Full press release below:
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.
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