensation expenses of $1.0 million net of a reversal for forfeited stock option of $2.6 million and the change in fair value of contingent consideration which was a gain of $2.7 million, was $0.6 million in the first quarter of 2018, compared with non-GAAP net loss of $21.7 million for the same period of 2017. Non-GAAP adjusted loss per share1 was approximately $0.01 per fully diluted share for the first quarter of 2018 compared with Non-GAAP adjusted loss per share1 of $0.45 per fully diluted share for the same quarter of 2017.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “We have taken strides to accelerate our EV sales and we are very pleased with our strong performance given the first quarter being a slow season. In March, the JV Company unveiled its first all-electric SUV model Geely Global HawkEX3, although it is not yet in production, there has already been overwhelming requests from interested dealers. At the end of March, Kandi Model K23 production was launched and sales are expected to be advanced in the second half of 2018. We are confident in these new EV products becoming a driving force that will fuel the growth of Kandi’s EV business.”

“In the first quarter, we completed the acquisition of Jinhua An Kao Power Technology Co., Ltd. and have consolidated its financial statements. An Kao’s unique system of pure electric car battery replacement technology is a major step forward to our existing EV offering. The acquisition is expected to generate additional revenues and provide a considerably competitive advantage in product delivery and services that will lead to market share gain. Looking forward, we expect continued momentum of Kandi’s EV business to a new phase of growth in 2018.” Mr. Hu concluded.

Fourth Quarter 2017 Financial Results

• Total revenues were $102.8 million in 2017, a decrease of 20.6% from total revenues of $129.5 million in 2016.
• Non-GAAP adjusted financial measure II2, which excludes stock award expenses and changes in the fair value of financial derivatives, was net loss of $23.2 million in 2017, compared with non-GAAP adjusted net income of $4.6 million in 2016. Non-GAAP adjusted loss per share1 was approximately $0.48 per fully diluted share for the full year of 2017, compared with non-GAAP adjusted earnings per share of $0.10 per fully diluted share for the full year of 2016. Excluding the impact from the R&D expenses, under the adjusted Non-GAAP financial measure III3, our net income for 2017 was $7.9 million, or $0.17 earnings per fully diluted share. 

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “2017 was still a challenging year for Kandi. Our business hadbeen heavily impacted from the confusion surrounding the reusable battery exchange model, however Kandi has been working diligently to overcome the difficult time and resolve the issues. We are confident to successfully execute our long-term business model in the renewable energy industry that is full of opportunities in the future, and hopping to be back in the major league among EV industry players.”

“Although, the EV unit sales in 2017 did not meet the expectations, the Company has had modest progress in the product R&D. To name a few, the pure electric SUV model K26 has been upgraded to be EX3, which will be exhibited at the upcoming launch event in March 26, where there will be more than 100 distributors and over 10 media representatives attending. Furthermore, Hainan facility’s model K23 production will commence in March 28. We believe these new products will strengthen our company’s competitiveness as well grow our market share. In my personal view, the loss in 2017 was temporary and strategic. What we have done in the past year will lay a strong foundation to prepare for the future development. Being the frontrunner in the pure EV industry, we are not only the pure EV products manufacturer but also an advocate of urban car-share with significant influence in the development of China’s urban travel ecosphere. Whether the business model or the market share, Kandi is packed with solid fundamentals exceling its peers. The management team is confident in our future growth.” Mr. Hu concluded.

JINHUA, China, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS:KNDI), today announced that its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”), and Jinhua An Kao Power Technology Co., Ltd. (“Jinhua An Kao”) have entered a Share Transfer Agreement (the “Share Transfer Agreement”) and a Supplementary Agreement (the “Supplementary Agreement”) under which Kandi Vehicles will acquire Jinhua An Kao to pursue the vision of making Kandi a stronger industry player through vertical integration. The two agreements were signed on December 12, 2017 and the closing of the transaction is expected to take place within twenty business days upon the signing.

Jinhua An Kao has designed a unique system of pure electric car battery replacement technologies including an intelligent constant-temperature charging station, a 50-100 channel intelligent battery charging system, a car battery replacement tool, and a car washing machine. Jinhua An Kao currently has 22 patents that have either been accepted by the PRC State Intellectual Property Offices for application or are currently in the application process. It has more than 10 utility model and design patents. Additionally, Jinhua An Kao owns three invention patents and 14 utility model patents relating to plug-in and soft-connection PACK technology.

Pursuant to the terms of the Share Transfer Agreement, Kandi Vehicles will acquire all the equity interests of Jinhua An Kao for a purchase price of approximately RMB 25.93 million (approximately $3.9 million) in cash. Kandi Vehicles is obligated to pay 50% of the cash portion of the purchase price no later than five business days after the signing date. The remaining 50% will be paid upon the closing. In addition, pursuant to the Supplementary Agreement by and between the two parties, the Company may issue up to a total of 5,919,674 shares of restrictive stock (the “Shares”), or 12.3% of the Company’s total outstanding shares of the common stock to the Transferor. 50% of the Shares are placed as make good shares for the undertaking of Jinhua An Kao to achieve no less than a total of RMB120,000,000 (approximately $18.1 million) net income over the course of the following three years. The Supplementary agreement sets forth the terms and conditions of the issuance of these shares. Upon signing of the Supplementary Agreement, the Shares are placed in escrow to be held until the satisfaction of the agreed conditions.

Mr. Hu Xiaoming, Chairman and CEO of Kandi, commented, “Jinhua An Kao has a great deal of potentials in battery technologies for electric vehicles. After the thorough due diligence, we found Jinhua An Kao’s unique system of pure electric car battery replacement technologies a perfect fit in Kandi’s model. Through the past years’ implementation of quick battery exchange, we come to believe that the battery exchange will be the ultimate solution for electric vehicles. Therefore, we are determined to acquire Jinhua An Kao to strengthen Kandi’s EV battery exchange offerings in order to be the best available in the market. Moreover, with their advanced soft-connection PACK technology and other related patents, we believe this acquisition will provide us a considerably competitive advantage to allow us to deliver more innovative products and services to our customers.”

“This acquisition represents an exciting opportunity for both companies, we are proud to be a part Kandi family. On the 28th of last month, Jinhua An Kao and Hangzhou Yao Ding Automation Technology Co. Ltd. (“Hangzhou Yao Ding”) signed a Framework Cooperation Agreement for Hangzhou Yao Ding’s procurement of no less than RMB 200 million (approximately $30.2 million) battery packs and charging equipment from Jinhua An Kao. Hangzhou Yao Ding, a wholly-owned subsidiary of Zhejiang Shi Kong Electric Vehicle Co. Ltd, engages in battery exchange services and currently operates in Hangzhou, Changsha, Suzhou, Shanghai for DiDi internet EV ride - hauling. Together, we are confident about our combined efforts in expanding our markets and increasing our profitability,” commented, Mr. Wang Xinhuo, CEO of Jinhua An Kao.

JINHUA, China, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS:KNDI) (the "Company" or "Kandi") today announced that Geely Brand Electric Vehicle (“EV”) SMA7000BEV20 (Model K22), developed by Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”, a 50/50 joint venture between Kandi and Geely Group (Ningbo) Ltd.), is listed on two approved directories. They are the 11th approved Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion, known as Public Notice No. 55, published by China’s Ministry of Industry and Information Technology (“MIIT”) on December 4, 2017 and the 14th approved Directory of Vehicle Purchase Tax Exemption for New Energy Vehicles, known as Public Notice No. 56 published by MIIT and State Administration of Taxation (“SAT”) on December 5, 2017. As a result, the purchasers of Model K22 are now qualified to receive all levels of national and local subsidies and a purchase tax exemption.

Mr. Hu Xiaoming, Chairman and CEO of Kandi, commented, “we are very pleased about another Kandi vehicle Model K22 is included in the directories of recommended new energy vehicle and purchase tax exemption. The Model K22 is an upgraded model based on the Model K12. The inclusion in the two directories is an important step forward and will bring the positive impact on K22 sales.”

Third Quarter 2017 Financial Results

• Total revenues were $28.4 million for the third quarter of 2017, an increase of 345.4% from total revenues of $6.4 million for the same period in 2016.
  
• Non-GAAP adjusted net income1, which excludes stock award expenses and the change of the fair value of financial derivatives, was $3.0 million in the third quarter of 2017, compared with non-GAAP net loss of $1.8 million for the same period in 2016. Non-GAAP adjusted income per share1 was approximately $0.06 per fully diluted share for the third quarter of 2017, compared with Non-GAAP adjusted loss per share1 of $0.04 per fully diluted share for the same period in 2016.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “We're pleased with our solid business performance in the third quarter. Our production and sales have increased significantly year over year as the JV Company has resumed normal production and sales of EV products. Due to confusion surrounding the reusable battery exchange model, our business had been heavily impacted since last year. We have been working diligently since then to overcome that difficult time in order to turn it into a great success.  This quarter represents a turning point and an exciting time for Kandi as the Company continues preparing for the tremendous opportunities available in the renewable energy industry. We remain confident in our ability to continue to successfully execute our long-term business plan and regain our leading market position in the EV industry in the near future.”

JINHUA, China, Nov. 01, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS:KNDI) (the "Company" or "Kandi") today announced that according to public Notice No. 46 issued by China’s Ministry of Industry and Information Technology (“MIIT”) and State Administration of Taxation (“SAT”) promulgated on October 30, 2017, Geely Brand Electric Vehicle (“EV”) SMA7001BEV40 (Model K27), developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group),”was listed on the thirteenth approved directory of New Energy Vehicles. As a result, the Model K27 is now qualified for a purchase tax exemption.

Mr. Hu Xiaoming, Chairman and CEO of Kandi, commented, “Kandi’s Model K27 is an upgraded model based on the model K17. Equipped with an advanced drive motor, its motor power has increased by 6kW compared to the model K17 and its energy consumption reduced by 5-10%, resulting in improved speed acceleration and stabilization for the vehicle’s performance. A number of innovative features are added to the Model K27, such as engine start/stop button, user remote control over vehicle software, remote monitoring, in-vehicle 4G Internet access, Controller Area Network (CAN) and event data recorder. Equipped with the most advanced technologies available today, the Model K27 has fascinated customers even before its official launch. We are very pleased that the Model K27 is in the tax exemption approved directory of New Energy Vehicles because it will benefit from the extra incentive for potential customers. We look forward to seeing the positive impact this will have on K27 sales.”

JINHUA, China, Sept. 05, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company”) sold 3,213 units of electric vehicle (“EV”) products in August.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Our business was heavily impacted last year due to the confusion surrounding the reusable battery exchange model. We have been working diligently to resume the normal production gradually. We believe that we will regain our leading market position in the EV industry by the year end.”

• Total revenues were $27.3 million for the second quarter of 2017, a decrease of 50.5% from total revenues of $55.2 million for the same period in 2016.
• Non-GAAP adjusted net loss¹, which excludes stock award expenses, was $9.5 million in the second quarter of 2017, compared with non-GAAP net income of $10.5 million for the same period in 2016. Non-GAAP adjusted loss per share¹ was approximately $0.20 per fully diluted share for the second quarter of 2017, compared with Non-GAAP adjusted earnings per share¹ of $0.22 per fully diluted share for the same period in 2016.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, �2017 has been a challenging year for Kandi. The confusion surrounding the subsidy heavily impacted the Company�s business last year and we have been trying to regain the momentum this year. The management team is working hard to explore better growth opportunities. Despite second-quarter losses, Kandi Vehicles' estimated value has exceeded RMB four billion, the management team will actively seek strategic investors based upon the estimated value to increase its competitive advantages. The efforts the Company has made will lay a solid foundation to achieve strong business results."

JINHUA, China, July 14, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI) today announced that the Geely Global Hawk electric vehicle (“EV”) model SMA7001BEV25 (the Kandi Model K17A), developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company”, a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group), has been included as a new recommended model vehicle in the Ministry of Industry and Information Technology of the People’s Republic of China’s (the “MIIT”) Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (the “Sixth Annual Directory of New Energy Vehicles”) in the MIIT’s third public announcement of 2017.

According to the Ministry of Finance, the Ministry of Science and Technology, the MIIT, and the National Development and Reform Commission’s (the "Four Ministries") Notice of Financial Subsidy Policy Adjustment for Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion, new energy passenger vehicles are required to incorporate enhanced battery power systems with increased energy density quality of higher than 120wh/kg in order to receive 110% of the central government subsidy for such vehicles. Three of the JV Company’s EV models - SMA7000BEV05(K12), SMA7000EV06(K10D), and SMA7001BEV25(K17A) - have successfully achieved this standard after receiving technology upgrades. As a result, all three of these models are eligible to receive a 110% subsidy from the central government.

Mr. Hu Xiaoming, Chairman of Kandi commented, “Through a transformation in our technology, Kandi’s battery systems have obtained much higher quality energy intensities. Eligibility to receive 110% of the central government subsidy for our three EV models mentioned above will be a competitive advantage for us and a significant driver of growth going forward. We believe the approval of these three models will contribute to the Company’s continued development in the second half of 2017.”

JINHUA, China, May 02, 2017 (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 Zhejiang Geely Holding Group) has for the first time obtained a RMB 730 million (approximately US$105.8 million) supply chain finance (SCF) program, to be used as capital support for the JV Company, from the National Economic and Technological Development Zone of Rugao City. The first tranche of RMB 197 million (approximately US$28.6 million) has already been received, and the remainder will be provided according to the JV Company’s capital requirements.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “The JV Company’s production and sales were significantly impacted over the past year because of confusion regarding certain EVs manufactured and sold by the JV Company during 2013 and 2014 that used the reusable battery exchange model. Fortunately, these difficulties were resolved after dialogue with government authorities. With the subsidy installment payments we are now receiving and with the generous support of the Rugao Economic and Technological Development Zone, the JV Company will resume normal production activities in May. The JV Company’s management team is confident about regaining the momentum in EV sales in 2017.”

JINHUA, China, April 24, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI), today announced that the electric vehicles (“EVs”) manufactured by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group) in 2015 have received total subsidy payments of RMB 603.5 million (approximately US$87.6 million) from the Chinese government for 2015, of which a prepayment of RMB 364.5 million (approximately US$52.9 million) was received on August 10, 2015, and RMB 239 million (approximately US$34.7 million) was received on April 21, 2017.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “the JV Company was top ranked in EV sales during 2015. Once the third central government subsidy payment for 2015 is received, there will be an annual settlement of all subsidy payments for 2015, and a further central government subsidy payment of RMB 400 million (approximately US$58.1 million) is expected to arrive. Although confusion surrounding EVs using the reusable battery exchange model that were manufactured and sold by the JV Company during 2013 and 2014 was finally resolved after dialogue with government authorities, the JV Company’s business in 2016 was nonetheless heavily impacted. With subsidy payment installments of arriving gradually, we will redouble our efforts to grow our business and hope to achieve more promising results in 2017.”

JINHUA, China, March 06, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI) today announced that its wholly-owned subsidiary Yongkang Scrou Electric Co, Ltd. (“Yongkang Scrou”) successfully launched its next generation advanced drive motor, the result of nearly two years of research and development work by Yongkang Scrou’s technical engineering team.

Yongkang Scrou’s next generation drive motor achieves higher output efficiencies through improved design, processing, and use of advanced materials, all of which reduce the loss of electromagnetic energy, heat energy, and mechanical energy. Compared to the previous generation drive motor, its energy conversion efficiency and rated power are increased by more than 6% and 30%, while manufacturing and production costs remain roughly the same. Using the next generation drive motor in electric vehicles (“EVs”) enhances dynamic performance, and EV drive system efficiency is increased by 10%-15%, resulting in reduced energy consumption of 10%-15%.

Kandi Electric Vehicles Group Co., Ltd.’s (the "JV Company") research institute is working on upgrading the drive motors used in a variety of its pure EV models. The upgrades are expected to improve vehicle performance significantly and reduce production costs. The JV Company’s management team has decided to implement the next generation drive motor in all of its EV production starting July 1, 2017. It estimates it will purchase over 20,000 next generation drive motor units from Yongkang Scrou in the second half of 2017.

Mr. Hu Xiaoming, Chairman of Kandi, commented, “We are excited about Yongkang Scrou’s innovation of the next generation drive motor. Not only does the quality of this next generation drive motor meet the international standards, but also it creates competitive advantage for EVs, and a potential driving force for the Company’s further development."

JINHUA, China, March 06, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI) today announced that its wholly-owned subsidiary Yongkang Scrou Electric Co, Ltd. (“Yongkang Scrou”) successfully launched its next generation advanced drive motor, the result of nearly two years of research and development work by Yongkang Scrou’s technical engineering team.

Yongkang Scrou’s next generation drive motor achieves higher output efficiencies through improved design, processing, and use of advanced materials, all of which reduce the loss of electromagnetic energy, heat energy, and mechanical energy. Compared to the previous generation drive motor, its energy conversion efficiency and rated power are increased by more than 6% and 30%, while manufacturing and production costs remain roughly the same. Using the next generation drive motor in electric vehicles (“EVs”) enhances dynamic performance, and EV drive system efficiency is increased by 10%-15%, resulting in reduced energy consumption of 10%-15%.

Kandi Electric Vehicles Group Co., Ltd.’s (the "JV Company") research institute is working on upgrading the drive motors used in a variety of its pure EV models. The upgrades are expected to improve vehicle performance significantly and reduce production costs. The JV Company’s management team has decided to implement the next generation drive motor in all of its EV production starting July 1, 2017. It estimates it will purchase over 20,000 next generation drive motor units from Yongkang Scrou in the second half of 2017.

Mr. Hu Xiaoming, Chairman of Kandi, commented, “We are excited about Yongkang Scrou’s innovation of the next generation drive motor. Not only does the quality of this next generation drive motor meet the international standards, but also it creates competitive advantage for EVs, and a potential driving force for the Company’s further development."

JINHUA, China, March 02, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI) today announced that the Geely Global Hawk electric vehicle (“EV”) model SMA7001BEV25 (the Kandi Model K17) developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company”, a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group) has been included in the Ministry of Industry and Information Technology of the People’s Republic of China’s (the “MIIT”) Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (the “Second Annual Directory of New Energy Vehicles”) in the MIIT’s second public announcement of 2017. The Second Annual Directory of New Energy Vehicles was published on March 1, 2017, and highlighted a total of 201 vehicles, of which 36 were passenger vehicles, 128 were commercial vehicles, and 37 were special purpose vehicles from 40 manufacturers.

Mr. Hu Xiaoming, Chairman of Kandi, commented, “as we explained in our January press release, due to recently increased technical requirements for EVs receiving government subsidies, all EV products manufactured by the JV Company are now required to submit applications for the updated Directory of New Energy Vehicles. We believe that all of our EV models will eventually obtain MIIT recommendations. Currently, the JV Company’s Global Hawk EV model SMA7001BEV25 (the Kandi Model K17) is included in the MIIT’s Second Annual Directory of New Energy Vehicles. Purchasers of our Global Hawk EV models will be eligible to receive central government subsidies, laying a solid foundation for Kandi’s business growth in 2017. Kandi’s management remains confident in the growth of China’s EV industry.”

JINHUA, China, Jan. 26, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI) today announced that the Geely Global Hawk electric vehicle (“EV”) model JL7001BEV18 (the Kandi Model K11) developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company”, a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group) has been included in the Ministry of Industry and Information Technology of the People’s Republic of China’s (the “MIIT”) Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (the “Directory of New Energy Vehicles”) in its first public announcement of 2017. The Directory of New Energy Vehicles was published on January 23, 2017, and highlighted a total of 185 vehicles, of which 36 were commercial vehicles, 73 were passenger vehicles, and 76 were buses.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, said, “we are very pleased that the JV Company’s Geely Global Hawk EV model JL7001BEV18 (Model K11) was included in the MIIT’s first Directory of New Energy Vehicles. As a result of the recently increased technical requirements for EVs, all other EV products manufactured by the JV Company required certain modifications. However, all of the JV Company’s other EV products have already received DMV inspection and purchase tax exemption approval and applications for the updated Directory of New Energy Vehicles are in process. Therefore, we believe that all of our EV models will obtain MIIT recommendations soon and it will not impact Kandi’s operation. We note that the Kandi EV brand was rebranded as the Geely Global Hawk last year, as previously announced on April 18, 2016:

JINHUA, China, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI) today announced that its wholly-owned subsidiary Kandi Electric Vehicles (Hainan) Co. Ltd (“Kandi Hainan”) has received a second subsidy payment of RMB 100 million (approximately USD 14.5 million*) from the Hainan Provincial Government. Pursuant to an agreement with the Hainan Provincial Government, Kandi Hainan will receive a total of RMB 300 million (approximately USD 43.4 million) in subsidy payments to support its research and development expenditures for a new model of electric vehicle (“EV”). The subsidy payment schedule is based on the progress of Kandi Hainan’s new EV model development, and to date Kandi Hainan has received total payments of RMB 200 million (approximately USD 29.0 million).   

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “This second timely subsidy payment from the Hainan Provincial Government has helped to ensure the continued progress of EV research and development at our Hainan facility. We are very grateful for the Hainan government’s generous support and will use the subsidy funds to develop the best possible EV products that also satisfy market needs.”

Note: All the currency conversions from RMB to USD referred to in this press release is based on the exchange rate of 1RMB = 0.1447 USD, published by www.xe.com on the date before the release of this press release.

JINHUA, China, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI) today announced two new executive appointments to help support its continuing rapid growth. Kandi’s board of directors has appointed Mr. Wang Cheng (Henry) as the Company’s new Chief Strategy Officer and Mr. Mei Bing as the Company’s Chief Financial Officer, with both appointments effective immediately.

Mr. Wang, who is resigning as our Chief Financial Officer in order to assume the position of Chief Strategy Officer, has 20 years of experience in operations, strategy, financial management, and mergers and acquisitions. Going forward, he will be responsible for driving Kandi’s corporate strategy and implementing investment decisions.

Mr. Mei is a seasoned financial executive with a distinguished career of more than 15 years as an executive with Fortune 500 companies, large multinational enterprises, and middle market companies, including public companies, in both the U.S. and China. Before joining Kandi, Mr. Mei served as the Chief Financial Officer and board secretary of Skystar Bio-Pharmaceutical Company, a leading publicly traded biotechnology company based in China, from 2011 through 2016. From 2015 through 2016, he also served as an independent non-executive member of the board of directors and as chairman of the audit committee of PharmaMax Corporation, also based in China. From 2006 through 2011, Mr. Mei served as the Chief Financial Officer of Avineon, Inc., a multinational technology company located in the U.S., where he managed the Company’s global financial operations in North America, Asia and Europe. Prior to his service Avineon, Inc., he served as Controller of Arrowhead Global Solutions, Inc. (now part of Harris Corporation), a U.S.-based global provider of satellite communications to remote and harsh environments. Mr. Mei has also served as the Controller of both PICS, Inc. and Thompson Hospitality Corporation, a member of the Compass Group family of companies, located in the U.S. Mr. Mei received a B.S. degree in Economics from Zhejiang University in Hangzhou, China and holds an M.B.A. degree from The Fuqua School of Business at Duke University, where he graduated with distinction as a Fuqua Scholar.  Mr. Mei is a Certified Public Accountant (CPA) in the State of Maryland, a Certified Management Accountant (CMA), a Chartered Global Management Accountant (CGMA), and a Certified Valuation Analyst (CVA).

