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Kandi Affiliate Fengsheng Announces Subsidy Approval for new Maple 60X
JINHUA, CHINA, July 22, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that the
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":"JINHUA, CHINA, July 22, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that the Maple 60V all-electric MPV (Multi-purpose Vehicle) produced by its affiliate company Fengsheng Automotive (the “Affiliate Company” or “Fengsheng”) was approved for purchase subsidies by China’s Ministry of Industry and Information Technology (“MIIT”). Subsidy approval is a key milestone as Fengsheng brings the 60V to market in the near future.\n The Maple 60V is the next offering in a planned series of versatile, MPV featuring style, performance and comfort. The Maple 60V follows the recently introduced Maple 30X, which is seeing strong initial interest. A key feature of the 60V will be a swappable battery, which enables quick “refueling” and reduced range anxiety. “We are pleased that Fengsheng is announcing the fulfillment of this key milestone for the Maple 60V,” commented Xiaoming Hu, Kandi Technologies Chairman and Chief Executive Officer. “With sales starting for the 30X and the 60V coming soon, we are impressed with the burgeoning family of city pure electric vehicles being produced by our affiliate company. We look forward to growing sales as distribution expands and the Chinese economy gradually returns to normal.” 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, SC Autosports, LLC, 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 interes...