Jinhua, China, Dec. 29, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) announced today that it entered into a strategic cooperation agreement with the Hangzhou Branch of the Agricultural Bank of China.

Given China’s effort to both encourage the battery swap model for electric vehicles and to support a compliant online ride-sharing market, a strategic partnership was established among Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”), Zhejiang Ruiheng Technology Company (“Zhejiang Ruiheng”), China Battery Exchange (Zhejiang) Technology Co., Ltd. (“China Battery”) and the Hangzhou Branch of the Agricultural Bank of China.  The parties will promote the implementation of the “300,000 government-accredited pure EVs with battery swap model within 5 years of rideshare” program.  A signing ceremony was held at the headquarters of Hangzhou Branch of the Agricultural Bank of China on December 25, 2020.

The strategic cooperation agreement entails:

1. The Agricultural Bank of China Hangzhou Branch will provide Kandi with an RMB 500 million (approximately USD $76.5 million) line of credit to support the first phase of the “300,000 government-accredited pure EVs with battery swap model within 5 years of rideshare” program.  Additional credit will be provided based on the business progress.
2. The Agricultural Bank of China/Hangzhou Branch will treat Kandi Vehicles, Zhejiang Ruiheng, and China Battery as VIP customers to offer comprehensive financial services from the Bank’s available financial resources.
3. The Agricultural Bank of China Hangzhou Branch is an important business partner of Kandi Vehicles, Zhejiang Ruiheng, and China Battery.  According to the needs of the business, Kandi Vehicles, Zhejiang Ruiheng, China Battery and their member companies are given priority services at Hangzhou Branch of Agricultural Bank of China in terms of settlement account opening, fund management, financial services, fund raising, coordination of subsidiaries and affiliated companies to handle related banking services, and more.

Agricultural Bank of China (ABC) is one of the “Big Four” state-owned banks managed by the central government in the People’s Republic of China.  As an essential participant in China’s integrated financial system, ABC provides a range of corporate and retail banking products, including treasury operations and asset management, for a broad range of customers.  Its business scope also includes, among other things, investment banking, fund management, financial leasing and life insurance.  In 2019, Agricultural Bank of China was ranked No. 36 in Fortune’s Global 500.

Kandi Chairman and Chief Executive Officer Hu Xiaoming commented, “This strategic cooperation agreement with Agricultural Bank of China Hangzhou Branch and the parties’ in-depth collaboration will accelerate the “300,000 government-accredited pure EVs within 5 years of rideshare” program.  Now that the program has started, the Agricultural Bank will continue to grant incremental credit to the project, which indicates their strong support to help provide a funding guarantee for the successful development of the rideshare program.  Launch of the program will play a critical role in driving the rapid development of Kandi’s business and its future growth.”

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company”). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.

In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. Geely Group (including its affiliate) and Kandi Vehicles currently holds 78% and 22% of the equity interests in the Affiliate Company, respectively. The Affiliate Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.

More information about KNDI is available on the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

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Contacts:

Kandi Technologies Group, Inc.
Ms. Kewa Luo
+1 (212) 551-3610
IR@kandigroup.com

The Blueshirt Group

Mr. Gary Dvorchak, CFA
gary@blueshirtgroup.com

Ms. Susie Wang
susie@blueshirtgroup.com

Attachment

• Kandi Enters Strategic Cooperation Agreement with ABC Hangzhou Branch