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “We are delighted to have Mr. Mei Bing join our management team as Kandi’s new Chief Financial Officer. Mr. Mei brings extensive experience in financial management, capital markets, and accounting under both international and Chinese standards. His impressive international and financial background together with his strong leadership skills will enable him to play a key role in establishing strong financial capabilities for Kandi and reinforcing our leading market position. Additionally, we greatly appreciate the contributions Mr. Wang (Henry) Cheng made to the Company as its former Chief Financial Officer, and in particular his important commitment to improving the Company’s financial transparency and efficiency. Mr. Wang will now assist us in exploring new opportunities to maintain profitability and help us develop strategic initiatives for our sustainable growth. Mr. Wang will continue to be a key member of our management team and we believe he will meet our expectations and help us accelerate our growth.”

Third Quarter 2016 Financial Results

• Total revenues decreased 87.4% to $6.4 million for the third quarter of 2016, compared with $50.5 million for the same period of 2015
• Non-GAAP adjusted loss per share1 was approximately $0.04 per fully-diluted share for the third quarter of 2016 compared with Non-GAAP adjusted earnings per share of $0.13 per fully-diluted share for the same quarter of 2015

"China's central government preceded a review on the subsidies paid to all the EV manufacturers, which caused the 2015 subsidy payments remain unpaid industry-wide. The delay in subsidy payment heavily impacted the JV Company's production and sales, which resulted in a significant decrease in our EV parts sales." commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. "Although our financial performance this year has not matched up to our past success, we have accomplished lots of fundamental work for the business growth in year 2017. First, with the subsidy review in year 2016, after our positive communication with the government, we believe there will be a good outcome soon. There is some misunderstanding with the EV battery exchange model adopted by our end customers to repeatedly and efficiently utilize batteries for the EVs that we manufactured during 2013 and 2014, which was also a challenge to the Company's further development. Taking the opportunity for clarification with government during the subsidy review, we can clear up this barrier and create a good base for future smooth development. Second, the process of preparing the JV Company to enter into capital markets at the appropriate time and with a strong valuation is on the track as planned; At the same time, we have done lots of work for the JV Company to obtain the vehicles manufacturing license approval in 2017. Finally, we will introduce two new EV models in 2017. Our new models, carefully designed to best serve market needs, will provide a solid foundation for the fast growth in 2017. In addition, in this quarter, we made a significant progress into developing the country-wide EVs distribution network for direct sales. We have also signed the strategic agreement with Qingdao TELD New Energy Co. Ltd. for the Shandong market, and a strategic cooperation agreement with Shanxi Coal Asset Management Group for the Shanxi market, both of which paid us the initial payments in connection with both agreements."

"Although the central government will begin reducing the amount of renewable energy subsidies to all EV manufacturers in 2017, the subsidy program itself will continue through 2020. Under the government's current subsidy policy, we believes the EVs produced and sold by the JV Company meet national renewable energy subsidy requirements and are eligible to receive subsidy payments. Kandi is currently developing the EV products after year 2020, which do not rely solely on subsidy payments and is identifying key areas of focus in which to ensure Kandi's sustained growth and improve Kandi's earnings capabilities," Mr. Hu concluded.

"Due to the delayed government subsidy payments, we have experienced decreased cash flow in the third quarter of 2016, which inevitably impacted the Company's financial performance in this quarter," added Mr. Wang Cheng (Henry), Chief Financial Officer of Kandi. "We expect our cash flow and financial position will be improved in the coming quarters once the central government concludes its review and resumes its subsidy payments."

Outlook

• For the fourth quarter of 2016, Kandi expects net revenues to be in the range of $28 million to $30 million.
• The Company also expects the JV Company to deliver 2,000 to 2,200 EV products in the fourth quarter.
• This outlook reflects the current view of the management, which is subject to change.

JINHUA, China, Oct. 26, 2016 (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 Geely Automobile Holdings Ltd.) has received an initial payment of RMB 27,408,000 (or approximately USD $4 million) from Shanxi Coal Asset Management Group (�Shanxi Coal�), as provided for under their previously-announced strategic cooperation agreement to produce and sell more than 50,000 electric vehicles (EVs) during a five-year period.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "Receiving the initial multi-million dollar payment from Shanxi Coal is a strong indicator that both parties have made substantial progress under our strategic cooperation agreement, and we look forward to continued successful cooperation between Kandi and Shanxi Coal in the future."

"Although the national government will begin reducing the amount of renewable energy subsidies to all EV manufacturers in 2017, the subsidy program itself will continue through 2020. Under the Government's current subsidy policy, the EVs produced and sold by the JV Company meet national renewable energy subsidy requirements and are eligible to receive subsidy payments. Kandi is currently developing EV market growth strategies that do not rely solely on subsidy payments and is identifying key areas of focus in which to improve Kandi�s earnings capabilities," Mr. Hu concluded.

JINHUA, China, Oct. 20, 2016 (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 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.

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.    

KNDI ($5.75) Geely Auto (HK:00175) at about 5AM EST this morning, released a detailed announcement stating they are selling their equity interest in their joint venture with Kandi (KNDI). Geely Auto holds 50% and KNDI holds the other 50% of Kandi JV, the joint entity Geely is selling their interest in. According to the announcement, Geely Auto states that it expects weakening cash flow for the remainder of 2016 for the Kandi JV due to EV subsidy policy uncertainties from teh Chinese government. In a section of the document titled “REASONS FOR AND BENEFITS OF THE DISPOSALS” of the announcement, Geely Auto goes into depth about why it wants to divest of this JV and the increased risk profile of owning them.

Recall on September 8th we wrote an article highlighting a Chinese media report raising concerns about potential subsidy abuse relating to this joint venture.

JINHUA, China, Sept. 06, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (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 purchase and sale agreement with Qingdao TELD New Energy Co. Ltd. (“Qingdao TELD”) to sell its “Global Hawk” series all-electric vehicles (“EVs”) in Qingdao City, Shandong Province. The JV Company has received an initial payment of RMB56 million (approximately US$8.4 million) from Qingdao TELD.

Qingdao City is the sub-provincial city of Shandong Province and one of China’s national social and economic developing municipalities. Since the China State Council approved the plan to develop a “Blue Economic Zone” on the Shandong Peninsula - the nation’s first regional development strategy centered on the marine economy - Qingdao City has become a leading city of the Blue Economic Zone. On April 25, 2016, CBNWeekly (a magazine published by China Business Network Co., Ltd.) published an article indicating that Qingdao City made its list of new first-tier cities in China (according to a comprehensive city ranking survey). Qingdao City has a resident population of approximately 9 million and is one of China’s first pilot cities for the expanded use of renewable energy automobiles.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Shandong Province is a pioneer market in the electric vehicle industry and has rapidly increasing consumer awareness of electric vehicles. Our expansion in the Shandong market will provide fantastic new opportunities to grow Kandi’s brand and capture greater market share. We expect to exceed our sales goal of 3,000 electric vehicles in Qingdao City by the end of 2016.”

JINHUA, China, Aug. 22, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (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 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."

Second Quarter 2016 Financial Results

• Total revenues grew 15.1% to $55.2 million for the second quarter of 2016, compared with $48.0 million for the same period of 2015.
• Non-GAAP adjusted earnings per share1 was approximately $0.22 per fully‑diluted share for the first quarter of 2016 compared with $0.10 per fully‑diluted share for the same quarter of 2015.

“After more than 3 months of waiting, the JV Company finally obtained the approval for a purchase tax exemption for its “Global Hawk” EV products and had a positive sales performance in May and June. The total number of EV products sold in the second quarter was 7,200, a 61.9% increase compared to the same period of 2015 and exceeded our guidance by 20%,” commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. “Notably, Zhejiang Geely Holding Group, the parent company of Geely Automobile Holdings Ltd., is planning to purchase 50% of the equity of Shanghai Maple Guorun Automobile Co., Ltd. at a premium price (a purchase price exceeding the cash amount of the aggregate of the original investment and the shared profits over the years), which will support the future growth of the JV Company and also create better conditions for the JV Company to apply for its EV production license and pursue public listing in China. Recently Zhejiang Zuozhongyou Electric Vehicles Service Co., Ltd. (the “Service Company”) expanded its micro public transportation program into two new cities, Tianjin and Jiangyin. Pang Da Automobile Trade Co., Ltd. (“Pang Da”) has also signed a framework sales agreement pursuant to which Pang Da is to buy at least 60,000 EVs in the next four years from the JV Company for its Green Campus Drive Electric Campaign. We are excited to see progress and continued business growth in the future.”

“We have performed very well financially during the second quarter of 2016,” added Mr. Wang Cheng (Henry), Chief Financial Officer of Kandi. “Our margin improved compared to the same quarter last year, and our non-GAAP net income reached $10.5 million, a 114.8% increase compared to $4.9 million in the same period of 2015. We realized positive cash flow of $3.2 million in the first half of 2016, compared to negative cash flow of $17.0 million in the same period of 2015.”

JINHUA, China, Aug. 08, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI) today announced that its wholly-owned subsidiary Kandi Electric Vehicles (Hainan) Co. Ltd (“Kandi Hainan”) has reached an agreement with the Hainan Provincial Government for Kandi Hainan to receive an RMB 300 million (approximately USD 45.1 million) subsidy to support its research and development expenditures on a new model of electric vehicle. The subsidy payment schedule is based on the progress of Kandi Hainan’s new model development and the initial payment of RMB100 million (approximately USD15 million) has already been received.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “We very much appreciate the Hainan government’s generous support. We will use the funds to develop the best possible electric vehicle products that also satisfy market needs.”

JINHUA, China, July 25, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (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 Framework Sales Agreement with Pang Da Automobile Trade Co., Ltd. (“Pang Da”) to sell electric vehicles (“EVs”) tailored for college campuses. Pang Da anticipates purchasing not less than 60,000 EVs from the JV Company in the next four years for its time-sharing campus EV lease program (the “Green Campus Drive Electric Campaign”).

“We are very pleased to cooperate with Pang Da to further promote its Green Campus Drive Electric Campaign,” commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. “This is a terrific program that recognizes the positive impact electric vehicles have on the environment. Pang Da’s initiative enhances the younger generation’s awareness and familiarity with EVs. We are honored to serve as the provider of high-quality EVs for the Green Campus Drive Electric Campaign.”

“In response to the national policy promoting the adoption of renewable energy vehicles, Pang Da has been actively working on expanding its Green Campus Drive Electric Campaign this year,” Mr. Chang Ye, Vice President of Pang Da, commented. “So far, Pang Da has signed a cooperative agreement with China Youth Publishing House and had its initial delivery of 50 Global Hawk brand EVs in Dongguan University of Technology offering time-sharing EV lease programs to university students and staff. The Global Hawk brand EVs are catering to campus needs and affordable for the target users. We believe Pang Da’s Green Campus Drive Electric Campaign will be a great success.”

JINHUA, China, July 14, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (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.) achieved strong sales results in pure electric vehicles (“EVs”) in the second quarter ended June 30, 2016 and expects to exceed its previously announced sales forecast of 5,500 to 6,000 EV products by approximately 10%.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Since the publish of the  approved Directory of new energy vehicles from State Administration of Taxation in April this year, our EV products have achieved great sales results. The JV Company’s EV sales excel our expectation, which is a strong indicator of market demand and customer satisfaction. We are very confident in maintaining our leadership position in China’s EV industry.”

First Quarter 2016 Financial Results

• Total revenues grew 15.7% to $50.7 million for the first quarter of 2016, from $43.8 million for the same period of 2015.
• Non-GAAP adjusted earnings per share1 was approximately $0.08 per fully diluted share for the first quarter of 2016 compared with $0.07 per fully diluted share for the same quarter of 2015.

“In this quarter, various elements, including the newly approved product list from Ministry of Industrial and Information Technology of China (“MIIT”) for national subsidies and the subsequent pending  of the list of vehicles entitled to purchase tax exemption from the National Tax Bureau heavily impacted the JV Company’s sales and also Kandi’s financial performance,” commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, “After confirming that four EV products of the JV Company were on the  newly approved list which qualified for purchase tax exemption, the JV Company has started to sell EV products since April 2016. Although the JV Company has no sales in the first quarter, I believe it will catch up in the rest of the year and achieve the full year target. We expect to deliver 5,500-6,000 EV products in the second quarter and no less than 35,000 EVs for the full year. Out of our full year targets of 35,000 EVs, we anticipate 10,000 of them be used for our Micro Public Transportation Program while 25,000 EVs be allocated to the direct sales channel.”

“In 2016, the JV Company continues to develop more distribution channels and service stores to achieve the direct sales target of 25,000 or more EVs.” Mr. Hu Xiaoming commented further, “Till May 2016, the JV Company has establish 74 service stores countrywide to cover the main market in those important cities, some of which are shared with Geely’s distribution channel, such as Beijing, Shanghai, Nanjing, Suzhou, Haikou. Meanwhile, the JV Company also works with independent distributors closely and plans to establish the strategic partnership with 4-5 strategic distribution partners, including Pangda Automobiles Sales Group Inc., Henxing Automobiles Group Inc. and others.”

“Despite of the lack of EV products sales by our JV Company in this quarter, Kandi still has revenue growth of 15.7% during this quarter compared to the same period of 2015. However, our net profit has been significantly impacted by the JV Company’s net profit during the quarter.” added Mr. Wang Cheng, Chief Financial Officer of Kandi, “I believe we can achieve good financial performance in line with the revenue growth from the JV Company for the rest of the 2016.”

Outlook

For the second quarter of 2016, Kandi expects net revenues to be in the range of $55 million to $57 million, with gross margin in the range of 12.5% to 13.5%. For the full year 2016, Kandi expects net revenues to be in the range of $270 million to $300 million.

The Company also expects the JV Company to deliver 5,500-6,000 EV products in the second quarter and a total of 35,000 or more EV products in the full year of 2016.

JINHUA, China, April 18, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the �Company� or �Kandi�) (NASDAQ:KNDI), is pleased to announce two Geely Global Hawk brand electric vehicles (�EV�) models SMA7001BEV25 and SMA7000BEV05, manufactured by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 joint venture between Kandi and Geely Automobile), are listed on the 7th approved Directory of New Energy Vehicles, known as Public Notice No. 54 published by China�s Ministry of Industry and Information Technology (�MIIT�) and State Administration of Taxation (�SAT�) on April 15, 2016. As a result, purchasers of SMA7001BEV25 and SMA7000BEV05 would be exempted from paying the purchase tax of approximately 10% of the purchase price.

Additionally, SMA7000BEV06 and SMA7001BEV05, also produced by the JV Company, now under the new trademark �Global Hawk�, are included in the MIIT and SAT�s published Public Notice No.16 the 282^nd approved directory on April 1, 2016.

�EV sales for the JV Company were negatively impacted in the first quarter due to the long awaited trademark change application for SMA7000BEV06 and SMA7001BEV05, as well as the tax exemption approval on the model SMA7001BEV25 and SMA7000BEV05. The latest development is a strong indication of the JV Company�s EV products to be acknowledged by the government. The JV Company is now well prepared for effective production to accelerate the sales. The management team is expecting the JV Company to achieve better than the projected unit sales in 2016.� Chairman and Chief Executive Officer Mr. Hu Xiaoming commented.

JINHUA, China, April 13, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (NASDAQ:KNDI), is pleased to announce the appointment of BDO China Shu Lun Pan Certified Public Accountants LLP (“BDO China”) as the Company’s new independent registered public accounting firm effective April 12, 2016. The appointment of BDO China was approved by the Company’s audit committee.

“We would like to thank AWC (CPA) Limited for their diligent contribution as our auditor in the past.  We look forward to working with BDO China.  We believe that BDO China’s experience and support will become an asset as we enter our next phase of business expansion,” said Chairman and Chief Executive Officer Mr. Hu Xiaoming.

For more information regarding the Company’s change in auditing firm, please refer to the Company’s Form 8-K to be filed with the Securities and Exchange Commission.

Item 4.01.  Changes in Registrant’s Certifying Accountant. 

On April 12, 2016, Kandi Technologies Group, Inc., a corporation incorporated under the laws of the State of Delaware (the “Company”) dismissed AWC (CPA) Limited (“AWC”) as the Company’s independent registered public accounting firm. The decision to dismiss AWC was approved by the Company’s audit committee.

The principal accountant’s reports of AWC on the financial statements of the Company as of and for the fiscal years ended December 31, 2015 and 2014 did not contain any adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles.

During the Company’s two most recent fiscal years and the subsequent interim period through April 12, 2016, there were no disagreements with AWC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement(s), if not resolved to the satisfaction of AWC, would have caused it to make reference to the subject matter of the disagreement(s) in connection with its report. During the Company’s two most recent fiscal years and the subsequent interim period through April 12, 2016, there were no reportable events of the type described in Item 304(a)(1)(v) of Regulation S-K.

The Company provided AWC with a copy of the foregoing disclosure and requested AWC to furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements made therein. A copy of such letter, dated April 13, 2016, furnished by AWC is filed as Exhibit 16.1 to this Form 8-K.

On April 12, 2016, the Company’s audit committee approved the engagement of BDO China Shu Lun Pan Certified Public Accountants LLP (“BDO China”) as the Company’s new independent registered public accounting firm.

Fourth Quarter 2015 Financial Results

• Total revenues grew 11.2% to $58.8 million for the fourth quarter of 2015, from $52.9 million for the same period of 2014.
•  Non-GAAP adjusted earnings per share1 was approximately $0.30 per fully diluted share for the fourth quarter of 2015 compared with $0.09 per fully diluted share for the same quarter of 2014

“Our outstanding results in 2015 include exceeding revenue and EV sales targets with the JV Company by selling 24,220 EV products, a 121.5% increase year-over-year,” commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, “As the JV Company became China’s top seller for pure EV products in 2015, its EV products received extremely positive market recognition, highlighted by model K17 named as China 2015 Pure Electric Passenger Vehicle of the Year at the 6th Global New Energy Vehicle Conference. The direct sales program was launched in the second quarter and achieved 9,273 in EV products sales in 2015 through the distribution channel under this program, accounting for 38.3% of total EV products sold during the year. We are confident in being able to increase the contribution of direct sales as a percentage of total sales in 2016.”

“China’s government has continued to strongly support the growth of the EV industry,” Mr. Hu continued. “Most recently through an industry-wide subsidy investigation, the government is committed to maintaining the healthy development of the EV industry, which will benefit scaled EV products manufacturers like the JV Company. Meanwhile, the central government has extended its continuous support and confidence in developing the new energy vehicle (NEV) industry by enacting additional policies, including reducing traffic controls and purchase quotas on NEVs, encouraging government purchases and promoting EV car-share programs. By focusing on our unique growth engines, which are the rapid expansion of the Micro Public Transportation program and the direct sales program through the distribution channel, we look forward to leading the growth of China’s EV industry in 2016.”

“Our significant achievements in 2015 include excellent financial results, particularly with sales and gross margin meeting our expectation,” added Mr. Wang Cheng (Henry), Chief Financial Officer of Kandi, “During the year, key milestones, including the successful launch of the direct sales program and the expansion of the MPT program to 16 cities were accomplished. With a solid foundation built for our EV business, we believe that the Company will continue to achieve strong financial performance in 2016.”

Outlook

For the first quarter of 2016, Kandi expects net revenues to be in the range of $46.0 million to $48.0 million, with gross margin in the range of 13.5% to 14.5%. For full year 2016, Kandi expects net revenues to be in the range of $270 million to $300 million.

The Company also expects the JV Company to deliver a total of 35,000 or more EV products in the full year of 2016.

JINHUA, China, Jan. 28, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI), today announced that it held a groundbreaking ceremony at the construction site of the Haikou production facility (Haikou Facility) at Haikou MeiAn Hi-tech Zone. When completed the Haikou Facility is expected to have an annual capacity of 100,000 electric vehicle (EV) products. The ceremony marks the beginning of Haikou Hi-tech Zone's first project under the government�s 13th Five-Year Plan. Attendees of the ceremony include Ni Qiang, Mayor of Haikou, Ju Lei, Deputy Mayor, Hu Xiaoming, Chairman and CEO of Kandi and other officials of the municipal government.

Mr. Ju Lei, Deputy Mayor, commented, "Kandi's EV business is a perfect fit for Haikou�s low-carbon manufacturing industry, and will be a strong addition to Haikou's traditional auto industry chain. The geographic location and ecological protection of Hainan Island makes it an ideal place to promote the adoption of electric vehicles. I believe Kandi�s production facility will bring positive impact on the local economy and be an example for further development in the region. We expect that the Hi-tech Zone will continue to provide convenience and offer the necessary assistance to ensure the smooth and timely construction of the facility."

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "It has only been 45 days from signing the cooperation agreement with the Haikou municipal government to the construction which was officially kicked off today. This exceptional efficiency is an indicator of the local government"  attention and support, for which we are very grateful. We will make every effort to contribute to Hainan's economic and eco-environmental development."

JINHUA, China, Jan. 26, 2016 (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 Geely Automobile Holdings Ltd.) has signed a Strategic Cooperation Framework Agreement with Pang Da Automobile Trade Co. Ltd. (�Pang Da�). The scope of the agreement includes, but is not limited to, establishment of Kandi and Pang Da sales teams that will share marketing resources, development of customized new energy vehicle for use at campus, and additionally, Pang Da is authorized to sell Kandi Brand pure electric vehicles (�EVs�) in specific regions.

JINHUA, China, Jan. 12, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the Company or Kandi) (NASDAQ:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"*) achieved strong sales of pure electric vehicles (EVs) in 2015 and expects to exceed its previously announced sales target for the full year 2015. The Company anticipates the total number of EV sales to exceed the previous guidance range of 20,000 to 22,000 EV products by 5% or more. The Company plans to release audited financial results for the fourth quarter and full year 2015 in March.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "The JV Company achieved record EV sales in the fourth quarter. Given the robust growth in China's EV industry we anticipate the strong momentum in the sector to continue in the next few years, which will substantially benefit our business. The Kandi brand and Global Hawk brand pure electric vehicles have been leading China's market, and we are very confident in maintaining our leadership position in 2016."

* The JV Company is a 50/50 joint venture between Kandi and Geely Automobile (Geely).

JINHUA, China, Dec. 22, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI), today endorsed the announcement from Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd (the Service Company or ZZY) of receiving an initial subsidy payment of RMB200 Million, or approximately US$30.9 million, from the Hangzhou local government. The payment is a result of 4,806 Kandi brand electric vehicle (EV) products used in the Micro Public Transportation program to support Zhejiang province�s target of promoting the use of 6,000 EVs from 2013 to 2015, as outlined in Hangzhou Municipal People�s Government Meeting Minutes Regarding Renewable Energy Automobile Application (Hangzhou Office Summary [2015] No.98).

