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Kandi Announces the Entry of the Strategic Cooperation Agreement with Jinpeng to Jointly Develop Pure EV Market
JINHUA, CHINA, Dec. 30, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that on
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":"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.\n\n \n \n \n \n \n \n \n \n \n \n \n Kandi and Jinpeng Signing Cooperation Agreement\n \n \n \n \n \n \n \n \n\n 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, J...