Kandi Technologies Forges Strategic Alliance With Major Energy, IT and Battery Companies to Help Launch EV Era in China

Kandi Technologies, Corp. announced it has formed a strategic alliance with China Potevio/CNOOC New Energy and Power, Ltd. – a joint venture of China National Offshore Oil Corp. (CNOOC) and China Potevio Co. – and Tianneng Power International, Ltd., aimed at speeding up the commercialization and achieving mass adoption of Pure Electronic Vehicles (Pure EVs) in China. Working together with government support, the companies believe they are the first in China with an innovative automotive transportation business model that provides a comprehensive solution to overcome current obstacles to an oil free future.

Within the Alliance, formally named "Alliance for Chinese Electric Vehicle Development and Commercialization," Kandi – an established China-based leader in the design and manufacture of all terrain recreational vehicles and developer of the "COCO," a battery powered low-speed vehicle for casual driving – expects to design and manufacture electric cars with patented (and patent pending) technology that permits easy battery removal and replacement, which is central to the new open architecture business model.

Mr. Xiaoming Hu, Chairman and CEO of Kandi, who spearheaded the new Alliance, stated, "We now have a core group of highly competent, like minded companies, with backing from the government who see the future of transportation in China -- zero emission vehicles powered by electricity that will decisively improve China’s environment and help free us from dependence on foreign oil. Kandi is privileged to be part of this group which, among other things, we believe will help solidify our leadership in building and marketing electric vehicles."

Mr. Hu continued, "While auto companies around the world are racing to create and sell EVs, it is widely recognized that the key ’bottlenecks’ to creating a mass market for battery powered vehicles include their relatively short driving ranges, high costs, long charging times and limited facilities for recharging. These are hurdles our Alliance believes can be overcome with an open architecture strategy which we aim to implement over time with government cooperation on a city by city basis throughout China. Our initial test city will be Jinhua City with a population of nearly five million in one of China’s most economically advanced regions and where Kandi is headquartered. To our knowledge, if we are successful, Jinhua will be the first city in China with a comprehensive model EV transportation system in place."