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "The initial subsidy payment demonstrates the Hangzhou government�s commitment to promoting the adoption of renewable energy vehicles, while providing a solid foundation to achieve its goals for 2016-2020. We believe our unique Micro Public Transportation program will receive further recognition and support, and its expansion will be one of the key engines for Kandi�s future growth."

JINHUA, China, Dec. 15, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ:KNDI) (the "Company" or "Kandi"), today announced that its wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") signed a cooperation agreement (the "Agreement") with the Haikou municipal government ("Haikou Government") and the Haikou National Hi-Tech Industrial Development Zone ("Haikou Hi-Tech Zone") on December 11, 2015 to establish a production facility in Haikou ("Haikou Facility") with an annual capacity of 100,000 electric vehicle (EV) products (the "Project"). The Haikou Facility will include equipment transferred from Kandi Vehicles� facility that was previously under construction in Wanning City due to strategic changes in Wanning�s urban planning. The Agreement marks Hainan�s strategic effort to accelerate adjustment in the industrial planning process.

Key terms of the Agreement are as follows:

• As a relocation of Kandi Vehicles� facility in Wanning City, Hainan province, the Haikou Facility will have an annual capacity of 100,000 EV products after completion, with a preliminary expectation of starting production in 15 months.
• Haikou Government and Haikou Hi-Tech Zone are committed to:
  • Supporting the facility as a key project in Hainan province with favorable policies and financial incentives;
  • Actively seeking the Hainan provincial government�s approval to launch the Micro Public Transportation Program ("MPT Program") in the entire Hainan province; and
  • Achieving local subsidies and all levels of the government�s preferential treatment for the Kandi Brand EV products used in the MPT Program.

To view an enhanced version of Figure 1: Kandi Technologies - Hainan production facility signing ceremony, please visit:
http://orders.newsfilecorp.com/files/2079/18507_kandi2.jpg

Mr. Ni Qiang, Mayor of Haikou, stated, "This project is an essential part of Haikou�s effort to implement the State Council�s plan of strengthening economic and industrial development. With the consumers� increasing awareness of environment protection and the growing demand for an environmentally friendly urban public transportation system, electric vehicles will soon become a driver of China�s economy. This project is the perfect initiation for Hainan to further improve our green and ecologically sensitive industry."

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "We are excited to establish a facility in the National Hi-Tech Industrial Development Zone in Haikou, which is the capital city of Hainan province. Despite the relocation from Wanning City and a production delay, we believe the new location will accelerate Kandi�s expansion in Hainan with favorable policies. Kandi Vehicles has also reached an agreement with the Wanning government and will be compensated for the capital expenditure that cannot be moved to Haikou. As we continue to integrate all available resources to develop cost-effective pure electric vehicles and promote EV adoption in Hainan, we look forward to establishing an environmentally friendly public transportation network, while making significant contributions to Hainan�s urban development."

Municipal government officials attending the signing ceremony included Sun Xinyang, member of the Provincial Standing Committee and Party Secretary, Ni Qiang, Mayor, Yuan Guangping, Executive Deputy Mayor, Lin Haining, Party Secretary-General, and Ju Lei, Deputy Mayor.

*Please note the cooperation agreement supersedes the October 2012 agreement by and between the Company and the Wanning government for the production of 100,000 EV products.

JINHUA, China, Dec. 1, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (KNDI) (the "Company" or "Kandi"), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 Joint Venture between Kandi and Geely Automobile Holdings Ltd.) plans to deliver 2,000 Kandi Brand pure electric vehicles ("EV"s) to ZuoZhongYou (Hainan) Electric Vehicle Service Co., Ltd. ("ZZY-Hainan") to launch the Micro Public Transportation ("MPT") Program in Haikou. Delivery of the 2,000 EVs is expected by the end of 2015.

ZZY-Hainan is a wholly owned subsidiary of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY"), which obtained the registration approval on November 16, 2015 from the local Administration of Industry and Commerce to operate the MPT Program in Haikou. In support of the program, the Haikou local administration office of renewable energy vehicle promotion has approved the Kandi Brand EVs to receive both the national and local government per-vehicle subsidy.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "We are very pleased to introduce Kandi brand EVs to the city of Haikou. With the strong local government support, we are confident to provide an efficient and environment-friendly public transportation experience for one of the most well-known travel destinations in China. We look forward to achieving a great success in Haikou, while continuing the rapid expansion of our unique MPT Program into additional cities."

Haikou, situated on the northern coast of Hainan, is the capital and most populous city of Hainan province with a total population of over 2 million. The city is the center of politics, economy, and culture, as well as a newly-constructed International port city. Haikou is one of the national renewable energy automobile pilot cities.

JINHUA, China, Nov. 24, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS: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 direct sales contract with Tianjin Pang Da, a subsidiary of Pang Da Automobile Trade Co., Ltd. ("Pang Da Company"), for an initial order of 1,000 Kandi-brand model K10 pure electric vehicles ("EVs"). The delivery of the 1,000 EV units is expected to be completed by the end of 2015. Pang Da Company plans to launch an EV-sharing program with the purchased vehicles in Tianjin.

Pang Da Company is one of China's Top 500 Enterprises with a vast distribution network. As of June 30, 2014, Pang Da Company owned 1,248 sales distribution points, including 1,046 auto dealerships and 202 auto market places throughout 28 provinces, municipalities, autonomous regions in China and Mongolia. In 2014, Pang Da was the only car dealership selected as one of the world's Top 100 Automotive Brands.

Tianjin, one of the four direct-controlled municipalities, is one of China's six largest cities with a total municipal population of over 15 million. The city is well-known as the center for advanced industrial manufacturing, Asia-Pacific regional marine instrument detection and evaluation, Chinese medicine research and development and financial innovation. Tianjin is one of the national renewable energy automobile pilot cities.

JINHUA, China, Nov. 23, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (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.) signed a strategic cooperation agreement with Nanjing Bustil Technology Co., Ltd. ("Nanjing Bustil") and its related subsidiaries for the sale of up to 3,000 Kandi K17 pure electric vehicles ("EVs") with the "Global Hawk" trademark to the Micro Public Transportation ("MPT") program in Nanjing. The initial delivery of 500 Kandi Global Hawk K17 units is expected to be completed by the end of 2015.

Nanjing Bustil is a high-tech company engaged in battery pack assembly, high-current conducting connector and railroad auto transportation equipment business. Nanjing Bustil has participated in the research and development projects of the State Grid Corporation of China on the development of EV charging on AC and DC and the implementation of quick battery exchange. Meanwhile, Nanjing Bustil's research project on the battery pack for commercial electric vehicles is included in China's "863" State High-Tech Development Plan and has received funding support for innovation from the Ministry of Science. The project has provided support for the pilot operation of commercial electric vehicles and the development of the national standard for quick battery exchange.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "We are delighted to introduce one of our most advanced EV models, Kandi K17 with the 'Global Hawk' trademark, to Nanjing city. We look forward to our cooperation with Nanjing Bustil to create a more efficient public transportation experience for Nanjing residents, while accelerating our continued efforts to promote the rapid expansion of electric vehicles in China."

Nanjing, located in eastern China, is the capital city of Jiangsu province with a total population of over 8 million. It is recognized as one of the Four Great Ancient Capitals of China filled with Chinese history and culture. Nanjing is one of the national renewable energy automobile pilot cities.

JINHUA, China, Nov. 11, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS:KNDI), today announced that it signed a manifesto for the strategic development of "Car-Share 4.0" to promote connected electric vehicles (EVs) with Zhejiang Geely Automobile Holding Group ("Geely"), Alibaba Group Holding, Ltd. ("Alibaba"), ZTE Corporation ("ZTE"), Uber China and China Minsheng Banking Corp. ("Minsheng Bank") during a ceremony in Hangzhou. Kandi also unveiled its plan to deliver 200 units of the Company's K17 model ("Kandi Cyclone") with the "Global Hawk" trademark to the Micro Public Transportation ("MPT") program in Hangzhou. Diversifying the EV model selection in the MPT program, the K17 is Kandi's latest model on the market and has a sleek and modern look that achieves an outstanding balance of efficiency and cutting edge technology.

To view an enhanced version of the Manifesto Event 1, please visit: 
http://orders.newsfilecorp.com/files/2079/18034_kandi.1enhanced.jpg

By integrating renewable energy vehicles, wireless charging systems and self-driving and Internet technology, "Car-Share 4.0" aims to create a connected EV eco-system to empower driver flexibility while enhancing the overall EV experience. "Car-Share 4.0" will be supported by Alibaba's leading big data analytics and cloud computing services, ZTE's cutting-edge wireless charging tecnology, as well as Uber China and Minsheng Bank's expertise in car-sharing and finance, respectively.

To view an enhanced version of the Manifesto Event 2, please visit: 
http://orders.newsfilecorp.com/files/2079/18034_kandi.2enhanced.jpg

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi who is the primary inventor of the "Car-Share 4.0" and innovator of the MPT program, commented, "We are extremely excited to work with China's industry leaders and to take on an important role in the strategic collaboration between Geely, Alibaba, Uber China, ZTE, and Minsheng Bank to create the 'Car-Share 4.0' program. This is a new era for EV development, and provides an unprecedented opportunity to make EVs more available, attractive and user-friendly. With this influential group's combined efforts, Kandi is on and accelerated path to achieve its goals of improving environmental conditions, easing traffic congestion, alleviating parking scarcity and assisting in solving China's energy challenges. With the government's unwavering support, we are facing enormous growth potential, and we look forward to strengthening our leadership position by promoting the rapid EV development across China."

To view an enhanced version of the Manifesto Event 3, please visit: 
http://orders.newsfilecorp.com/files/2079/18034_kandi.3enhanced.jpg

Key executives that signed the Manifesto include Li Shufu, Chairman of Geely, Jack Ma, Chairman of Alibaba, Hou Weigui, Chairman of ZTE, Hu Xiaoming, Chairman of Kandi, Liu Zhen, Head of Uber China, Han Feng, Transportation & Finance Division President of Minsheng Bank, Qiu Changheng, Vice President of Alibaba, Sun Zhenge, Vice President of ZTE and Yao Zhenghua, Chairman of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd.

Total revenues grew 14.3% to $50.5 million for the third quarter of 2015 from $44.2 million for the same period of 2014.

Non-GAAP adjusted earnings per share1 was approximately $0.13 per fully diluted share for the third quarter of 2015 compared with $0.12 per fully diluted share for the same quarter of 2014

"The third quarter performance underscores our tremendous growth in EV parts and EV sales as we became China's top seller for EV products in September," commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, "During the third quarter, we obtained the approval for a vehicle purchase tax exemption for Kandi Cyclone ("K17"), while launching a successful promotion in Beijing and Shanghai. The initial market response has been extremely positive, and we believe K17 will become the Company's key driver for growth over the next year. Meanwhile, China's central government has extended its continuous support and confidence in developing the new energy vehicle (NEV) industry by releasing additional policies, including reducing traffic controls and purchase quotas on NEVs, encouraging government purchases, and promoting EV car-share programs. With the government's dedication, we see unprecedented opportunities ahead of us, and we are well-positioned to benefit from the EV adoption in China by leveraging our unique growth engines: the rapid expansion of our Micro Public Transportation program and the burgeoning direct sales program through the distribution channel."

"We are very pleased to achieve strong financial results in the third quarter of 2015," added Mr. Wang Cheng, Chief Financial Officer of Kandi, "Both sales and gross margin were in line with our expectations. With positive operating cash flow of $11.6 million, we are fully prepared for the significant growth potential around the corner."

Outlook

For the fourth quarter 2015, Kandi expects net revenues to be in the range of $54.0 million to $56.0 million with gross margin in the range of 13.5% to 14.5% .

The Company also expects the JV Company to deliver 8,000 to 10,000 EV products in the fourth quarter and a total of 20,000-22,000 EV products in the full year of 2015.

JINHUA, China, Sept. 30, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), today endorsed China's latest policy on new energy vehicle (NEV) development that was released by China's Prime Minister Li Keqiang during a State Council meeting on Sept 29th. The new policy requires government organizations, institutions and public transportation departments to increase the number of NEVs, in use. The Prime Minister also indicated that local governments should not set traffic controls and purchase quotas on NEVs.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "The recent policy is a strong signal by the Central Government for its continuous support and confidence in developing the NEV industry. As China's leading pure EV manufacturer, Kandi will benefit from the new policy and accelerate its market expansion. Our Micro Public Transportation Program (MPT) is the most scalable EV share program in China and we believe this program will achieve great success with the government's unwavering support."

JINHUA, China, Sept. 21, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS:KNDI), today announced Kandi Brand electric vehicle ("EV") models SMA7001BEV05 and SMA7000BEV06 developed by Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), a 50/50 joint venture between Kandi and Geely Automobile ("Geely"), have been approved by Ministry of Industry and Information Technology of the People's Republic of China ("MIIT") under the 2015 No. 134 public announcement issued on September 18th, 2015.

According to the Ministry of Finance's [2015] No.134 notice of the financial support policy to promote the use of new energy vehicles from 2016 to 2020, only pure EVs with top speed exceeding 100 kilometers/hour (approximately 62 miles/hour) are eligible to receive all levels of government subsidies. To meet such requirement, the JV Company started the research and development of the two models in 2014, and successfully reached government standards and received MIIT's approval after a series of rigorous tests from the National Passenger Car Quality Supervision and Inspection Center which began in March 2015.

Kandi Brand SMA7001BEV05 and SMA7000BEV06 models are among the latest vehicles on the MIIT's directory of "Approved Manufacturers of Vehicles, Motorcycles, Three-wheeled Vehicles, and Low-speed Trucks and Vehicle Products (No. 276)" and "Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion in China (No. 73)". As a result, beginning in 2016, purchasers of the JV Company's two approved EV models will be qualified to receive all levels of national and local subsidies and incentives.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "We are very pleased to receive the MIIT's approval of the two advanced EV models with top speed above 100 kilometers/hour, which marks the beginning of the JV Company's new growth stage. Meanwhile, by using the well-known trade mark Global Hawk on all future models, we are well positioned for a rapid EV expansion in 2016."

JINHUA, China, Sept. 15, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI), today announced its Pure Electric Vehicle ("EV") model SMA7001BEV04 ("K17" or "Kandi Cyclone") was listed on the fifth approved Directory of New Energy Vehicles published recently by China's Ministry of Industry and Information Technology ("MIIT") and State Administration of Taxation ("SAT"). As a result, the Kandi Cyclone is now qualified for a purchase tax exemption.

Mr. Hu Xiaoming, Chairman and CEO of Kandi, commented, "As our latest model introduced to the market, Kandi K17 has a sleek, modern look. Its outstanding blend of efficiency and the most advanced technologies available today has fascinated customers even before its official launch. We are very pleased that the K17 is included in the Directory of New Energy Vehicles to benefit from the purchase tax exemption and provide an extra incentive for potential customers. We look forward to seeing the positive impact this will have on K17 sales."

JINHUA, China, Sept. 8, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), a 50/50 joint venture between Kandi and Geely Automobile ("Geely"), will use the new trademark "Global Hawk", or (http://orders.newsfilecorp.com/files/2079/17134_kandi02.jpg)�, for electric vehicles ("EVs") developed, manufactured and sold by the JV Company beginning September 1, 2015 according to the recent board resolution. As a well-recognized brand owned by Geely, the "Global Hawk" trademark has been provided to the JV Company at no cost to help address the fast-growing demand from China's EV market.

Mr. Li Shufu, Chairman of Geely commented, "We believe our strategic decision to designate the trademark 'Global Hawk' for pure electric vehicles will help accelerate the JV Company's market expansion with a clear and well-defined product strategy."

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "Geely's voluntary offer of its well-known trademark to the JV Company is an important indicator of Geely and Kandi's seamless cooperation for enhancing our brand awareness and value proposition. Most importantly, this brand will boost the expansion of the JV Company's EV products into the mid-to-high-tier markets."

JINHUA, China, Aug. 11, 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"), the manufacturer of Kandi Brand electric vehicles ("EVs"), received a prepayment of RMB 364.5 million (approximately US$59.6 million) on August 10, representing a national subsidy for pure EV sales in 2015. The JV Company is a 50/50 joint venture between Kandi and Geely Automobile.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "The prepaid national subsidy for pure EV sales in 2015 represents the government's strong support for the development of the pure EV industry. Kandi's EVs will continue to rapidly expand as a result of these policies and the overall fast growing market. We are confident we will continue to lead this market and achieve our full year sales target."

JINHUA, China, Aug. 10, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI), today announced during Kandi Technologies' conference call this morning to discuss second quarter 2015 results, a mistranslation of the chief executive officer Mr. Hu Xiaoming's response to a question has created a misunderstanding regarding the Company's outlook for EV product sales. Mr. Hu noted that China's government expects the total number of cars on the road in China by 2020 could reach 200 million, and that EV products could make up 2.5% to 3% of that total. Mr. Hu's comment was not in reference to Kandi's share of the market.

During the call, Mr. Hu did reiterate the Company's longer-term objective of 400,000 EV car sales in 2020.

• Total revenues grew 45.5% to $48.0 million for the second quarter of 2015 from $33.0 million for the second quarter of 2014;

• Non-GAAP adjusted net income¹, which excludes stock award expenses and changes in the fair value of financial derivatives, was $4.9 million, or approximately $0.10 per fully diluted share, a 52.1% increase from $3.2 million in the same quarter of 2014;

"We are delighted to achieve excellent growth in EV parts and EV sales," Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented. "During the second quarter, we continued to focus on delivering strong operational results and pursuing one of our primary goals of improving environmental conditions, easing traffic congestion and energy crisis, and alleviating parking scarcity. By partnering with leading international telecom provider ZTE Corporation and Alibaba (China) Co., Ltd., a subsidiary of world's largest E-commerce company Alibaba Group Holding, Ltd, we aim to enhance the penetration of our Micro Public Transportation program. The successful launch of our direct sales initiative this quarter and the new Kandi Cyclone (K17), which is available for sale in the third quarter, will enhance our strong revenue growth and profitability. We are confident in achieving our full year sales target, while continuing to expand our unique MPT program to additional cities."

"Our strong financial results in the second quarter were in line with our expectations," added Mr. Wang Cheng, Chief Financial Officer of the Company. "By early July of this year, the JV Company had received the remaining subsidies from the central government for 2014 and expects to obtain the 2015 subsidies in the coming months, which will contribute to the Company's third quarter cash flow."

Outlook

For the third quarter 2015, Kandi expects net revenues to be in the range of $49.0 million to $51.0 million with gross margin in the range of 13.5% to 14.5%.

The Company also expects the JV Company to deliver 5,500 to 6,500 EV products in the third quarter and a total of 20,000-25,000 EV products in the full year of 2015.

JINHUA, China, July 20, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (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.) and Luzhou Jiecheng Auto Co. Ltd., have signed a strategic cooperation agreement for the sale of 1,500 Kandi brand electric vehicles ("EVs") in Luzhou to launch the Micro Public Transportation ("MPT") program. In support of the program, the Luzhou municipal government will match the national government's per-vehicle subsidy. Delivery of the 1,500 EVs is expected by the end of 2015.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "We are very pleased to introduce Kandi brand EVs to Luzhou city. Given the strong local government support, we believe the MPT program will help ease traffic congestion and parking scarcity, while contributing positively to the environment and creating a more efficient public transportation experience for Luzhou residents."

Known as the "wine city," Luzhou is a prefectural-level city located in the southeast of Sichuan Province. The city is not only an important port on the Yangtze river, but is also the largest port in both size and output in Sichuan province. Luzhou has been chosen by the national government as one of the pilot cities for the national renewable energy automobile program.

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:

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.

JINHUA, China, July 6, 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 Geely Automobile Holdings Ltd.) has signed a sales contract with Zhejiang Shi Kong Electric Vehicle Co. Ltd. ("Zhejiang Shi Kong") for 4,000 units of Kandi Brand electric vehicles (EVs), including 1,500 units of Kandi K11 (Panda) and 2,500 units of Kandi K10 (Mini). The total value of the contract is over RMB540 million (approximately US$89 million). Kandi expects vehicle delivery to be completed by the end of 2015.

Zhejiang Shi Kong is dedicated to deepening the penetration of new energy vehicles (NEVs) through the Internet Plus concept. The 4,000 units of Kandi Brand EVs will be used in Zhejiang Shi Kong's innovative programs to promote the adoption of NEVs in China.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "The Internet Plus concept is widely recommended to facilitate the adoption of NEVs in China. The 4,000-unit sales contract marks Kandi's entrance into this innovative field, and will further enhance our leadership position in China's EV market."

JINHUA, China, June 30, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), the manufacturer of Kandi Brand electric vehicles ("EVs"), has received a payment of RMB 271.1 million (approximately US$44.3 million) representing a national subsidy for pure EV sales during the third and fourth quarter of 2014. The JV Company is a 50/50 joint venture between Kandi and Geely Automobile.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented "We are very pleased to receive the national government's subsidy payment for vehicle sales in the second half of 2014. Kandi completed the year ranked No. 1 in China in pure electric vehicle sales and production figures. Given the national government's strong financial support, the growing demand for renewable energy vehicles, and the resulting rapid industry expansion, we believe the Kandi brand will continue to lead the market in pure electric vehicle production and sales growth in China."

JINHUA, China, May 28, 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. 00175HK) signed a Strategic Cooperation Framework Agreement (the "Agreement") with ZTE Corporation ("ZTE") (0763.HK/000063.SZ), a leading international provider of telecommunications, enterprise and consumer technology solutions for Mobile Internet, and Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY"), an electric vehicle ("EV") leasing company.

Under the Agreement, Kandi, ZTE and ZZY will combine their expertise and resources to promote the Micro Public Transportation ("MPT") program with advanced wireless charging technologies. The parties will jointly:

• Market the MPT program in China and conduct R&D for automotive wireless charging and other core EV technologies.
• Establish a research institute, which will focus on key topics, including MPT operation optimization, big data analysis and self-service EV rental.
• Apply for China's National Program on Key Research Projects to resolve technological challenges for EVs.
• Enhance the MPT operating system with a focus on performance efficiency and user experience.
• Explore and develop an information platform for the MPT program, which facilitates the expansion of the EV infrastructure network.

"We are excited to connect Kandi's innovative MPT model with ZTE's cutting-edge technologies," commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. "By leveraging ZZY's premium services, our goal is to accelerate MPT's market penetration, maintain our leadership position, and achieve greater success in China's booming EV industry."

First Quarter Financial Results

• Total revenues grew 9.0% to $43.8 million for the first quarter of 2015 from $40.2 million for the first quarter of 2014
• Non-GAAP adjusted net income2, which excludes stock award expense and change in the fair value of financial derivatives, was $3.4 million, or approximately $0.07 per fully diluted share, a 108.1% increase from $1.6 million in the first quarter of 2014.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented: "We achieved solid growth in the first quarter of 2015 throughout our business, including the car-share projects, which continues to be a key growth driver for the Company this year. At the same time, our JV Company has started direct sales to consumers in April 2015, in order to meet the fast growing market demand in China, with great support from the Government, which will contribute to the Company's future growth and profitability."

"We are pleased with the good financial results in the first quarter of 2015, compared to the same quarter last year," added Mr. Wang Cheng, Chief Financial Officer of Kandi Technologies. "We had both revenue growth and margin improvement, which contributed to our net profits. We will continue to implement our cost reduction program throughout the Company and leverage internal production efficiencies, in order to generate stable profitability over the long term."

JINHUA, China, April 13, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (Nasdaq:KNDI) (the "Company" or "Kandi"), today announced that its subsidiary, Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), will explore public listing options in China in an effort to unlock shareholder value. The JV Company, a 50/50 joint venture company established by the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd., with Shanghai Maple Guorun Automobile Co., Ltd., a 99%-owned subsidiary of Geely Automobile Holdings Ltd. ("Geely Auto"), held a Board of Directors meeting on April 8,2015, at which the Board authorized management to explore options for going public in China. Accessing the public capital market would allow the JV Company to leverage the growing electric vehicle ("EV") market demand in China and the government's strengthened commitment to EVs in terms of subsidies for EV end-users.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi and Chairman of the JV Company, commented, "Through the combined efforts of Kandi and Geely Auto, our JV Company has become the leader in pure electric vehicle manufacturing in China, and a growing leader in the production of new energy vehicles. Together, we believe that the prevailing industry fundamentals are such that a public listing will deliver substantial value to our shareholders over the long-term. The JV Company has confidence in achieving the goal of a public listing in China within the next two years, as long as market conditions permit."

JINHUA, China, March 24, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi has appointed Mr. Cheng (Henry) Wang as the Company's new Chief Financial Officer, effective May 1, 2015.

Mr. Wang has over 20 years of international financial management experience. Before joining Kandi, Henry served as Chief Financial Officer for Shanghai Always Marketing Service Co., LTD., one of the largest field marketing service agencies in China, leading its procurement and finance departments since May 2014. Prior to that, Mr. Wang worked for Renesola Ltd. (NYSE:SOL), an international leading brand and technology provider of green energy products, initially as the Vice President of Finance, ascending to Chief Financial Officer in July 2011. Mr. Wang holds both certifications as Certified Public Accountants ("CPA") in China and Certified Internal Auditor ("CIA"), and earned a Master's degree in Law from Renmin University of China and a Master's of Business Administration from the Open University of Hong Kong.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, said, "We are pleased to welcome Henry Wang to our management team as the new Chief Financial Officer. His depth of experience in financial management, international business development, and operations will be a significant asset to Kandi. Henry possesses the knowledge and experience to provide broad-based business acumen, financial leadership and risk management to positively impact the business beyond the finance function."

Ms. Zhu Xiaoying (Emily) will transition from her position as Chief Financial Officer of the Company to the same position at Zhejiang Kandi Vehicles Co., Ltd., a wholly-owned subsidiary of the Company. "We greatly appreciate the contributions Ms. Zhu made during her tenure. She has been an important member of our management team and has played a key role in ensuring Kandi's continued growth, by building a strong financial management foundation and establishing key financial capabilities for the Company," said Mr. Hu.

JINHUA, China, March 23, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced it has retained The Piacente Group ("TPG"), a full-service investor relations and strategic advisory firm, to assist the Company with investor relations and financial communications. TPG will develop and implement communications and outreach programs to increase Kandi's visibility and awareness among the investment community.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi Commented, "As we enter an important next phase in the Company's growth and development, we are committed to strengthening our communications efforts with key investment audiences in the U.S. and China. We selected TPG as our strategic investor relations firm based on their strong relationships on Wall Street and expertise in representing China-based companies listed on the U.S. markets."

Brandi Piacente, President of TPG, added, "Kandi is uniquely positioned to benefit from the growing market demand and government support for electric vehicles in China. We are pleased to have this opportunity to communicate their value proposition and exciting growth story. We look forward to working with management to effectively convey their vision and raise Kandi's profile with investors and analysts."

JINHUA, China, March 16, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (Nasdaq:KNDI) (the "Company" or "Kandi"), today announced its financial results for the full year ending December 31, 2014.

Full Year 2014 Highlights

• Total revenues grew 80.1% to $170.2 million from $94.5 million in 2013;
• Electric Vehicle ("EV") Parts sales increased significantly by 6,653.4% to $116.4 million compared to $1.7 million in the previous year;
• Full year sales for our joint venture company, Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"),* were $215.5 million, with net income of $7.5 million. Based on Kandi's 50% equity ownership in the JV Company, Kandi recorded $4.5 million in net income (after tax and intra-entity elimination) in 2014;
• The JV Company sold 10,935 EV products during the full year of 2014, with 3,656 EVs sold in the fourth quarter;
• GAAP net income in 2014 was $12.3 million, or approximately $0.29 per fully diluted share, a 158.0% increase compared to a net loss of $21.1 million, or approximately ($0.61) in 2013;
• Non-GAAP adjusted net income**, which excludes stock award expense and change in the fair value of financial derivatives, was $14.2 million, or approximately $0.33 per fully diluted share, a 174.8% increase from $5.2 million for 2013;
• Working capital surplus was $39.2 million as of December 31, 2014, compared to a working capital deficit of $6.6 million as of December 31, 2013;
• Cash, cash equivalents and restricted cash totaled $39.3 million as of December 31, 2014 compared to $12.8 million as of December 31, 2013;

*Kandi Electric Vehicles Group Co., Ltd., a joint venture company established by the Company's wholly ownedsubsidiary, Zhejiang Kandi Vehicles Co., Ltd. with Shanghai Maple Guorun Automobile Co., Ltd. ("ShanghaiGuorun"), a 99%-owned subsidiary of Geely Automobile Holdings Ltd. ("Geely Auto")

**Non-GAAP measures, including the Non-GAAP net income and Non-GAAP EPS are defined as the financialmeasures excluding the change of the fair value of financial derivatives and the effects of the stock award expense. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measures should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with GAAP.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies commented, "Our robust financial results were driven by the growing market demand for electric vehicles. In 2014, we invested a tremendous amount of time and resources on building our EV business. Kandi's electric vehicle model has been highly appraised by China's Science and Technology Minister and other senior government officials. At the end of 2014, Micro Public Transportation (MPT), an EV Sharing Program we have been advocating, has expanded to nine Chinese cities with 14,398 pure EVs delivered since the beginning of its trial operation in the second half of 2013."

"Looking ahead, we are extremely excited about Kandi's business prospects for continued growth. Given the government's strong commitment towards policies that encourage the adoption of electric vehicles nationwide, including the national and local government subsidies, the electric vehicle tax breaks, along with the prevailing favorable market conditions in China, we are confident in our ability to execute our strategy to further grow market shares in China. Recently, the management team of our joint venture company has decided to expand its EV sales effort directly to the end customers, which, together with JV's existing fleet sales model, will be a key catalyst that boost consumer demand for our electric vehicles. We look forward to enhancing our overall product and service, while leveraging the JV Company's flexible business model and its leading position in both EV sharing and EV sales businesses, and finally making Kandi a leader in the EV market in China," Mr. Hu concluded.

Kandi Technologies Announces Conclusion of SEC Investigation

Jinhua, China--(February 17, 2015) - Kandi Technologies Group, Inc. ("Kandi" or the "Company") announced today that it received a letter dated February 9, 2015 from the staff of the Enforcement Division of the U. S. Securities and Exchange Commission (the "SEC") advising that the Division has concluded its investigation of Kandi and, based on information received to date, does not intend to recommend to the Commission that any enforcement action be brought against Kandi. This formally concludes the SEC's investigation that commenced in 2013. As previously disclosed, Kandi received notice of a formal investigation and a subpoena dated November 21, 2013 in connection with the SEC's investigation.

Hu Xiaoming, Kandi's Chairman of the Board and Chief Executive Officer commented: "We are extremely pleased that the SEC has concluded its investigation, particularly since its existence was the subject of much misleading and harmful press by those holding short positions in the Company's securities. We respect the SEC and its mandate to protect investors, and cooperated in its investigation. As I have stated before, Kandi's management's primary interests have always been twofold – shareholder protection and building a solid foundation for the continued long term growth of the Company. We will continue to pursue those goals with transparency and in compliance with all applicable laws and regulations.”

JINHUA, China, Jan. 7, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that since the initial launch of micro public EV Sharing Program (the "Car-Share Program") in Hangzhou in the second half of 2013, the Car-Share Program has rapidly expanded and is now available in Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou, and Rugao. As of the end of 2014, there have been a total of 9,852 Kandi Brand electric vehicles ("EVs") delivered to Hangzhou, 686 EVs to Shanghai, 1,020 EVs to Chengdu, 340 EVs to Nanjing, 700 EVs to Guangzhou, 612 EVs to Wuhan, 388 EVs to Changsha, 500 EVs to Changzhou, and 300 EVs to Rugao. With a total of 14,398 Kandi EVs delivered throughout the country as of the end of 2014, the Company believes it becomes the leading volume seller in the Chinese pure EV market.

Introduced by Kandi, the Car-Share Program is an innovative business model aimed at promoting and popularizing the use of EV in China. Since its inception, the Car-Share Program has made remarkable progress and received great recognitions and supports from consumers as well as the government agencies. Mr. Hu Xiaoming, Chairman and Chief Executive Officer of the Company, commented, "After more than one year of testing and unceasing improvement, we are confident that Kandi has built a solid foundation to be universally recognized as the leading pure EV producer and innovator in China. Looking forward to 2015, we will continue to maximize the most favorable factors, such as our early mover advantages, strategic alliances, and the privilege of receiving government EV subsidiaries."

JINHUA, China, Dec. 29, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd.* (the "JV Company"), Dongchuang Jianguo Auto Group ("E-Kingo"), a well-known local car dealer, and ZuoZhongYou (Chengdu) Electric Vehicle Service Co., Ltd. ("ZZY-Chengdu"), a leasing company signed a strategic cooperation agreement for the sale and lease of a total of 5,000 Kandi brand electric vehicles ("EVs") in Chengdu at the EV launching ceremony on December 28.

According to the agreement, E-Kingo will sell the EVs to ZZY-Chengdu at the discounted price that reflects the deduction of the local subsidy and ZZY-Chengdu will be in charge of the overall EV leasing operations. Given the success of 1,000 Kandi brand EVs delivery in the fourth quarter, 4,000 EVs are expected to be delivered in Chengdu by the end of 2015.

* The JV Company is a 50/50 joint venture between Kandi and Geely Automobile.

JINHUA, China, Dec. 23, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that a seminar on China's innovative electric vehicle business model for the public transportation was hosted in Hangzhou on December 19. The top Chinese government officials, and other environmental and transportation experts including China's Science and Technology Minister Wan Gang attended the event. The delegation group visited the headquarter of Kandi Electric Vehicles Group Co., Ltd. (the "JV Company")*, and the Micro Public EV Time-Sharing Program ("Car-Share Program")'s smart vertical garage, one of the on-street parking/charging stations, as well as the multimedia dispatching center.

Mr. Hu Xiaoming, Chairman & CEO of Kandi provided a detailed introduction on the new electric vehicle business model, the Car-Share Program to the delegation group. At present, there were 9,850 Kandi Brand electric vehicles ("EVs") in total delivered in Hangzhou. Zhang Genming, Mayor of Xihu District Government addressed that Xihu District as the first to launch the Car-Share Program in the nation has achieved a noticeable progress in alleviating traffic congestions and would continue the effort to promote and support the program. Furthermore, Zhang Hongming, Mayor of Hangzhou, the researcher from Development Research Center of the State Council, Zhang Yongwei, the Secretary of ChinaEV100, as well as the senior officials and department leaders from Ministry of Science and Technology, National Development and Reform Commission, Ministry of Finance, Ministry of Industry and Information Technology, Ministry of Transport and other experts also recognized and acknowledged the success of the Car-Share business model.

Most importantly, Wan Gang, the Vice Chair of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) & Minister of China's Science and Technology Ministry reinforced the value and importance of Kandi's Car-Share business model and said in his final remarks: "The Car-Share Program is highly recognized. In order to increase the popularity of the electric vehicle, the market shall be ready with the strong infrastructure and government supporting policies. There are enormous potential demands in the Car-Share Program in China. The market growth today is driven by the business innovation, in my opinion, the Car-Share Program will most likely transform the market demand into the reality."

Kandi' s Car-Share business model has earned the recognition, affirmation, and endorsement from all the government officials at the seminar. With the government's guidance suggested, Kandi's Car-Share business model as innovative public transportation role model in China will have a great impact on development of EV industry and urban public transportation in China.

JINHUA, China, Dec. 18, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), today announced that Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. ("JiHeKang Sales"), a wholly owned subsidiary of Kandi Electric Vehicles Group Co., Ltd. (the "JV Company")* and Guangzhou MingZhi Auto Trade Co., Ltd. ("Guangzhou Mingzhi"), a local auto distributor in Guangzhou, signed a contract for sale of 700 Kandi brand electric vehicles ("EVs") in November. On December 16, all 700 Kandi brand EVs including 550 SMA7000BEV and 150 SMA7001BEV were delivered to Guangzhou MingZhi. The sales revenue for the 700 EVs is valued at approximately RMB 90.2 million or USD 14.5 million.

Guangzhou Mingzhi will be responsible for promoting and implementing EV leasing businesses in Guangzhou market. Working directly with the local auto distributor will be an effective marketing strategy to enhance Kandi brand's market visibility and attract more renewable energy automobile pilot cities to promote and purchase Kandi brand EVs. Guangzhou is one of the national renewable energy automobile pilot cities, therefore, the purchaser of Kandi's two EV models are eligible to receive the same amount of subsidy payment from both the national government and the local government.

Guangzhou, located in South China, is the capital city of Guangdong province with a population of more than 13 million. Guangzhou serves as an important national transportation hub and trading port. Since 1957, in spring and autumn each year, China's largest trade fair with the most complete exhibit varieties and the broadest distribution of global buyers, "China Import and Export Fair", also known as "Canton Fair", is held in Guangzhou.

JINHUA, China, Dec. 17, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company")* completed the sale and delivery of 1,000 Kandi brand electric vehicles ("EVs") to the leasing company, ZuoZhongYou (Chengdu) Electric Vehicle Service Co., Ltd. ("ZZY-Chengdu"), a wholly owned subsidiary of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") on December 16. The sales revenue for the 1,000 EVs is approximately RMB 133 million (USD 21.5 million) including 500 of each SMA7000BEV and SMA7001BEV, which will be used for the newly launched Car-Share Program and Group Long-term Leasing Program in Chengdu upon the receipt of the vehicle license plate registration approval.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "The growth in EV industry in China is driven by the much-needed improvement in environmental contamination, traffic congestion, and scarce parking. We expect demand for EVs to accelerate going forward given government policies at all levels. Despite the weakness in crude oil price, our innovative Car-Share business model will continue to expand rapidly into more regions throughout China."

JINHUA, China, Dec. 15, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), the Company's wholly-owned subsidiary in China, signed a purchase contract with Zhejiang Tianneng Energy Technology Co, Ltd ("Tianneng Energy Technology"), a wholly-owned subsidiary of Tianneng Power International Limited (0819.HK), China's leading manufacturer of batteries, for a one-year supply of TNL-ITR18650-2200P lithium batteries providing a total of approximately185 million watt hours from Tianneng Energy Technology starting in January 2015. Kandi Vehicle's purchase amount is committed to be no less than RMB 260 million or approximately USD 42.6 million in 2015.

In respect to the accelerated progress and success in Kandi's innovative business model of the car-share program, Kandi's existing battery suppliers can no longer meet the demand. Tianneng Energy Technology's lithium battery is a great addition and will help the electric vehicles achieve a better performance. This battery model TNL-ITR18650-2200P is a newer invention and well proven offering better power density and safety improvement.

JINHUA, China, Dec. 4, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), the manufacturer of Kandi Brand electric vehicles ("EVs"), has received a national subsidy of RMB195.4 million (approximately US$31.8 million) for sales of 4,114 EVs during the second quarter of 2014. The JV Company is a 50/50 joint venture between Kandi and Geely Automobile.

Currently there are two types of government subsidies for qualified renewable energy vehicles in China: the national government subsidy (based on the index included in the notices published by Ministry of Industry and Information Technology of China) and the local government subsidy (based on local government's notices).

The national government subsidy is paid to EV manufacturers through an application and approval process. After selling the products to dealers, manufacturers can submit subsidy payment applications with invoices and other supporting documents at the end of each quarter to the requisite national government agencies through their regional offices. Subsidy is typically expected to be received during the following two quarters.

The local government subsidy is paid to local dealers who establish their retail price based upon the purchase price, and then deduct the local government subsidy from the retail price before selling the EVs to consumers.

The ultimate beneficiaries of these subsidies are the consumers as the actual price that a consumer pays reflects the deduction of both subsidies

JINHUA, China, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that SMA7002BEV05 the first Mid-tier Luxury Pure Electric Vehicle developed by Kandi Electric Vehicles Group Co., Ltd.* (the "JV Company") has been approved by Ministry of Industry and Information Technology of the People's Republic of China ("MIIT") according to No. 69 public announcement of MIIT.

The SMA7002BEV05 model is among the latest vehicles on the lists of "Approved Manufacturers of Vehicles, Motorcycles, Three-wheeled Vehicles, and Low-speed Trucks & Vehicle Products (No. 266)" and "Recommended Models for Energy Saving & New Energy Vehicle Demonstration and Promotion in China (No. 63)". As a result, purchasers of such EV will now be the ultimate beneficiaries to receive all levels of national and local subsidies and incentives.

Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "The approval of the newly added model SMA7002BEV05 is an indication of success in expanding our portfolio of the vehicle products. In addition to meet the demand of the Car-Share market, this mid-tier luxury pure electric vehicle is aiming to serve the government and enterprises' needs. We are confident that Kandi will be diversifying its product categories to satisfy the market's growing demands and secure its leading position in manufacturing pure electric vehicle products in China."

JINHUA, China, Nov. 17, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), today announced that Kandi has delivered its initial order of 64 Kandi EVs (32 of each SMA7000BEV and SMA7001BEV) to Wuhan. This is the fifth city that Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") has promoted the Car-Share business model.

Wuhan is the capital of Hubei Province and the main hub of central China with a population of over 10 million people. The city lies in the eastern Jianghan Plain at the intersection of the middle reaches of the World's third longest river, the Yangtze River and its largest tributary, the Han River. Wuhan is recognized as an important center for information technology and education in China and has the most number of colleges, universities and research institutes besides Beijing and Shanghai. Recently it has been chosen by the central government to be one of the national renewable energy automobile pilot cities.

Purchasers of Kandi's SMA7000BEV and SMA7001BEV models are the ultimate beneficiaries of the central government subsidy of RMB 47,500.00 (Approximately USD 7,738.00) and the Wuhan local government subsidy of RMB 47,500.00 (Approximately USD 7,738.00) on a per car basis.

ZuoZhongYou (Wuhan) Electric Vehicle Service Co., Ltd. ("ZZY-Wuhan"), a wholly owned subsidiary of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") was established in the beginning of November, has obtained the registration approval from the local State Administration of Industry and Commerce for the formation of ZZY-Wuhan. The Car-Share Program and Long-term Group Leasing Program are expected to be officially launched and administered by ZZY-Wuhan with the expectation for the delivery of 500 to 1,000 Kandi brand pure electric vehicles in Wuhan city by the end of this year.

Third Quarter 2014 Financial Results:

• Revenue for the third quarter grew 157.78% to $44.21 million from $17.15 million in the third quarter last year.
• Non-GAAP adjusted net income was $5.37 million, or approximately $0.12 per fully diluted shares, a 716.5% increase from net loss of $0.87 million, or -$0.02 for the same period of 2013.

"Our third quarter was another exciting quarter with strong top-line growth, improved financial condition and new strategic developments," commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. "In particular, our EV manufacturing joint venture with Geely Auto, or the 'JV Company' achieved great quarterly net profit and net margin, despite the fact that the quarter was back-end loaded because the new EV purchase tax exemption did not become effective until September 1."

Mr. Hu continued: "During the quarter, we also made numerous business initiatives, including the initial delivery of Kandi brand EVs to Shanghai public pure EV sharing program, the unveiling of our new 4-seat pure EV model KD17 'Cyclone', and the successful completion of our $71 million registered direct offering. Given the increasing opportunities and demand for electric cars in China, as well as Kandi's solid foundation and financial strength, we believe we are in a great position to continue executing our current business strategy."

"Looking forward to the fourth quarter, we are confident that our business model is beginning to gain traction in both top-line and bottom-line growth," concluded Mr. Hu. "The Car-Share Program has been highly recognized and well received by the customers, we believe our EV business model will be expanded to more EV pilot cities in China. We are also thrilled with our recent partnership with Ant Financial Services Group to launch Alipay, including Alipay Wallet services and technology platform, to Kandi's EV end users. We hope to raise the market awareness of the Kandi brand through the 300 million registered Alipay users."

JINHUA, China, Nov. 3, 2014 (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.) signed a Strategic Cooperation Framework Agreement with Ant Financial Services Group ("Ant Financial") to launch Alipay and Alipay Wallet services to the Car-Share Program, Kandi's innovative Pure EV Sharing Program. Mr. Hu Xiaoming, Chairman of the JV Company, Mr. Liu Jinliang, President of the JV Company, Mr. Eric Jing Xiandong, COO of Ant Financial, Mr. Deng Yiming, Director of Credit Business at Ant Financial, and other executives from both parties attended the signing ceremony on October 29, 2014 in Hangzhou.

The scope of the agreement includes, but not limited to utilizing mobile application Alipay Wallet, China's leading electronic and mobile payment service for Kandi's Car-Share Program, and co-developing other innovative services, such as customer credit system, online booking, and membership management. Alipay Wallet offers the convenience of renting Kandi's EV through a smart phone. Additionally, it allows zero deposit and guarantee for qualified renters with good credit records based on Alipay's proprietary transaction data. Kandi expects to launch the first mobile application for the Car-Share Program based on Alipay Wallet platform by the end of November.

Mr. Hu Xiaoming, Chairman of the JV Company commented, "We are very excited to announce the strategic partnership with China's leading online financial service provider, Ant Financial Service, and to further grow our Car-Sharing Program in China. The Alipay Wallet technology not only enhances user experience which enables our customers to make reservation and payment through PCs, smart phones and other mobile devices, it also broadens our customer base to the ever growing Alipay users with better credit and payment term. We are extremely confident about our EV business model and we will continue to focus on the execution of our strategic growth plan in China's EV industry."

JINHUA, China, Oct. 30, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), today announced that the Car-Share Program is expected to be launched in Chengdu with the delivery of 1,000 Kandi brand electric vehicles before the year-end.

Chengdu is the provincial capital of Sichuan province in Southwest China with over 14 million inhabitants. Being one of the most important centers for economic, technology, communication, and education in Western China, Chengdu has been chosen by the government to be one of the national renewable energy automobile pilot cities. Purchasers of Kandi's SMA7000BEV and SMA7001BEV models are eligible to receive, on a per car basis, the national government subsidy of RMB 47,500.00 (Approximately USD 7,738.00) and the local government subsidy of RMB 47,500.00 (Approximately USD 7,738.00) from Sichuan provincial government and Chengdu municipal government combined.

ZuoZhongYou (Chengdu) Electric Vehicle Service Co., Ltd. ("ZZY-Chengdu"), a wholly owned subsidiary of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") has obtained the registration approval from the local State Administration of Industry and Commerce for the formation of ZZY-Chengdu. Upon the completion of ancillary procedures for ZZY-Chengdu's establishment, the Car-Share Program and Long-term Group Leasing Program will be officially launched in Chengdu by the end of this year.

JINHUA, China, Oct. 13, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that the Shanghai's local subsidy policy for renewable energy vehicles was released by Shanghai Municipal Commission of Economy and Information after China's National Day Holiday Week. There are three vehicle models chosen, two of which are Kandi's SMA7000BEV and SMA7001BEV models. As a result, the purchaser of these two models in Shanghai will be qualified to receive both national and local subsidies. Additionally, these two vehicle models also qualify for free license plates in Shanghai. The license plates in Shanghai are auctioned to the public at an averaged price between RMB 70,000.00 to RMB 80,000.00 (USD 11,410.00 to USD 13,040.00) per license plate.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi Technologies commented, "The approval of Shanghai's subsidy policy will provide the incentive to further promote the purchase and use of electric vehicles. At Present, the service company ZuoZhongYou (Shanghai) Electric Vehicle Service Co., Ltd. has five EV Parking/Charging Stations at Jinshan District in Shanghai and over 400 Kandi Brand pure EVs delivered for both Car-Share Program and Long-term Group Leasing Program."

"As the Car-Share Program continues to progress within the increasing network infrastructure, we believe this will better fit the residents' needs and lifestyles while improving the city's public transport efficiency," Mr. Hu Concluded.

JINHUA, China, Oct. 6, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (Nasdaq:KNDI) (the "Company" or "Kandi"), today announced that its new pure electric vehicle model KD17 "Cyclone", jointly developed by Kandi and Geely Automobile Holdings Ltd. ("Geely"), passed the evaluation done by the executive team of Kandi Electric Vehicles Group Co., Ltd, the joint venture formed by Kandi and Geely's 99%-owned subsidiary, on September 30, 2014.

To view an enhanced version of the Kandi Cylone, please visit: http://orders.newsfilecorp.com/files/2079/11988_kandi_2.jpg

"Cyclone" is a five-door, four-seat vehicle with spacious and comfortable seating area. The vehicle utilizes newly developed triple element non-polymer battery and central control system featuring in both touch screen and conventional buttons. "Cyclone" achieved multiple domestic automobile golden standards and is currently under scrutiny of China's Ministry of Industry and Information Technology ("MIIT"), with the expectation to release to market at the end of 2014.

The Company anticipates  "Cyclone" to generate strong positive feedbacks and impacts on China's public market.

JINHUA, China, Oct. 2, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that the Kandi-brand SMA7001BEV pure electric vehicle passed the Nanjing local inspection for the licensed plate at the end of September.

ZuoZhongYou (Nanjing) Electric Vehicle Service Co., Ltd. ("ZZY-Nanjing"), a wholly owned subsidiary of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY", which the Company indirectly owns a 9.5% ownership interest through its joint venture) has obtained the registration approval from the local State Administration of Industry and Commerce for the formation of ZZY-Nanjing. Upon the completion of the ancillary procedures for ZZY-Nanjing's establishment, the Car-Share Program will be officially launched in Nanjing.

Located in Eastern China, Nanjing, the capital of Jiangsu province, is about 300 kilometers or 186 miles from Shanghai in the northwest, and is one of the national renewable energy automobile pilot cities. Furthermore, both Kandi's SMA7000BEV and SMA7001BEV models are eligible to receive not only the national government subsidy of RMB 47,500.00 (Approximately USD 7,738.00), but also the local government subsidy of RMB 47,500.00 (Approximately USD 7,738.00) from Jiangsu provincial government and Nanjing municipal government combined.

JINHUA, China, Sept. 3, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), today announced that, according to public Notice No. 54 issued by China's Ministry of Industry and Information Technology ("MIIT") and State Administration of Taxation ("SAT"), three of Kandi's pure Electric Vehicle ("EV") models were chosen to be on the first approved list of New Energy Vehicles to qualify for a purchase tax exemption at the amount of 10% of the vehicle's total purchase price.

The list, effective on September 1, 2014, granted 17 passenger vehicles from 11 domestic auto manufacturers and 5 special purpose motor vehicles from 4 domestic automakers a purchase tax exemption. Kandi brand SMA7000BEV & SMA7001BEV model are among the list of approved passenger vehicles and Kandi's KD5011XXYEV is included in the list of special purpose motor vehicles. As a result, purchasers of such vehicles would exempt from the purchase tax

Approved Kandi Passenger Vehicles

To view an enhanced version of this image, please visit:

http://orders.newsfilecorp.com/files/2079/11479_kandi2.jpg

Approved Kandi Special Purpose Motor Vehicle

To view an enhanced version of this image, please visit:

http://orders.newsfilecorp.com/files/2079/11479_kandi4.jpg

Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "We are very pleased that Kandi's three EV models now enjoy the tax break, which offers EV perspective buyers extra incentives. Most importantly, it indicated that Chinese government has made significant efforts in actively advocating the development of new energy vehicles to reach production and sales targets of 0.5 million New Energy Vehicles (NEVs) by 2015 and 5 million NEVs by 2020. We believe the latest tax exemption, along with a series of government incentives and subsidies, will have a very positive impact on the sales of Kandi Brand EV in China going forward."

JINHUA, China, Aug. 29, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that it has entered into a securities purchase agreement with certain institutional investors for a registered direct placement of $71 million of common stock at a price of $17.20 per share. The Company will issue a total of 4,127,908 shares of common stock to the institutional investors. As part of the transaction, the Company will also issue to the investors warrants ("Warrants") for the purchase of up to 743,024 shares of common stock at an exercise price of $21.50 per share, which Warrants will have a term of 17 months from the date of issuance. Any investor that invests more than $30 million in the initial offering of shares and Warrants will have an option to purchase its pro rata share of up to $30 million of additional shares for a period commencing after the initial closing date and ending on November 17, 2014, and investors exercising such option will also receive Warrants for the purchase of an aggregate of up to 313,954 shares of our common stock. Assuming that the investors exercise all of their options, the total gross proceeds of the offering would be $101 million.

The net proceeds from this offering will be used for general working corporate purposes. The completion of the placement is expected to occur on or about September 4, 2014, subject to the satisfaction of customary closing conditions.

Kandi Technologies Group, Inc.

4,127,908 Shares of Common Stock
743,024 Warrants to purchase up to 743,024 Shares of Common Stock and 743,024 Shares of Common Stock
underlying the Warrants

Option to purchase up to 1,744,186 Shares of Common Stock, 1,744,186 Shares of Common Stock underlying
the Option, the accompanying Warrants to purchase 313,954 Shares of Common Stock and 313,954 Shares of
Common Stock underlying the Warrants

Item 1.01 Entry into a Material Definitive Agreement

On August 29, 2014, Kandi Technologies Group, Inc., a Delaware corporation (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain purchasers (the “Buyers”) pursuant to which the Company will sell to the Buyers, in a registered direct offering, an aggregate of 4,127,908 units, (the “Units”) each consisting of one share (the “Shares”) of our common stock, par value $0.001 per share (“Common Stock”) and 0.18 warrants to purchase a share of our Common Stock (the “Warrants”), at a purchase price of $17.20 per share, for aggregate gross proceeds to the Company of $71,000,000.00, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. At the initial closing, the Company shall issue Units consisting of an aggregate of 4,127,908 shares of our Common Stock and Warrants initially exercisable into an aggregate of up to 743,024 shares of our Common Stock.

In addition, each Buyer that purchases at least $30 million in the initial offering of Shares and Warrants (each, a “Major Buyer”) will have an option to purchase its pro rata share of up to a $30 million additional Units, at one or more additional closings, at the purchase price of $17.20 per share for a period commencing after the initial closing date and ending on November 17, 2014.

Assuming the Major Buyers fully exercise their rights to purchase additional Units at such additional closing or additional closings, as applicable, the Company shall have issued, in the aggregate, Units consisting of an aggregate of 1,744,186 shares of our Common Stock and Warrants initially exercisable into an aggregate of up to 313,954 shares of our Common Stock,

The Warrants have a term of 17 months and are exercisable by the holders at any time after the date of issuance, or the applicable closing date, at an exercise price of $21.50 per share. The exercise price and the number of shares issuable upon exercise of the Warrants are subject to an adjustment upon the occurrence of certain events, including, but not limited to, stock splits or dividends, business combinations, sale of assets, similar recapitalization transactions, or other similar transactions. The exercise price of the Warrants is subject to adjustment in the event that the Company issues or is deemed to issue shares of our Common Stock for less than the applicable exercise price of the Warrants. The exercisability of the Warrants may be limited if, upon exercise, the holder or any of its affiliates would beneficially own more than 4.99% of our Common Stock.

Pursuant to the terms of the Purchase Agreement, the Company and the Buyers have agreed that: (i) subject to certain exceptions, the Company will not, within the sixty (60) trading days following the initial closing of this financing transactions enter into any agreement to issue or announce the issuance or proposed issuance of any securities; (ii) for a period of 12 months, the Company will not enter into an agreement to effect a “Variable Rate Transaction,” as that term is defined in the Purchase Agreement; and (iii) if the Company issues securities within the 12 months following the initial closing, the Buyers shall have the right to purchase up to 30% of the securities on the same terms, conditions and price provided for in the proposed issuance of securities.

FT Global Capital, Inc. (“FT Global Capital”) acted as the exclusive placement agent in connection with this offering pursuant to the terms of a placement agent agreement, dated August 11, 2014, between the Company and FT Global Capital (the “Placement Agent Agreement”). Pursuant to the Placement Agent Agreement, the Company agreed to pay FT Global Capital a cash fee equal to five percent (5%) of the aggregate proceeds received by the Company from the sale of its securities to investors introduced to the Company by FT Global Capital. FT Global Capital is also entitled to additional tail compensation for any financings consummated within the 12-month period following the termination of the Placement Agent Agreement to the extent that such financing is provided to the Company by investors that FT Global Capita had introduced to the Company. In addition to the cash fees, the Company agreed to issue to the Placement Agent warrants to purchase an aggregate of up to 5% of the aggregate number of shares of our Common Stock sold in the offering (the “Placement Agent Warrants”). The Placement Agent Warrants shall generally be on the same terms and conditions as the Warrants, provided that (i) the Placement Agent Warrants have an exercise price of 120% of the purchase price, and (ii) the Placement Agent Warrants shall not be exercisable for a period of six months from the initial closing date and shall be exercisable for 17 months thereafter.

The Shares, the Warrants, the Placement Agent Warrants and our Common Stock issuable upon exercise of the Warrants and the Placement Agent Warrants are being offered by the Company pursuant to an effective shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission on June 20, 2014 and was declared effective on August 6, 2014 (File No. 333-196938).

JINHUA, China, Aug. 27, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), announced today that www.d1ev.com, the leading platform for new energy vehicle information and trading in China, released the newest data for China's pure electric vehicle ("EV") production in July.

As stated in the report, there were 17,499 pure EVs produced from January to July this year in China. In July, 4,035 pure EVs is manufactured, a 630.98% increase from the same period of 2013. Out of the 4,035 total EVs, 2,205 EVs are Kandi Brand.

Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "This is another indicator of our successful corporation with Geely to become the leading pure EV provider in China. With the positive momentum in the Hangzhou Public EV Sharing System (the 'Car-Share' Project), group long-term lease project, as well as the newly launched Car-Share project in Shanghai, we are confident to embrace the robust EV sales in the near future."

Kandi Technologies Group, Inc.

1,429,393 SHARES OF COMMON STOCK OFFERED BY SELLING STOCKHOLDERS

This prospectus relates to the resale, from time to time, by the selling stockholders identified in this prospectus under the caption “Selling Stockholders,” of up to 1,429,393 shares of our common stock, par value $0.001 per share, issuable upon the exercise of outstanding common stock purchase warrants. We are not selling any shares of our common stock under this prospectus and will not receive any proceeds from the sale of shares by the selling stockholders. However, we will receive the proceeds from any cash exercise of the warrants which, if all exercised for cash, would result in gross proceeds to us of approximately $21,440,895. The selling stockholders will bear all commissions and discounts, if any, attributable to the sale of the shares. We will bear all costs, expenses and fees in connection with the registration of the shares.

The selling stockholder may sell the shares of our common stock offered by this prospectus from time to time on terms to be determined at the time of sale through ordinary brokerage transactions or through any other means described in this prospectus under “Plan of Distribution.” The prices at which the selling stockholder may sell the shares will be determined by the prevailing market price for the shares or in negotiated transactions.

Our common stock is quoted on the NASDAQ Global Select Market under the symbol “KNDI.” On August 7, 2014, the last reported sale price of our common stock on the NASDAQ Global Select Market was $19.20 per share.

The 1,429,393 shares of common stock covered by this prospectus are issuable upon the exercise of outstanding warrants that we issued in a private placement transaction completed on January 15, 2014. Additional information about the private placement is provided in the section entitled “Description of Private Placement” of this Prospectus.

JINHUA, China, Aug. 18, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that the first 208 Kandi brand electric vehicles ("EV") were delivered as the official launch of Shanghai Jinshan public pure EV sharing program (the Shanghai Jinshan "Car-Share" Program) and Long-term Group Leasing Program. On August 14, 2014, ZuoZhongYou (Shanghai) Electric Vehicle Service Co., Ltd. ("ZZY-Shanghai"), which was formally established on June 16, 2014 in Shanghai by Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the "Service Company" or "ZZY") hosted a launching ceremony at Jinshan District in Shanghai. All of 208 EVs were sent to rental stations in Zhu Jing, Shi Hua, Feng Jing and Ting Lin, four towns at Jinshan for users' immediate use.

As previously announced on April 14, 2014, Mr. Ma Jing the Deputy Director of Electric Vehicles Development from the Shanghai Municipal Commission of Economic and Information Technology and his delegation group visited Kandi Electric Vehicles (Shanghai) Co., Ltd. ("Kandi Shanghai")'s production base and initiated Shanghai Public EV Sharing System Pilot Project. During the visit, Mr. Ma Jing laid out the targeted plan for the delivery of 3000-5000 Kandi Brand pure EVs by the end of 2014.

"The official launch of Shanghai Jinshan Car-Share Program has demonstrated the expansion of Hangzhou Car-Share Program into other major cities in China as the most preferred business model for EV development. We anticipate to see more and more cities adapting the Car-Share Program and Long-term Group Leasing Program in the near future," Mr. HuXiaoming, Chairman and Chief Executive Officer of Kandi Technologies, commented.

Second Quarter 2014 Financial Results

• Revenue for the second quarter grew 171.1% to $32.96 million from $12.16 million in the second quarter last year.
• GAAP net income for the second quarter was $11.16 million, or $0.27 per fully diluted share, an increase of 1168.4% from a net loss of $1.04 million, or ($0.03) per fully diluted share, in the second quarter of 2013;
   
• *Non-GAAP adjusted net income in the second quarter, which excludes the stock award expense and the change in the fair value of financial derivatives, was $3.22 million, or approximately $.08 per fully diluted shares, a 4,269.6% increase from net income of $73,785 for the same period of 2013;

"Our strong performance in the second quarter reflects sustained strong market demand for electric vehicles in China, especially our positive momentum in the Hangzhou Public EV Sharing System (the 'Car-Share' Project) and Group Long-Term Leasing Program ('Group Leasing'). The Car-Share Project has become one of most preferred business models for EV development in China. Such model is expected to be expanded into other major Chinese cities." Commented by Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi Technologies, "We are also pleased to see that the Chinese government has recently unveiled a series of aggressive new policies and incentives, such as EV sales tax break for consumers, government subsidy for manufactures and consumers, favorable electricity rate for EV users and incentive for building EV charging/parking infrastructure, to stimulate the electric car sales. All of those favorable policies are Chinese government's determination to reach 500,000 New Energy Vehicles (NEV) productions by 2015 and 2 million NEV productions by 2020, while only 20,000 NEV were produced and sold in China in the first half in 2014, according to the information from the Ministry of Industrial and Information Technology ('MIIT')."

"Being one of earlier movers in the Chinese EV industry, Kandi has just begun to enjoy the benefits from the favorable market trend as well as our company's strategy shift to focus on Chinese EV segment in recent two years. With the robust EV sales growth ahead of us, our management team will continue to work diligently to capture market share, refine our innovative business model, assist our partners in building out EV charging/parking infrastructure, improve corporate disclosure and investors communication, and deliver strong financial performance for our long-term shareholders," Mr. Hu concluded.

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.

JINHUA, China, July 14, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), which is a 50/50 joint venture between the Company and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd., sold 4,114 Kandi brand Electric Vehicles ("EVs") during second quarter of 2014, a 238% increase from 1,215 EVs in the first quarter of 2014. Kandi expects to report its second quarter financial results on August 11, 2014.

Mr. Hu Xiaoming, Chairman & Chief Executive Officer of Kandi commented, "The demand for EVs continues to grow significantly. We are extremely pleased that the JV Company has been able to accelerate its EV sales in the second quarter. We have not only achieved success in implementing the Hangzhou Public EV Sharing System, or the 'Carshare' Program, but also in growing our group leasing model."

Furthermore, on July 7 at the State Council Meeting, Li Keqiang, China's Prime Minister, spoke about the recently passed government's policy in waiving a 10% sales tax on electric cars, plug-in hybrids, and fuel-cell vehicles, beginning September 1, 2014 and lasting through the end of 2017, to spur consumers' demand for electric vehicles. The Chinese government has identified EVs as a strategic industry that can help it gain global leadership, reduce energy dependence and cut emissions that have contributed to worsening air pollution.  Mr. Hu commented, "We are really excited about the government's policy to waive the sales tax on EVs. This will help lower the cost to consumers, in addition to boosting EV sales."

JINHUA, China, July 7, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that the manufacturing subsidiary of Kandi Brand electric vehicles, Kandi Electric Vehicles Group Co., Ltd. (the "JV Company") has received a national subsidy of RMB197 million (approximately US$31.8 million) for sales of over 3,000 Electric Vehicles ("EVs") between June and December in 2013 and sales of over 1,000 EVs during the first quarter of 2014. The subsidy payment includes the 2013 year-end subsidy and advance subsidy payment for the first quarter of 2014. The JV Company is a 50/50 joint venture between Kandi and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd., one of China's largest automakers.

Additionally, the city of Hangzhou, where the Company has launched its innovative short-term EV rental and long-term EV leasing program, is expected to announce its local subsidy policy for new energy vehicles in the near future.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "This first subsidy payment to the JV Company will greatly benefit Kandi and will permit the Company to accelerate both EV sales and the implementation of existing EV programs, while expanding the development of potential EV projects in other major Chinese cities."

Mr. Hu continued, "The recently published Notice of 'Continuous Promotion and Application of New-Energy Vehicles,' issued by The Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the National Development and Reform Commission (the "Four Ministries"), has again demonstrated a renewed focus by the central government on providing subsidies to new energy vehicle manufacturers. According to the Notice, the Central government makes advance subsidy payments directly to the manufacturers upon the agencies' review and approval of subsidy payment applications submitted by manufacturers at the end of April, July and October each year, and settles payments annually. We are confident the increased frequency of subsidy payments under the new payment schedule will help improve our cash flow and profitability, while we speed up our growth plan to become the leading pure EV manufacturer and solution provider in China."

KANDI TECHNOLOGIES GROUP, INC.

CALCULATION OF REGISTRATION FEE

JINHUA, China, June 5, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), celebrated the establishment of the nation's first pure EV pilot community at the Kandi pure EV (Electric Vehicle) launching ceremony held at Zhuantang Xiangshan International Plaza in the Lake District of Hangzhou. To date, more than 700 Zhuantang district residents have registered for the EV long-term group leasing program.  

Officials from Hangzhou City Commission of Economy and Information Technology, Xihu District Government, Zhijiang Resort Working Committee, Hangzhou Wenguang Group, West Lake District Zhuantang Street Community, Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", jointly owned by Zhejiang Kandi Vehicles Co., Ltd., the Company's wholly-owned subsidiary and Shanghai Maple Guorun Automobile Co., Ltd., Geely Automobile Holdings Ltd.'s 99% owned subsidiary), Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd, and other related community leaders and guests attended the ceremony.

At the ceremony, the Company's President, Hu Xiaoming, remarked "While the JV Company is marketing the CarShare program in the center area of Hangzhou, the group leasing model is an additional initiative to promote this convenient and environmentally friendly transportation option, which is ideal to the suburban and rural residents, large government entities and corporations. With the help of Kandi's EVs, Zhuantang District has become the nation's first pure EV pilot community. This model is integral to the establishment and success of the "green transportation and intelligent city" mission and help accelerate Kandi's EV sales. Kandi will continue to dedicate itself to the mission and work to ensure that the implementation of EVs will progress efficiently to improve urban traffic and the environment."

Kandi Technologies Group, Inc.

First Quarter 2014 Financial Results

• Revenues grew 174.0% to $40.2 million from $14.7 million in the first quarter of 2013
• NET (LOSS) INCOME PER SHARE, DILUTED was a loss of $($0.36 ) vs. last years earnings of $0.07

Mr. Xiaoming Hu, Chairman and CEO of the Company commented, "During the first quarter, Kandi has once again experienced the significant growth in EV related business sales. We are satisfied with the financial results we have achieved in the slowest quarter of the year. The Public EV Sharing Project in Hangzhou is making modest progress and several other cities have approached us to discuss implementation of the project in their cities. We are very confident about the continuous high growth of our EV business. Through our partnership with Geely and our advanced production capabilities, we soon expect to become the leading fully integrated provider of pure EVs in China."

JINHUA, China, April 29, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), the Company's wholly-owned subsidiary in China, signed a supply contract with Lishen Battery System Co., Ltd ("Tianjin Lishen"), China's largest producer of rechargeable lithium-ion batteries, for a one-year supply, a minimum of 25,000 cases, of 80V/70AH lithium-ion batteries starting in May 2014. The contract is valued roughly at RMB 360 million or approximately USD 58.5 million when all the purchase orders have been fulfilled.

Chinese Premier Keqiang Li recently reiterated plans to boost clean energy by promoting the industrialization of electric vehicles. Accordingly, the Company's management believes that Premier Li's remarks foreshadow an acceleration in the industrialization of pure electric vehicles in China. In light of Premier Li's remarks, Kandi continues to take steps to develop and implement its new business model � the public EV sharing system ("Car-Share Program").

Under this backdrop, Mr. Xingcai Qin, President of Tianjin Lishen, visited Kandi's public EV sharing facility in Hangzhou last week. Mr. Xiaoming Hu, President of Kandi, gave Mr. Qin a first-hand look at the rapid progress the Company has made, and shared with him the positive public opinion and feedback the Company received following the launch of trial operations for its Car-Share Program in Hangzhou.

Mr. Qin was very impressed with the Car-Share Program. He stated his belief that the Car-Share Program will help relieve many of the problems faced by major cities in China, such as traffic jams, environmental pollution and lack of available parking. Mr. Qin signed the supply contract and concluded, "We hope this contract marks the beginning of a long and mutually beneficial partnership between Tianjin Lishen and Kandi."

JINHUA, China, April 14, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that Mr. Jing Ma, the Deputy Director of Electric Vehicles Development from the Shanghai Municipal Commission of Economic and Information Technology, Standing Committee member from Shanghai Jinshan District, along with the Vice Mayor of Jinshan District, Mr. Huadi Shen, and other government officials visited Kandi Electric Vehicles (Shanghai) Co., Ltd. ("Kandi Shanghai") to finalize the plan to launch the Public EV Sharing System Pilot Project (the "Project") in Jinshan District of Shanghai.    

Mr. Xiaoming Hu, General Manager of Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", which changed its name at the end of March from Zhejiang Kandi Electric Vehicle Co., Ltd. to Kandi Electric Vehicles Group Co., Ltd with approval from China State Administration of Industry and Commerce), Mr. Jian Yang, Vice Chairman of Geely Automobile Holding Ltd., Mr. Jinliang Liu, Vice President of the JV Company and Mr. Wei Yu, Vice President of the JV Company, and General Manager of Kandi Shanghai together hosted the delegation group.

Mr. Jing Ma and his delegation visited Kandi Shanghai's production base where they test drove two Kandi Brand Pure EVs�the SMA7000BEV and SMA7001BEV models. Mr. Xiaoming Hu and Mr. Jian Yang presented Kandi Shanghai's plan to start the project with the delivery of a targeted 3000-5000 Kandi Brand pure EVs by the end of 2014. Mr. Jing Ma was satisfied with Kandi Shanghai that it had completed the facility construction and launched the scaled production within a short period. He affirmed Kandi's business orientation in applying the pure electric vehicles to public transportation and the government's support for Kandi's vision of bringing the public EV sharing system to Shanghai. Mr. Jing Ma concluded his speech by saying that he will work on including the Project in the government's priority list for the promotion of new energy vehicles in Shanghai in order to provide Kandi with a government policy

JINHUA, China, March 24, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that it has closed the registered direct placement with two institutional investors and raised approximately $11.05 million from selling its common stock shares at a price of $18.24 per share. The Company issued a total of 606,000 shares to the institutional investors. As part of the transaction, the Company also issued to the investors Warrants for the purchase of up to 90,900 shares of common stock at an exercise price of 22.80 per share, which warrants have a term of 18 months from the date of issuance.

The gross proceeds from this offering is $11,053,440. After deducting offering expenses, the net proceeds will be used for general working capital purposes

Item 1.01 Entry into a Material Definitive Agreement.

As disclosed in Kandi Technologies Group, Inc.'s (the “Company”) Current Report on Form 8-K filed with the Securities and Exchange Commission on March 19, 2014, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain purchasers identified on the signature pages thereto (the “Buyers”) pursuant to which the Company will sell to the Buyers, in a registered direct offering, an aggregate of 606,000 shares (the “Shares”) of common stock, par value $0.001 per share (“Common Stock”), at a negotiated purchase price of $18.24 per share, for aggregate gross proceeds to the Company of approximately $11,053,440, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the Buyers will also receive 90,900 warrants for the purchase of up to 90,900 shares of our Common Stock at an exercise price of $22.80 per share (the “Warrants”). The Warrants have a term of eighteen months and are exercisable by the holders at any time after the date of issuance.

The Shares, the Warrants and the Common Stock issuable upon exercise of the Warrants are being offered by the Company pursuant to an effective shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission on April 19, 2013 and was declared effective on May 23, 2013 (File No. 333-188039). A prospectus supplement was filed with the Securities and Exchange Commission on March 19, 2014.

Kandi Technologies Group, Inc.

Pursuant to this prospectus supplement and the accompanying prospectus, we are offering to investors 606,000 shares of our common stock (the “Shares”) together with 90,900 warrants to purchase an aggregate of 90,900 shares of Common Stock at an exercise price of $22.80 per share (the “Warrants”). The Warrants have a term of eighteen months and are exercisable by the holders at any time after the date of issuance. In connection with this offering, we also issued, as additional compensation, to FT Global Capital, Inc., our exclusive placement agent, Placement Agent warrants to purchase up to 36,360 shares of Common Stock, equivalent to 6% of the Shares, at an exercise price of 125% of the purchase price of the Shares (the “Placement Agent Warrants”).

The Shares and Warrants will be sold together as a unit consisting of one Share and a Warrant (to purchase 0.15 shares of our Common Stock for each Share included in the unit). The negotiated purchase price per unit will be $18.24. The Shares and the Warrants will be issued separately but can only be purchased together in this offering. The shares of common stock issuable from time to time pursuant to the exercise of the Warrants are also being offered pursuant to this prospectus supplement and the accompanying prospectus.

Our common stock trades on the NASDAQ Global Select Market under the symbol “KNDI.” The last reported sale price of our common stock on the NASDAQ Global Select Market on March 17, 2014 was $21.41 per share. There is no established public trading market for the Warrants and we do not expect a market to develop. In addition, we do not intend to apply for listing of the Warrants on any national securities exchange. As of March 17, 2014, the aggregate market value of our outstanding common stock held by non-affiliates was approximately $572,221,238 based on 40,105,321 shares of outstanding common stock, of which 13,378,500 shares were held by affiliates as of such date, and a price of $21.41 per share, which was the last reported sale price of our common stock as quoted on the NASDAQ Global Select Market on March 17, 2014.

Item 1.01 Entry into a Material Definitive Agreement

On March 19, 2014, Kandi Technologies Group, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain purchasers identified on the signature pages thereto (the “Buyers”) pursuant to which the Company will sell to the Buyers, in a registered direct offering, an aggregate of 606,000 shares (the “Shares”) of common stock, par value $0.001 per share (“Common Stock”), at a negotiated purchase price ofshare, for aggregate gross proceeds to the Company of approximately $11,053,440, before deducting fees to the placement agent and other estimated offering expenses payable by the Company.

As part of the transaction, the Buyers will also receive 90,900 $18.24 per  warrants for the purchase of up to 90,900 shares of our Common Stock at an exercise price of $22.80 per share (the “Warrants”). The Warrants have a term of eighteen months and are exercisable by the holders at any time after the date of issuance.

The exercise price and the number of shares issuable upon exercise of the Warrants are subject to an adjustment upon the occurrence of certain events, including, but not limited to, stock splits or dividends, business combinations, sale of assets, similar recapitalization transactions, or other similar transactions. The exercise price of the Warrants are subject to adjustment in the event that the Company issues or is deemed to issue shares of Common Stock for less than the applicable exercise price of the Warrants.

The exercisability of the Warrants may be limited if, upon exercise, the holder or any of its affiliates would beneficially own more than 4.99% of the Common Stock. Further, the exercisability of the Warrants are subject to compliance with principal market (NASDAQ) regulations.

JINHUA, China, March 19, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that it has entered into a securities purchase agreement with two institutional investors for a registered direct placement of approximately $11,053,440 of common stock at a price of $18.24 per share. The Company will issue a total of 606,000 shares to the institutional investors. As part of the transaction, the Company will also issue to the investors warrants for the purchase of up to 90,900 shares of common stock at an exercise price of $22.80 per share, which warrants have a term of 18 months from the date of issuance.

The net proceeds from this offering will be used for general working capital purposes. The completion of the placement is expected to occur on or about March 24th, 2014, subject to the satisfaction of customary closing conditions.

FT Global Capital, Inc. acted as the exclusive placement agent for the transaction.

These securities are being offered through a prospectus supplement pursuant to the Company's effective shelf registration statement and base prospectus contained therein. A shelf registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission (the "SEC"). A prospectus supplement related to the offering will be filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

Fourth Quarter 2013 Financial Results:

• Revenues rose 92.0% to $50.6 million from $26.3 million in the fourth quarter of 2012. EV sales increased significantly to $40.0 million, a 193.7% jump from the same period last year. During the quarter, the Company sold 3,568 units of pure electronic vehicles.
• Non-GAAP net income was $4.6 million, up nearly 259% year-over-year from $1.3 million.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies commented, "We are very pleased to deliver an excellent financial performance for 2013, especially a robust Q4 result. As we have predicted in the past that 2013 was truly a breakthrough year for Kandi and our shareholders. The newly launched Public EV Sharing System in Hangzhou has been well received and highly recognized by our customers and various local governments as another innovative EV business model by Kandi. This EV sharing project was featured in the various national and international media outlets, such as China Central Television (CCTV), Associated Press (AP) and Bloomberg. During the year, we have formed and completed a strategic EV joint venture with Geely Auto which has already produced a profound impact on improving and expanding our EV business by a better consolidation of brands, resources and expertise to gain more market shares in China's pure EV sector."

"With the newly unveiled EV subsidy policy in China, many of our pending EV orders have begun to be fulfilled during the fourth quarter in which we sold 3,568 units. For full year 2013, we achieved our expectations for revenue growth, including that almost 50% of total revenue came from EV sales. We expect this growth momentum will carry well into 2014. Together with JV partner, Geeley Auto, we now have three full-scale specialized EV production facilities, located in Shanghai, Changxing and Jinhua, which enable us to meet the strong market demand for electric vehicles in coming years."

"It is noteworthy that Kandi was upgraded for the NASDAQ Global Select Market in the beginning of this year, which is another indication of our hard work to maximize shareholders' value. We look forward to another stellar year in 2014 as Kandi continues to expand our EV sharing business in our existing markets as well as other major cities in China. " Mr. Hu concluded.

JINHUA, China, Jan. 23, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its subsidiary Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") has completed the ownership transfer process of Kandi Electric Vehicles (Shanghai) Co., Ltd. ("Kandi Shanghai") from Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple") to the JV Company per requirement of local State Administration of Industry and Commerce. The Ownership Transfer Agreement (the "Transfer Agreement") was previously signed on December 23^rd, 2013 between the JV Company and Shanghai Maple pursuant to terms of the Joint Venture Agreement (the "JV Agreement") of establishing the JV Company between Zhejiang Kandi Vehicles Co., Ltd., a wholly owned subsidiary of Kandi and Shanghai Maple, a 99% owned subsidiary of Geely Automobile Holdings Ltd. ("Geely").

JINHUA, China, Jan. 16, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that the two institutional investors (the "Investors") to whom the Company issued Series A, B and C Warrants (the "Warrants") in connection with a direct registered offering in June, 2013, have exercised all their outstanding Warrants. All of the Series A and C Warrants were exercised on January 15, 2014, resulting in the issuance to the Investors of an aggregate of: (i) 1,750,415 shares of Common Stock pursuant to the exercise of the Series A Warrants at an exercise price per share of $7.24, and (ii) 291,574 shares of Common Stock pursuant to the exercise of the Series C Warrants at an exercise price per share of $8.69. Previously on January 3, 2014, and, January 6, 2014 all of the Series B Warrants were exercised by the Investors, which resulted in the issuance of an aggregate of 728,936 shares of Common Stock at an exercise price per share of $7.24. As a consequence of the exercise of all of the Series A, B and C Warrants by the Investors, the Company  received aggregate cash proceeds of $20,484,279.  FT Global Capital, Inc. acted as the solicitation agent for the exercise of the Series A, B and C Warrants.

Following the warrant exercises described above, on January 15, 2014, the Company sold to the Investors warrants to purchase an aggregate of 1,429,393 shares of the Company's common stock, par value $0.001 per share ("Common Stock") at an exercise price equal to $15 (the "Private Warrants") for a total purchase price paid by the Investors to the Company of approximately $14,293. If the Private Warrants are fully exercised on a cash basis, the Company could receive gross proceeds of approximately $21,440,895. Neither the Private Warrants nor the underlying shares of Common Stock issuable upon the exercise of the Private Warrants have been registered under the Securities Act and neither may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. 

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

JINHUA, China, Jan. 7, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its stock has been upgraded to trade on NASDAQ's highest-tiered trading platform, the NASDAQ Global Select Market, starting January 2^nd, 2014. Listing on the NASDAQ Global Select Market is designed for companies that meet the highest quantitative and qualitative listing standards, reflecting their demonstrated commitments to leadership and good governance.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are honored to have qualified for the NASDAQ Global Select Market. This achievement has demonstrated Kandi's development of becoming China's leading EV provider and indicated our commitment to maximize our long term shareholder value. We believe inclusion in this top tier of companies, reflects the Company's continuous dedication to the highest financial standards, communication transparency and corporate governance practices."

Third Quarter 2013 Financial Results:

• Revenue for the third quarter was $17.15 million, an increase of 34.3% year-over-year from $12.77 million last year
• NET (LOSS) INCOME PER SHARE, BASIC and DILUTED was $(0.21) vs last years third quarterly earnings of $0.02

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We had a very busy and productive third quarter and were excited about Kandi's several achievements. At the end of July, the Public EV Sharing System in Hangzhou was launched. The first pure EV smart vertical parking and charging facility started its operation and we delivered the first 100 pure EVs for the trial operation of the system. Due to the attack of a typhoon in the Hangzhou area, the system is a bit behind schedule, and as of today, there are two parking/charging facilities completed and in use. There are 30 locations already chosen for building the facilities, of which 18 locations have begun construction. Additionally, Kandi established the new wholly owned subsidiary in Changxing and completed its ownership transfer to the JV Company."

"Given that the long awaited government subsidy policy for EVs is finally in place, we expect that sales of EVs will surge in the next few quarters, especially as the Public EV Sharing Project has progressed well. The trial operation of the Project has been going smoothly and the customers' feedbacks are positive. We remain optimistic about this business model of EV sharing for public transportation and believe it will greatly improve the efficiency of urban transportation and help ease major urban issues in China. We look forward to expanding this concept of public EV sharing into new regions in the near future." concluded by Mr. Hu.

JINHUA, China, Nov. 11, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that the first group of 200 Kandi Brand JL7001BEV four-passenger pure electric sedan vehicles are soon to be delivered to the public EV sharing system in Hangzhou (the "Project"). This delivery is to meet the market demand for the four-passenger pure EVs in addition to the two-passenger pure EVs currently used for the Project.

In the preparation of the delivery of the four-passenger EVs to the market, on November 10^th, 2013, the officials from Department of Motor Vehicles ("DMV") of Hangzhou visited Kandi's facility in Jinhua to inspect the vehicles and completed these new vehicles license process.  

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "it is very exciting that the four-passenger pure electric sedan vehicles will be released to Hangzhou public EV sharing system shortly and they will increase the variety for the customers' selection. We believe four-passenger pure electric sedan vehicles will further satisfy the customers' needs and accelerate the progress of public EV sharing system in Hangzhou." 

JINHUA, China, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its wholly owned subsidiary Zhejiang Kandi Vehicles Co. Ltd. ("Kandi Vehicles") completed the transfer of its entire ownership of Kandi Electric Vehicles (Changxing) Co., Ltd. ("Kandi Changxing") to Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") with local State Administration of Industry and Commerce on November 1^st, 2013. The transfer is pursuant to the Joint Venture Agreement of the Establishment of the JV Company between Kandi Vehicles and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd. ("Geely") signed on March 22^nd, 2013.

Pursuant to the terms of the JV Agreement, the JV Company has paid RMB 400,000,000 (approximately USD 65,025,800) before September 30^th, 2013 and acquired 100% ownership of Kandi Changxing from Kandi Vehicles. Upon the completion of this transfer, Kandi becomes a 50% owner of Kandi Changxing through Kandi Vehicles and its 50% ownership of the JV Company.

Mr. Xiaoming Hu, Chairman of Kandi and General Manager of the JV Company commented, "this ownership transfer better consolidates the resources and expertise of Kandi and Geely in R&D, production, sales and marketing for electric vehicles ("EVs"), so we will be able to develop more affordable pure electric vehicles for residents in China to buy and drive, provide efficient services to our customers, and promote the use EVs in China. With the increase of consumer environmental consciousness and urgent demand for urban green public transportation systems, the EV sector will certainly become a main driving force for the green economy in the near future in China. We will work our best to build a strong and reliable urban green transportation system and make Kandi the leader in the EV industry in China."

JINHUA, China, Oct. 28, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), announced today that that Jinhua Kandi New Energy Vehicles Co., Ltd. ("Jinhua New Energy"), a subsidiary of Kandi, has signed a sales contract to purchase 12,036 cases of 80V66Ah lithium iron phosphate battery from Zhejiang Wanxiang Ener1 Power System Co., Ltd ("Wanxiang Ener1"), a subsidiary of Wanxiang Group Corporation ("Wanxiang Group") to meet the battery demand for its electric vehicles ("EV") for Hangzhou public EV sharing system (the "Project").  Each case of battery has 80 volt and 66 Ah (Ampere Hour) capacity. The contract is valued at RMB 182.4 million or approximately USD 30.3 million when all the purchase orders have been fulfilled.

Wanxiang Group is China's largest automotive components company and its subsidiary Wanxiang Ener1 is one of the largest and most advanced battery manufacturers in China. Wanxiang Ener1's products have been well recognized and praised at the 2010 World Expo in Shanghai and 2010 Asian Games in Guangzhou.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "Wanxiang Group is another important new business partner of Kandi, we are very excited about the sales contract. Given the credibility of Wanxiang Ener1's product, we believe that the use of Wanxiang Ener1's battery will help enhance the quality of Kandi's EV and the implementation of Hangzhou Public EV sharing project."

Please refer to the Form 8-K filed by the Company for the details of the contract.

Rick Pearson releases follow-up article on KNDI titled, "Kandi: The truth hurts."

Some excerpts from the article:

"Going forward, I will be releasing a series of corrections to a number of very significant factual inaccuracies which have boosted Kandi’s share price in recent articles. This work is already in progress."

"To be specific, Kandi bulls have misled readers about numerous things including: Kandi’s manufacturing capabilities, Kandi’s competitors, the current market demand for EVs in China and the impact of government subsidies."

In related news, Seeking Alpha has removed a bullish article on KNDI from its website due to misinformation.

JINHUA, China, Sept. 19, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that the Chinese government finally unveiled its long anticipated subsidy policy for new energy vehicles upon the approval by the State Council. On September 17, 2013, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and the National Development and Reform Commission (the "Four Ministries") jointly issued Notice No. 551 of 2013, titling "Regarding the Continuous Promotion and Application of New-Energy Vehicles for the years from 2013 to 2015" (the "Notice").

The subsidiary policy, which covers the pure electric vehicles, plug-in hybrid electric vehicles and fuel cell battery vehicles, aims to increase the efforts on promotion of new energy vehicle procurement with government agencies, public organizations and public transportation areas. According to the Notice, the central government will provide, based on certain technical requirement, up to RMB 60,000 (approximately USD 9,800) for the purchase of an all-electric passenger vehicle and up to RMB 500,000 (approximately USD 81,700) for the purchase of an electric bus. The subsidy payments will be distributed to the manufacturers on a quarterly basis in advance and the subsidies will then be paid by the manufacturers directly to the consumers.

The Notice also established the following benchmark requirements for the pilot cities or regions:

1. From 2013 to 2015, there shall be no less than 10,000 new energy vehicles added cumulatively in each Large Pilot City or Region, and no less than 5,000 new energy vehicles added cumulatively in each of other cities or regions;
    
2. No less than 30% of these new energy vehicles shall be non-local brands.  The local government shall not set barriers or disguised restrictions for vehicles from other regions.
    
3. The vehicle procurements by the government agencies and public organizations shall favor new energy vehicles. For new or replacement public transportation vehicles, government agency vehicles, logistic vehicles and waste management vehicles, no less than 30% of them shall be new energy vehicles.  
    
4. The local government shall have issued specific policies and measures of vehicle purchase, public transportation operation, supporting infrastructure construction, and other aspects for new energy vehicles;
    
5. The pilot cities are subject to an annual inspection and evaluation. Pilot cities, which fail to complete the annual promotion objectives, will be eliminated from the subsidy program.

Any city that meets the requirements above can apply to become a pilot city and qualify to receive the subsidies. This policy will expand the geographic areas for the promotion of new energy vehicle in China. Before October 15, 2013, all interested city shall prepare a detailed new energy vehicle promotion implementation plan and submit it to the Four Ministries for their evaluation and final approval to be on  the pilot city list.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi, commented, "We are really excited about this long awaited government subsidy policy. The subsidy for the new energy vehicles will be directly distributed to the manufacturers from the central government, which will improve the transparency in the market competition. Furthermore, the pure electric vehicle is still the main focus in the policy, which will be very beneficial to a variety of Kandi's pure EV projects. We believe the cities that are currently implementing mini-public transportation EV sharing systems will be qualified as pilot cities for the subsidies. Kandi will update the market accordingly when these cities receive the approvals of their applications."

Second quarter  2013 Financial Results

• Revenue for the second quarter grew 9.9% to $12.2 million from $11.1 million last year and revenue in the first half grew 5.5% to $26.8 million from $25.4 as compared to the period the year before;
• Gross margin for the second quarter increased to 23.1% from 16.2% compared to the second quarter of 2012. Gross margin for the first half increased to 23.0% compared to 20.2% for the first half of 2012;
• NET (LOSS) INCOME PER SHARE, BASIC AND DILUTED was a loss of $(0.03) vs. last years gain of $0.03. 

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are very satisfied with solid quarterly financial results, our strong sales of ATV & Go-kart and gross margin improvement over the quarter. Kandi has achieved a great progress in various EV projects, such as the government approval for the first Kandi-Geely co-developed pure electric sedan 'JL7001BEV', and the construction of the first pure EV smart vertical parking and charging facility for the initial launch of Hangzhou public EV sharing system. The Company recently successfully delivered the first 100 Kandi-Geely Co-developed Pure EVs. Additionally, we completed China's First Full Scale Production and Assembly Line Specialized for Pure EV. These have provided the foundation for the deployment of more EVs in the second half of 2013."

"Given the challenging capital market environment, Kandi was proud to raise $26.4 million through a registered direct placement at the end of June. This will allow us to accelerate our market penetration in various EV projects and different regional markets. In light of our partnership with Geely Auto (Hong Kong Stock Exchange: 175) so far, we have built a strong cooperative team together to develop China's new growth trends for the pure EV sector. We remain optimistic about our business and growth this year. " Mr. Hu concluded.

JINHUA, China, Aug. 1, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI) today announced that the Company and its wholly owned subsidiary Zhejiang Kandi Vehicles Co, Ltd. (the "Kandi Vehicles") obtained complete victories in two cases of GRIFFIN v. SUNL GROUP, et al., and ELDER v. SUNL GROUP, et al. in the Circuit Court of Ripley County of the State of Missouri (the "Court") in which the Company and Kandi Vehicles were defendants.

The final orders and judgments were entered by the Court on July 29, 2013 pursuant to the jury verdicts rendered on July 17, 2013 after an eight day jury trial from July 8^th to July 17^th, 2013 in Ripley County, Missouri. The verdicts were unanimous decisions by the 12 person jury that agreed the Company and Kandi Vehicles should not be held liable for the plaintiffs' claims.

According to the Court orders and judgments, the costs of defendants Kandi Vehicles and Kandi shall be taxed to plaintiffs.  

"We applaud the jury's decision and the court of justice. We have believed that the United States of America is a nation of laws. As long as we respect and obey the laws strictly, our company will be protected by the laws," Mr. Hu the Chairman and CEO of the Company said.

JINHUA, China, July 1, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Electric Vehicle (EV) company in China, today announced that it has closed the registered direct placement with two institutional investors and raised approximately $26.3 million from selling its common stock shares at a price of $6.03 per share. The Company issued a total of 4,376,036 shares to the institutional investors. As part of the transaction, the Company also issued to the investors Series A Warrants for the purchase of up to 1,750,415 shares of common stock at an exercise price of $7.24 per share, which warrants have a term of 30 months from the date of issuance. In addition, the investors will have a 60-day option to purchase up to 728,936 shares of common stock at $7.24 per share, starting six months from the closing date on the same terms as the original investment.

The gross proceeds from this offering is $26,387,500, after deducting offering expenses, the net proceeds will be used for general working capital purposes.

FT Global Capital acted as the exclusive placement agent for the transaction

JINHUA, China, June 26, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (Nasdaq:KNDI) (the 'Company' or 'Kandi'), a leading Electric Vehicle (EV) company in China, today announced that it has entered into a securities purchase agreement with two institutional investors for a registered direct placement of approximately $26.3 million of common stock at a price of $6.03 per share. The Company will issue a total of 4,376,036 shares to the institutional investors. As part of the transaction, the Company will also issue to the investors Series A Warrants for the purchase of up to 1,750,415 shares of common stock at an exercise price of $7.24 per share, which warrants have a term of 30 months from the date of issuance. In addition, the investors will have a 60-day option to purchase up to 728,936 shares of common stock at $7.24 per share, starting six months from the closing date on the same terms as the original investment.

JINHUA, China, June 24, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), stated today that it has come to the Company's attention that a recent online article, published by a short seller, contains inaccurate and misleading information about our Company. While the Company firmly stands by its disclosures in its filings with the SEC, we are taking this opportunity to clarify certain issues as follows:

1. Kandi's $25 Million Debt/Note Payable.

As we have described clearly in our Form 10-Q for the quarterly period ended March 31, 2013 (the "10-Q"), by issuing bank notes payable rather than paying cash to suppliers, the Company can defer the payments until the date the bank notes payable are due. Simultaneously, the Company deposits restricted cash in banks to back the bank notes payable, and the restricted cash deposited in banks generates interest income. On December 24th and 25th, 2012, the Hangzhou Branch of Ping An Bank issued 140 million RMB (approximately $22 million) notes payable to the Company due on June 24th and 25th, 2013, as disclosed in our 10-Q. The Company deposited restricted cash of 50 million RMB (approximately $8 million) to Ping An Bank as collateral when the notes were issued. The Company re-paid 140 million RMB (approximately $22 million) notes in full on June 6th, 2013 and June 19^th, 2013, and the Hangzhou Branch of Ping An Bank has also re-financed 150 million RMB (approximately $24 million) with new short term notes payable of $6 million and $18 million to the Company due on December 6^th and December 19^th, 2013 respectively. Simultaneously, the Company deposits restricted cash of 60 million RMB (approximately $9.6 million) to the bank as collateral. As we have indicated in our 10-Qs and 10-Ks, this is a common practice for the Company in conducting its normal business; using rolling notes payable from the banks, which the Company's good credit makes possible, allows us to optimize the use of our cash flow.

The remaining $3 million short term bank loan referenced in the article is a loan from Shanghai Pudong Development Bank issued on June 27, 2012 and becomes due on June 27, 2013. The Company has already arranged the repayment of the loan on June 25, 2013 and has negotiated its renewal by way of a new loan in the same amount and received approval from Shanghai Pudong Development Bank for such new loan.

2. The Shelf Registration Statement (S-3).

On April 19^th, 2013, the Company filed a $ 60 million Universal Shelf Registration Statement (S-3) with the SEC which became effective on May 23, 2013. The shelf registration did not include the registration of any shares for an offering nor a prospectus for an offering of any shares. When a specific offering is planned, a prospectus supplement that describes the terms of the offering will be filed with the SEC under Rule 424(b) within two days of the supplement's first use or the determination of the offering price, whichever is earlier. A shelf registration statement (S-3) is authorized by the SEC under rule 415 allowing a single registration statement to be filed by certain qualified issuers which permit public offering of multiple securities for up to three years. In a shelf registration, securities usually are registered for sale either on a continuous or delayed basis. However, the Company's current S-3 registration is not an "At the Market" or "ATM" offering as described in the short seller's article as: "Kandi's S-3 filing is known as an "At the Money" registration statement." We believe the short seller either lacks basic knowledge of securities regulation or simply releasing misleading information to the investing public. 

The Company filed a similar shelf S-3 registration statement with the SEC on November 19, 2009 which became effective December 24, 2009.  Almost one year after that S-3 registration statement became effective, on December 21, 2010, the Company raised approximately $16 million with a shelf take down.  On the same day, the Company filed with the SEC a Form 8-K to disclose the transaction with purchase agreement attached (http://www.sec.gov/Archives/edgar/data/1316517/000114420410067511/v206029_8k.htm) as well as a prospectus supplement to the shelf S-3 Registration Statement (http://www.sec.gov/Archives/edgar/data/1316517/000114420410067488/v206028_424b5.htm).

Subsequently, the 2009 S-3 registration statement expired in December, 2012.

"Being one of very few Chinese electric vehicle (the "EV") companies publicly traded on NASDAQ, we are very excited about the tremendous growth potential of our EV offering and innovative business model in China," commented by Mr. Hu Xiaoming, Chairman & CEO of the Company. "As we continue to build a solid foundation for our long term growth, we care deeply to protect the interest of our shareholders. While we have always welcomed suggestions and constructive criticism from all parties, we will also defend ourselves against inaccurate and misleading accusations or any attempt to manipulate our stock price." 

JINHUA, China, June 24, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), stated today that it has come to the Company's attention that a recent online article, published by a short seller, contains inaccurate and misleading information about our Company. While the Company firmly stands by its disclosures in its filings with the SEC, we are taking this opportunity to clarify certain issues as follows:
1. Kandi's$25 Million Debt/Note Payable.
As we have described clearly in our Form 10-Q for the quarterly period ended March 31, 2013 (the "10-Q"), by issuing bank notes payable rather than paying cash to suppliers, the Company can defer the payments until the date the bank notes payable are due. Simultaneously, the Company deposits restricted cash in banks to back the bank notes payable, and the restricted cash deposited in banks generates interest income. On December 24th and 25th, 2012, the Hangzhou Branch of Ping An Bank issued 140 million RMB (approximately $22 million) notes payable to the Company due on June 24th and 25th, 2013, as disclosed in our 10-Q. The Company deposited restricted cash of 50 million RMB (approximately $8 million) to Ping An Bank as collateral when the notes were issued. The Company re-paid 140 million RMB (approximately $22 million) notes in full on June 6th, 2013 and June 19th, 2013, and the Hangzhou Branch of Ping An Bank has also re-financed 150 million RMB (approximately $24 million) with new short term notes payable of $6 million and $18 million to the Company due on December 6th and December 19th, 2013 respectively. Simultaneously, the Company deposits restricted cash of 60 million RMB (approximately $9.6 million) to the bank as collateral. As we have indicated in our 10-Qs and 10-Ks, this is a common practice for the Company in conducting its normal business; using rolling notes payable from the banks, which the Company's good credit makes possible, allows us to optimize the use of our cash flow.
The remaining $3 million short term bank loan referenced in the article is a loan from Shanghai Pudong Development Bank issued on June 27, 2012 and becomes due on June 27, 2013. The Company has already arranged the repayment of the loan on June 25, 2013 and has negotiated its renewal by way of a new loan in the same amount and received approval from Shanghai Pudong Development Bank for such new loan.
2. The Shelf Registration Statement (S-3).
On April 19th, 2013, the Company filed a $ 60 million Universal Shelf Registration Statement (S-3) with the SEC which became effective on May 23, 2013. The shelf registration did not include the registration of any shares for an offering nor a prospectus for an offering of any shares. When a specific offering is planned, a prospectus supplement that describes the terms of the offering will be filed with the SEC under Rule 424(b) within two days of the supplement's first use or the determination of the offering price, whichever is earlier. A shelf registration statement (S-3) is authorized by the SEC under rule 415 allowing a single registration statement to be filed by certain qualified issuers which permit public offering of multiple securities for up to three years. In a shelf registration, securities usually are registered for sale either on a continuous or delayed basis. However, the Company's current S-3 registration is not an "At the Market" or "ATM" offering as described in the short seller's article as: "Kandi's S-3 filing is known as an "At the Money" registration statement." We believe the short seller either lacks basic knowledge of securities regulation or simply releasing misleading information to the investing public.
The Company filed a similar shelf S-3 registration statement with the SEC on November 19, 2009 which became effective December 24, 2009. Almost one year after that S-3 registration statement became effective, on December 21, 2010, the Company raised approximately $16 million with a shelf take down. On the same day, the Company filed with the SEC a Form 8-K to disclose the transaction with purchase agreement attached (http://www.sec.gov/Archives/edgar/data/1316517/000114420410067511/v206029_8k.htm) as well as a prospectus supplement to the shelf S-3 Registration Statement (http://www.sec.gov/Archives/edgar/data/1316517/000114420410067488/v206028_424b5.htm).
Subsequently, the 2009 S-3 registration statement expired in December, 2012.
"Being one of very few Chinese electric vehicle (the "EV") companies publicly traded on NASDAQ, we are very excited about the tremendous growth potential of our EV offering and innovative business model in China," commented by Mr. Hu Xiaoming, Chairman & CEO of the Company. "As we continue to build a solid foundation for our long term growth, we care deeply to protect the interest of our shareholders. While we have always welcomed suggestions and constructive criticism from all parties, we will also defend ourselves against inaccurate and misleading accusations or any attempt to manipulate our stock price."

In today's Seeking Alpha article on KNDI, the GeoTeam gleaned the following to be the most salient points made by author Rick Pearson:

• He believes it is strange that the stock's recent rise in shares bouyed by press release flow coincides with the company's issuance of a registration statment allowing it to sell $60 million in equity.
• He points out that some of the press release flow is identical to past press release flow.
• He associates the company with someone by the name of Art Porcani who has had problems with regulators in the past.  This individual has been a constant publisheer of bullish-based articles on Seeking Alpha.

Rick Pearson states in his article:

    "Mr. Porcari informed me by phone that he has also been he architect of a coordinated buying campaign being done through various firms and promoters."

He also goes on to say:

    "In the past, Porcari's registration was terminated by FINRA for a near identical scheme in which he misrepresented facts to brokers in order to pump up a stock."

Rick also presents his thesis on why KNDI is overestimating the market potential of its vehicle.

The article discusses the fact that there are quite literally hundreds of car makers who are approved b China's Ministry of Industry and Information Technology to manufacture EVs as part of a program to boost EV production in China.

Rick's feedback on the vehicle after he test drove it was the following:

•     The range of distance that the car could travel on a charge was 60 miles
•     The vehicle is not permitted on all roads in China
•     The vehicle only reached a top speed of 35 mph.

JINHUA, China, June 17, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc.(the 'Company' or 'Kandi'), today announced, on June 8th, 2013, Hangzhou City started the construction of its first pure electric vehicle (the "EV") smart vertical parking and charging facility in Gudang Technology Park of Xihu District to advance its planned five-year goal of establishing a mini-public transportation system which will include up to 100,000 self-serving rental EVs and all necessary service infrastructure throughout Hangzhou. The first facility is anticipated to be completed and in use in early July of 2013. According to the project plan, over 30 pure EV smart vertical parking and charging facilities (including additional EV sharing service network) will be built by the end of this year in Hangzhou City and 5,000 to 10,000 Kandi pure EVs will be deployed in Hangzhou within one year from the initial launch of the smart vertical parking and charging facility. 

Mr. Hu Xiaoming, Chairman & CEO of Kandi and General Manager of Zhejiang Kandi ElectricVehicles Co., Ltd. (the "JV Company") commented, "The implementation of the Pure EV Sharing Public Transportation Plan will provide convenient short-term EV rental service to Hangzhou citizens and visitors, and it also builds the foundation for establishing a mini-public transportation system of pure electric vehicles. With more pure EV smart parking and charging facilities built and in use, it will greatly improve the efficiency of urban transportation and help easing major urban issues many Chinese cities are facing today, such as traffic congestion, scarcity of parking area, environmental pollution and energy shortage."

Since Kandi proposed the new business model of pure EV sharing for public transportation, it has been very well received by many cities in China. In addition to Hangzhou, Shanghai City, Chengdu City, Jiangsu area, and Hainan area are also actively pursuing to adapt to this new mini-transportation model in their areas. It is very likely that, in coming year, these cities will begin building of pure EV smart parking and charging facilities. Kandi plans to expand into these new markets when the local supporting infrastructures are ready.

JINHUA, China, June 5, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that JL7001BEV, the first pure electric sedan jointly developed by Kandi and Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely"), has been approved by Ministry of Industry and Information Technology of the People's Republic of China ("MIIT").

According to No. 27 public announcement of MIIT, Kandi Brand/JL7001BEV model is among the latest vehicles on the lists of "Approved Vehicles (No. 248)" and "Recommended Models for Energy Saving & New Energy Vehicle Demonstration and Promotion in China (No. 45)". As a result of this approval, the purchaser of such pure electric sedan will now be qualified to receive all levels of national and local subsidies and incentives for EVs.

Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "Given the MIIT's latest approval, Kandi and Geely have accomplished a significant progress in their cooperation. We will take advantage of the strength, resources and expertise of both Kandi and Geely to achieve a greater success in manufacturing, R&D and sales of the EV in China."

JINHUA, China, May 10, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that Zhejiang Kandi Electric Vehicles Co, Ltd. (the "JV Company"), a 50/50 joint venture company by Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple"), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely") and Kandi's wholly owned subsidiary Zhejiang Kandi Vehicles Co., Ltd. ("Zhejiang Kandi") was formally incorporated on April 19^th, 2013. The joint venture parties are in the process of applying other necessary permits and licenses for the JV company according to the laws and regulations in China as well as the contrition of registered capitals to the JV company pursuant to the joint venture agreement.

On May 5, 2013, Mr. Li Shufu, the Chairman and Mr. Hu Xiaoming, the General Manager of JV company (Mr. Li is also the Chairman of Geely and Mr. Hu is also the Chairman of Kandi) met and hosted a delegation of government officials from Rugao City (county level) of Nantong Municipal City, Jiangsu Province at Geely's headquarter.

The delegation visited Geely's vehicle production base at Hangzhou Bay and Kandi's Changxing production line for electric vehicles in Changxing city. During the visit, Mr. Jiang Yonghua, the Party Secretary of Rugao City expressed appreciation for this visit arranged by Zhejiang Kandi Electric Vehicles Co, Ltd. and gave high appraises to the electric vehicles of Geely and Kandi. Mr. Jiang also introduced to Mr. Li and Mr. Hu with respect to Rugao's economy and the advantages of developing new energy vehicles in Rugao. Mr. Jiang warmly invited the Chairman and General Manager of the JV company to visit Rugao City and survey its market. 

The Chairman and the General Manager of the JV company, Mr. Li Shufu and Mr. Hu Xiaoming introduced to the delegation the proven business model and various pure EV products of the JV company. Nantong Municipal City of Jiangsu Province is one of the first group of new energy vehicle demonstration cities approved by the central government and the pilot operational base for the new energy vehicles in Nantong City is Rugao. The JV company expresses strong interest in electric vehicle development in Rugao and will assign a management team to Rugao City for a visit to further market research at the appropriate time. In addition, the JV company will keep communications with Rugao city government and make efforts to promote electric vehicles of the JV company to enter into Jiangsu province.

First Quarter 2013 Results

• Revenues grew 2.1% to $14.67 million from $14.36 million last year;
• EPS for the first quarter 2013 were $0.07 vs $0.08 in prior year.

JINHUA, China, April 26, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that on April 23, 2013, Kandi Electric Vehicles (Wanning) Co., Ltd. ('Kandi Wanning'), incorporated and capitalized by Kandi's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ('Kandi Vehicles') has officially been approved by the local government agency and established in Wanning City of Hainan Province.

Kandi Wanning anticipates achieving the annual capacity of 100,000 units of EV key components and parts for its first phase (the 'Project') within two years. Upon the completion of the Project, Kandi Wanning will be transferred to and become a wholly owned subsidiary of Zhejiang Kandi Electric Vehicles Co., Ltd., the joint venture company that will be established by Kandi and Geely Auto.

Mr. Xiaoming Hu, Chairman and the Chief Executive Officer of Kandi, remarked, "The establishment of Kandi Electric Vehicles (Wanning) Co., Ltd. has demonstrated local government's strong support for Kandi's pure EV entering Hainan Market. Therefore, we are confident that Kandi will achieve a great success in Hainan's EV market and gain a firm foundation to become the leader in the EV market in China."

JINHUA, China, April 23, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that its wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') has signed a sales contract with Tianjin Sinopoly New Energy Investment Co., Ltd. ('Tianjin Sinopoly'), a subsidiary of Sinopoly Battery Limited ('Sinopoly'), a company listed on Hong Kong Stock Exchanges and Clearing Limited to provide 1,900 EVs which will be a part of the electric vehicle leasing program in Hangzhou City. The total contract price is RMB 75,620,000, approximately USD12,238,226. Tianjin Sinopoly will purchase these 1,900 EVs before the end of 2013.

Separately and previously, in December 2012, Hangzhou Yulong Electric Vehicle Technology Co., Ltd., another subsidiary of Sinopoly, purchased 100 electric vehicles from Kandi Vehicles for RMB3,980,000 (approximately USD 644,095).

Sinopoly recently joined the EV leasing program in Hangzhou City. It will use Kandi's pure EV products to promote its Hangzhou "EV Private Leasing" project.

Mr. Xiaoming Hu, Chairman & CEO of Kandi Technologies Group commented, "We are excited to announce this new EV contract with an additional leasing operator and feel very honored to have the opportunity to work with such a well-recognized high-tech company like Sinopoly. As we have indicated before, more leasing operators in Hangzhou will benefit Kandi as almost all of those operators have chosen our EVs for their leasing fleet. The Sinopoly agreement is one more indication of this. We believe that, moving forward, our strong reputation and proven EV business model will enable us to gain more EV sales and market share in China. In 2013, we expect that Kandi will begin to show significant revenue and profit growth from our EV business; we also hope that our company will gain further credibility and recognition from US capital market."

Files shlef registration to raise $60 million. Just like ChinaHybrid actions of the past, the S-3 contradicts information presented in its filings immeditate proceeding the S-3.

From the 10-K filed on 4/1/2013 :

    "The Company believes its access to existing financing sources and established relationships with PRC banks will enable it to meet its obligations and fund its ongoing operations. "

From the S-3 filed 4/19/2013 :

    "we intend to use the net proceeds we receive from the sale of the securities offered by this prospectus for general corporate purposes, which may include, among other things, repayment of debt, repurchases of common stock, capital expenditures, the financing of possible acquisitions or business expansions, increasing our working capital and the financing of ongoing operating expenses and overhead."

S-3

We may offer from time to time shares of our common stock, par value $0.001 (“Common Stock”), preferred stock, senior debt securities (which may be convertible into or exchangeable for common stock), subordinated debt securities (which may be convertible into or exchangeable for common stock), warrants and units that include any of these securities. The aggregate initial offering price of the securities sold under this prospectus will not exceed $60,000,000. We will offer the securities in amounts, at prices and on terms to be determined at the time of the offering.

Except as may be stated in the applicable prospectus supplement, we intend to use the net proceeds we receive from the sale of the securities offered by this prospectus for general corporate purposes, which may include, among other things, repayment of debt, repurchases of common stock, capital expenditures, the financing of possible acquisitions or business expansions, increasing our working capital and the financing of ongoing operating expenses and overhead.

Jinhua, China, April 19, 2013 (GLOBE NEWSWIRE) -- Kaddish Technologies Group, Inc. (the 'Company' or 'Kaddish') (KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EPS) and all-terrain vehicles (ATVs), today announced that on April 12, 2013, Kaddish Electric Vehicles (Weaving) Co., Ltd. ('Kaddish Weaving'), incorporated and capitalized by Kandi's wholly owned subsidiary, Zhejiang Kaddish Vehicles Co., Ltd. ('Kaddish Vehicles') has officially been approved by the local government agency and established in Weaving Binhai Economic Development Zone of Shandong Province.

Kaddish Weaving anticipates achieving the annual capacity of 100,000 units of EV key components and parts for its first phase (the 'Project') within two years. Upon the completion of the Project, Kaddish Weaving will be transferred to and become a wholly owned subsidiary of Zhejiang Kaddish Electric Vehicles Co., Ltd., the joint venture company that will be established by Kaddish and Geely Auto.

Mr. Xiaoming Hu, Chairman and the Chief Executive Officer of Kaddish, remarked, "The establishment of Kaddish Electric Vehicles (Weaving) Co., Ltd. has demonstrated local government's strong support for Kandi's pure EV entering Shandong Market. Therefore, Kaddish has full confidence that it will achieve success in the EV market in Shandong and it will provide a firm foundation for Kaddish to become the leader in the EV market in China."

JINHUA, CHINA--(Marketwire - Oct 1, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ('Kandi Vehicles') has signed the sales contract with China Aviation Lithium Battery (Hangzhou) Co., Ltd. ('CALB Hangzhou') to provide the first 5,000 EVs for the currently largest pure EV commercialization launch in China -- the 20,000 pure EV leasing program in Hangzhou.

According to the letter of intent between Kandi Vehicles and China Aviation Lithium Battery Co., Ltd ('CALB') of July 16^th, 2012 for the purpose of promoting the 20,000 pure EV leasing program in Hangzhou, CALB established a wholly owned subsidiary, China Aviation Lithium Battery (Hangzhou) Co., Ltd. in Hangzhou city to specifically facilitate the implementation of the leasing program. CALB Hangzhou will be responsible for the operation of the Hangzhou project. In furtherance of the letter of intent, on September 29^th, 2012, Kandi Vehicles and CALB Hangzhou entered into a definitive sales contract and the principal provisions of the contract are as follows: Full release here.

JINHUA, CHINA--(Marketwire - Sep 28, 2012) -  Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that JNJ6290EV, a pure electric passenger vehicle jointly developed by Kandi and Zhejiang Zotye Holding Group Co., Ltd. ("Zoyte"), has been approved by the Chinese Ministry of Industry and Information Technology ("MIIT"). The approval paves the way for Kandi's Pure EVs to meet the requirements for subsidies under the previously announced 20,000 electric vehicle leasing program to be launched in Hangzhou City.

According to No. 45 public announcement of MIIT, JNJ6290EV model is among the latest lists of "Approved Passenger Vehicles (No. 240)" and "Recommended Models for Energy Saving/New Energy Vehicle Demonstration and Promotion in China." As a result of this approval, the purchaser of such pure EVs will now be qualified to receive all levels of national and local subsidies and incentives for EVs. Full release here.

In a premium email alert sent to members on 9/27/2012 we wrote about KNDI, "Connecting the Dots:KNDI's Clever but Apparent Related Party Transactions".

KNDI is the latest Chinese small cap RTO that the GeoTeam has discovered with curious transactions with undisclosed related parties that not only bring into question the nature of the transactions but the credibility of the company itself. Given this backdrop it is not surprising that KNDI makes the dubious portrayal of a bright future for its electric vehicle ("EV") business. The facts on the ground clearly indicate KNDI's EV business hasn't gotten off the ground and we question its viability.

The transactions we analyzed involved at least nine individuals with connections to KNDI and its Chairman and seven different entities. The transactions all appeared to be planned well in advance and involved individuals who were senior executives of KNDI's management team either at the time of or shortly before the transactions were completed. When all was said and done two of the transactions resulted in the transfer of $20 million in cash and stock to individuals influenced or controlled by KNDI's chairman. The other transaction involved the sale of KNDI's import and export business to individuals who also had close ties to KNDI and its Chairman. It seems KNDI's Chairman prefers dealing with individuals he may know, influence or control. We highly doubt that any of the transactions we analyzed were negotiated on an arm's length basis.

Investors should take note of the fact that the referenced individuals controlled two entities that were party to the transactions. One of the entities became KNDI's largest supplier and the other one of its largest customers. The chain of events is suspicious, given the related parties involved in the transactions, leading us to ponder if they were possibly planned, structured and staged in a manner intended to confuse regulators and investors attempting to perform due diligence on the company.

To see our full report go here.

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Second Quarter 2012 Results

• Revenues for the second quarter 2012 were $11.1 vs. $10.1 in prior year period.
• GAAP net income in the second quarter was $3.29 million, or $0.11per diluted share, compared to a net income of $9.56 million, or $0.33 per diluted share, in the same period last year.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are delighted that we solidly grew our revenue and generated significant cash from operations. The sales of ATV and Go-kart will continue with the high growth. The EV sales have begun to boost as the strong government support and our brand and technologies of pure EV started to be introduced in many cities throughout China."

"We are very excited by the growing momentum for EV demand and continue to see strong growth from ATV and go-kart sales. We will continue to work diligently with the regional government and industry partners to expand our EV sales distribution and network. With the official launch of Hangzhou 20,000 pure EV rental program and other cooperative letter of intent we have signed recently, we are confident about the future growth of our EVs and becoming the leader in this market," Mr. Hu concluded.

JINHUA, CHINA--(Marketwire - Aug 13, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") has signed a Cooperative Framework Agreement for the Promotion of Self-driving Electric Vehicle Rental for Public Transportation in Hangzhou Project ("the Project") with Zhejiang Guoxin Vehicle Leasing Company ("Guoxin Leasing") at the Energy Saving and New Energy Vehicle Demonstration and Promotion Forum of China International Green Vehicle Industry Expo (Hangzhou) ("Expo") held by EV Key Project Management Office of Ministry of Science and Technology of China on August 10^th, 2012.

The strong support and effort of Zhejiang province and Hangzhou city governments to promote electric vehicle development in scale and establish Hangzhou as a role model city for electric vehicles in China provided this great opportunity to the parties to reach such an agreement.

The main provisions of the framework agreement are as follows:

1. Parties will cooperate according to The Feasibility Study of a Public Transportation Project of 100,000 Self-driving Rental EVs in Five Years in Hangzhou City by Development Research Center of the State Council of China, the China Society Of Automotive Engineers ("SAE") and Zhejiang University. Guoxin Leasing indicates that it intends to purchase Kandi brand EVs for such project. The parties have not established definite terms including price, quantities and time for delivery and these will be established by separate purchase agreements.

2. Parties intend to launch the preparation work for the Project immediately after signing the cooperative framework agreement. Guoxin Leasing will first purchase 200 EVs from Kandi Vehicles to launch the project, and the final terms and time for delivery have yet to be determined.

3. Kandi Vehicles will execute the production schedule based upon Guoxin's order and the requirements of the Project's development and will deliver the products in installments until the Project is completed.

4. At the beginning stage of the Project, Kandi Vehicles will have its technicians staying in Gouxin Leasing to provide timely technical support, repair and maintenance services.

Both Parties agree that they will value each other as a critical business partner and strike to achieve mutual development and maximum economic benefits through the cooperation on EV business.

This cooperative framework agreement is another significant step after Kandi Vehicles signed Cooperative Letter of Intent with China Aviation Lithium Battery Co., Ltd. to Promote 20,000 Pure Electric Vehicles in Hangzhou. If this project can be executed successfully, it will establish a strong foundation to advance the next five years of development for Kandi.

Form S-3 from 6/25/2012

This prospectus relates to the resale, from time to time, of up to 2,354,212 shares of our Common Stock, par value $0.001, which may be offered and sold from time to time by certain stockholders set forth in the “Selling Stockholders” section of this prospectus.

The selling stockholders will receive all of the net proceeds from the sale of Common Stock offered hereby. The selling stockholders may resell the shares of Common Stock offered for resale through this prospectus to or through underwriters, broker-dealers, or agents, who may receive compensation in the form of discounts, concessions, or commissions. We will not receive any proceeds from the sale of these shares by the selling stockholders, but we will bear all costs, fees, and expenses in connection with the registration of the shares of Common Stock offered by the selling stockholders. The selling stockholders will bear all commissions and discounts, if any, attributable to the sale of the shares of Common Stock offered for resale through this prospectus.

The selling stockholders will determine where they may sell the shares in all cases, including, in the over-the-counter market or otherwise, at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices. For information regarding the selling stockholders and the times and manner in which they may offer or sell shares of our Common Stock, see “Selling Stockholders” or “Plan of Distribution.”

Our Common Stock is quoted on the NASDAQ Global Market under the symbol “KNDI.” On June 22, 2012, the last reported sale price for our Common Stock on the NASDAQ Global Market was $3.17 per share.

JINHUA, CHINA--(Marketwire - Jul 23, 2012) - Kandi Technology Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), has signed a framework agreement with the government of Weifang Binhai Economic Development Zone ("Weifang Development Zone") in Wei Fang City of Shandong Province, under which Kandi Vehicles intends to invest and establish a project company in the development zone that will have a capacity annually to produce key components and parts for 100,000 EVs (the "Project").

Shandong is the first province in China that commercialized EV and has the biggest EV market in China. Weifang Development Zone (http://www.wfbinhai.gov.cn) is a national level economic and technology development zone and a key automotive industry base approved by the National Development and Reform Commission. It is also the National Priority Area in Shandong Peninsula Blue Economic Zone and the Yellow River Delta Efficient Eco-economic Zone.

JINHUA, CHINA--(Marketwire - Apr 23, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), announced today that the intellectual property rights relating to eleven key pure electric vehicle (EV) patents developed and previously personally owned by Mr. Xiaoming Hu, Chairman and CEO of the Company, already have been or are in the process of being transferred to the Company.

The eleven donated patents include:

• One patent relating to the chassis of electric vehicles equipped with a removable battery module
• Three patents for EV battery exchange systems
• One patent for electric vehicle sliding drawer for battery
• Two patents for automatic electric vehicle charging systems
• One patent for an automatic EV charging system for a vertical parking facility
• Two patents for battery storage packs for electric vehicles
• One patent for quick battery exchange (QBE) battery pack technology

The Company explained that, to date, the State Intellectual Property Office of China (SIPO) has approved the transfer of seven patents from Chairman Hu to Kandi Technologies, while the remaining four patent transfers are still in progress and are expected to be approved by SIPO within the next two months.

Mr. Mingyang Zheng, a Director of Kandi and Chairman of the Compensation Committee, commented, "The Board thanks our Chairman for his generosity in donating these valuable patents to Kandi. As our shareholders are aware, Mr. Hu, prior to founding Kandi, previously headed EV development for Zhejiang Province and is recognized as one of the leading pure EV experts and innovators in China. We are fortunate that this latest contribution contributes importantly to further building the value for all Kandi shareholders. It is also another reflection of his optimism about our company's future success as an EV industry leader."

Mr. Hu added, "I have devoted many years of my professional career to the commercialization of a pure EV solution. With a break-through year ahead of us, I think the timing is perfect for me to contribute all of my personal owned patents to Kandi. My confidence in Kandi's continued leadership in the EV industry is stronger than ever as is my commitment to building long term value for our shareholders."

Full Year and Fourth Quaerter 2011 Results

• Net revenues for the year ended December 31, 2011 were $40,177,148, compared with $42,880,300 last year, a decline of 6%.
• GAAP net income in 2011 grew 1058% to $9,114,770 including $5,401,929 of income resulting from the change in fair value of financial instruments compared with a loss of $(951,439) which included $(2,725,987) of loss resulting from the change in fair value of financial instruments in 2010.
• Diluted GAAP EPS in 2011 was $0.32 per share (28.7 million weighted average diluted shares) as compared with a loss of $(0.04) per share in 2010 (22.2 million weighted average diluted shares).
• 2011 non-GAAP net income was $4.0 million or $0.14 per diluted share, down 19% from $4.97 million or $0.22 per diluted share on a non-GAAP basis in 2010.
• Revenues in the 2011 fourth quarter were $11,387,382, down 21% from $14,345,368 in Q4 last year.
• On a non-GAAP basis, net income in the 2011 fourth quarter was $1,346,907, down 31% from $1,940,413 in last year's final quarter.

The Company noted that its principal focus during the year was to more firmly establish its leadership position in the emerging pure EV market in China and globally, building toward what it believes will be a "breakthrough" year for EV sales in 2012. At the same time, during the year its traditional business continued to buck a still sluggish economic environment. Consequently, while GAAP net income was up sharply for the full year, both revenues and non-GAAP net income were somewhat lower despite a strong rebound in ATV sales and increased sales of pure EVs.

On February 13, 2012, Kandi Technologies Corp., a Delaware corporation (the “Company”), entered into a Share Exchange Agreement (the “Agreement”) with KO NGA Investment Limited, a British Virgin Islands corporation (“KO NGA”) and each of the shareholders of KO NGA (“KO NGA Shareholders,” and, together with KO NGA, the “Sellers”). Pursuant to the terms of the Agreement, the Sellers will exchange an aggregate of 253 shares of KO NGA, representing 100% of the issued and outstanding shares of KO NGA, to the Company for a total of 2,354,211 shares (the “Exchange Shares”) of the Company’s common stock (the “Exchange”), representing an aggregate exchange purchase price of RMB 50,052,387.66 (approximately $7,952,524), which is primarily derived from KO NGA’s indirect, wholly-owned operating entity Yongkang Scrou Electric. Co., Ltd. in China and based upon a valuation report by an independent, third party valuation firm. Upon consummation of the Exchange, KO NGA will become a wholly-owned subsidiary of the Company. The Company is obligated to file a registration statement on Form S-3 (or if Form S-3 is not available another appropriate form) registering the resale of the Exchange Shares that are to be issued to the Sellers.

   With regards to a recent aquisition:

The Exchange Shares will be issued by the Company in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Act”) for the private placement of our securities pursuant to Regulation S of the Act. The Exchange Shares will be issued to non-U.S. persons (as such term is defined in Regulation S) in an offshore transaction relying on Regulation S. The Sellers acknowledged that the Exchange Shares to be issued have not been registered under the Act, and that they understood the economic risk of their investment.

JINHUA, CHINA--(Marketwire - Nov 14, 2011)Financial Highlights:

• Third quarter revenues of $10.31 million compared with $10.48 million in the same period last year and grew slightly to $28.79 million in the first nine months of 2011 compared with $28.64 million in the prior year period
• Gross margins increased 0.3% in the 2011 third quarter and reached 23.4% at the end of nine months, up from 22.8% in the prior year
• GAAP net income in the third quarter was $0.38 million, or $0.01 per diluted share, compared to a net loss of $1.72 million, or ($0.08) per diluted share, in the same period last year
• Non-GAAP adjusted net income in the third quarter of 2011, excluding effects from convertible notes, stock awards and the change of the fair value of derivatives was $0.72 million, compared with $1,40 million in the 2010 period, on the same basis.
• A working capital surplus of $18.94 million was achieved at quarter-end, improved from a reported working capital surplus of $3.04 million as of September 30, 2010
• Cash, cash equivalents and restricted cash totaled $28.24 million at quarter-end, which equates to $0.98 per fully diluted share, a 12.3% increase from $25.15 million at the end of 2010

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "Despite the decreased sales in some key products, we think we have made great progress in improving our cost management and market expansion. Compared to the same period last year, we achieved modest growth in our EV sales. Since the end of the quarter, on October 12, 2011, the government subsidies for 3,000 Kandi Pure Energy Vehicles were successfully initiated in Jinhua City, in Zhejiang Province, and sales have been very positive. In addition, Kandi Pure Energy Vehicles will soon begin to be sold in Hangzhou City where the government goal is the sale of 20,000 vehicles. We will continue to work closely with the regional government, and effectively expand the sales distribution and network of our EVs in order to further penetrate existing markets. Additionally, we anticipate Kandi Pure Energy Vehicles will be introduced to many mid-large cities throughout China in the near future, which will provide us a strong base for future EV sales in China."

Outlook
"We are confident about the future growth of our EVs and becoming the leader in this market, and that we will be able to meet both domestic and international growing demand for our variety of products," Mr. Hu stated. "In this regard," he added, "we remain optimistic about the growth of our all-terrain vehicles (ATVs) in China. While our existing business and operations remain strong, we will continue to improve our manufacturing capabilities, promote strong alliances, expand capacity, strengthen and accelerate product development, and enhance our management capability in order to realize future fast growth and reach a higher performance level," concluded Mr. Hu.

Second Quarter 2011 Results

• Revenues increased 2.3%, to $10.1 million, from $9.9 million a year earlier, reflecting continued strong growth in go-kart sales. Sequentially, sales were up 22% compared to the first quarter of 2011
• Operating income increased to $0.8 million, up 18.4% from $0.7 million in the second quarter of 2010
• Net income more than tripled to $3.6 million, or $0.13 per diluted share, compared to net income of $1.2 million, or $0.05 per diluted share in the same period last year.
• The non-GAAP adjusted EPS  was 0.05 as compared to $0.04 the second quarter of 2010
• Working capital surplus of $23.0 million at quarter-end, improved from working capital surplus of $18.5 million at the end of 2010
• Cash, cash equivalents and restricted cash totaled $36.1 million at quarter-end, which equates to $1.26 per fully diluted share, a 43.7% increase from $25.2 million at the end of 2010

Kandi continues its progress toward becoming a leader in the pure EV market in China," said Mr. Hu. "Given our strategic relationships and investments, we believe Kandi is well positioned to anticipate growing demand for EVs. That said, we recognize that the organic development of markets for these emerging technologies will take time. As a result, we expect sales to grow modestly over the near term.

In addition, the Company took steps to strengthen corporate governance and build shareholder value by:

• Improving the quality and independence of the Company's Board of Directors and improving internal control with the naming of a new independent board member and engaging a "big four" professional firm
• Obtaining Board approval of a $5 million share repurchase program over the following 18 months

First Quarter Results:

• Revenues increased modestly to $8.3 million from $8.2 million with continued growth in ATV and go-kart sales
• Operating income increased to $0.8 million, from breakeven operating results in the first quarter of 2010, while gross margin increased by 2.3%
• Net income totaled $5.9 million, or $0.20 per diluted share, compared to a net loss of $0.2 million, or $0.01 per diluted share in the same period last year.
• Non-GAAP adjusted net income totaled $0.7 million or $0.03 per diluted share, as compared to $0.6 million or $0.03 per diluted share in the same period 2010, an increase of 9.9%

"We remain excited with the growth from our traditional off-road products as our legacy business continues to recover, and continue our optimism about achieving a leading role in China EV development," said Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies.  "Our pure electric vehicles continue to be a priority as we expand sales of our vehicles inChina, and globally, to meet emerging demand.  In the first quarter, we have showcased our EVs through the newly established showroom in Hangzhou and have started to execute our pilot 'Express Change' model in Jinhua."

DEAR FELLOW KANDI TECHNOLOGIES SHAREHOLDERS:
 
            Recently there was an online story about our company, which was followed by significant volatility in our stock.  The author presented the information in such a way that the clear implication was that some of the company’s revenue must have been inaccurately reported.  That is not the case.  Nearly all of the misinformation in the article is the result either of the author’s misunderstanding or inaccurately construing Kandi’s business, and in particular, its sources of revenue. 
 
            We take our fiduciary duty to shareholders and all stakeholders very seriously, and the inaccurate reporting by this website in no way reflects the current business of Kandi Technologies.  In fact, Kandi has a strong U.S. presence in go-karts and specialized EV products, and we are making great strides in our EV business in China as we shift our focus toward this market.  We stand by our business strategy and results.  At the same time, we felt it was important to clarify several questions that were raised.  The following are our responses on the topics raised in the inaccurate article. 

The Company has historically financed itself through short-term commercial bank loans from PRC banks. The term of these loans is typically for one year, and upon the payment of all outstanding principal and interest in a respective loan, the banks have typically rolled over the loans for additional one-year terms, with adjustments made to the interest rate to reflect prevailing market rates. The Company believes this situation has not changed and the short-term bank loans will be available on normal trade terms if needed.

As of December 31, 2010, the Company has credit lines from commercial banks for $38,113,676, of which $28,434,012 was used at December 31, 2010. The Company believes that its cash flows generated internally may not be sufficient to support growth of future operations and repay short term bank loans for the next twelve months if needed. Therefore, from time to time, the Company may require extra funding through short term borrowing from PRC banks or other financing activities if needed in the near future.

Selected 2010 Financial Highlights:

• Full year revenues increased 26.8% to $42.9 million (compared with guidance of $40 million) due to continued strength in ATV and Go-kart sales
• On a non-GAAP basis, which excludes certain warrants, options and convertible notes related charges (see table below), the Company reported 2010 adjusted net income of $5.0 million, up 76% from adjusted net income of $2.8 million, in the same period last year
• Adjusted EPS was $0.22 vs. $0.13 
• Operating income increased 41.5% to $3.2 million in 2010, from $2.3 million in 2009
• Working capital surplus of $18.5 million at the end of 2010, an improvement from a working capital deficit of $12.1 million at the end of 2009
• Cash and cash equivalents (including restricted cash) totaled $25.1 million at year-end, a significant increase from $5.9 million in 2009
• Net cash provided by operations was $4.4 million, compared to $(8.5) million in cash used in operations in 2009

Excluding the effects of option-related expenses, convertible notes' interest expense, the effects caused by the amortization of discount on convertible notes, and the change of the fair value of financial derivative, for the three months ended December 31, 2010, the Company recorded adjusted net income of $1.9 million, a slight increase from $1.8 million for the same period of 2009 excluding the same effects or EPS of about $0.08 vs. $0.09.

"We are very pleased to announce increased revenues this past year, especially from our traditional off-road products, as our legacy business returned to more normal conditions with revenues approaching record 2008 levels," said Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies. "This past year marked an exciting time for Kandi as we cultivated our previously announced strategic alliances and joint ventures with some of China's largest energy and battery companies, we received government approval and sold our first EVs in China, while developing pure EV technology and infrastructure that will ultimately change the automotive landscape in China and beyond."

JINHUA, CHINA--(Marketwire - December 21, 2010) - Kandi Technologies, Corp., a leading Chinese exporter of all terrain recreational vehicles, developer of the "CoCo" all electric LSV, and a leader in Electric Vehicle (EV) development in China, today announced that it has entered into a securities purchase agreement with institutional investors for a registered direct placement of approximately $16.6 million of common stock at a price of $5.50 per share.

• The Company will issue a total of 3,027,272 shares to the institutional investors. 

• In addition, the Company will issue to the investors warrants to purchase up to 1,210,912 shares of common stock, which, if fully exercised, would provide an additional $7.6 million in gross proceeds to the Company. The 3-year warrants have an exercise price of $6.30 per share and are exercisable immediately following the closing date.

In the 2010 second quarter:

• Revenues reached $9,911,884, up 80.8% compared to $5,481,551 in the same period last year;
• Net income grew 425.1% to $1,188,767 from $226,373 in last year's second quarter;
• Non GAAP adjusted net income (excluding non-cash stock option compensation expense) was $1,359,349.

"As reflected in second quarter results," Mr. Hu concluded, "while we are starting to lay a solid foundation for our future growth in the EV space, our management also intends to continuously expand sales in recreational vehicles. We see a further gradual improvement in this market over the remainder of the year and we hope that our legacy business can return to pre global financial crisis normal levels."

Mr. Xiaoming Hu, Chairman and CEO of the Company, stated, "The continuing recovery in the world economy as 2010 began, coupled with our efforts to expand the geographic reach of our vehicles helped us achieve strong gains in first quarter sales, led by a sharp increase in sales of our go-karts. Sales also were up in the quarter for our COCO EV. As the year progresses, our goal is to begin to expand domestic sales in China based on the landmark approval we received from the government on April 30, 2010, and when our Alliance plans in Jinhua City advance further."

"The outlook for our Company is brighter than ever," stated Mr. Hu, "with solid progress being made by our Alliance and, with the governmental approval we have obtained, our ability to also begin selling our COCO to domestic consumers. Plans in this regard are being formulated, with a particular focus on fleet sales to government agencies such as the Post Office, which we believe has had a satisfactory experience with the vehicles they were able to purchase from us several months ago."

"Further," Mr. Hu stated, "we continue to see signs of a slow strengthening of economies around the globe which should permit further improvement in sales of our core recreational vehicles. We fully intend to maintain our leadership in this space while pursuing our leadership goal in EVs."