The "manifesto" agreement for the so-called "Car-Share 4.0" program was celebrated in Hangzhou earlier this week. Alibaba contributes its expertise on the big data front, while Uber helps to push the program into the car-sharing realm. For its part, Kandi will contribute 200 of its Cyclone EV models to the program, which will be run out of Hangzhou.
The agreement checks off a lot of proverbial boxes for the Chinese government. That's because regulators have had to contend with both worsening pollution and brutal traffic throughout the country's largest cities, so car sharing with electric powertrains can attack both problems.
Earlier this year, Kandi said it would expand its Micro Public Transportation sharing and leasing service in the city of Kumming with 2,000 electric vehicles. In 2012, Kandi reached an agreement to sell 5,000 EVs to the city of Hangzhou, the capital of Zhejiang Province. As far back as 2008, Kandi was making noise about bringing its vehicles to the US, but that hasn't happened just yet. Take a look at Kandi Technologies' press release on the proposed car-sharing program below.
- Partners with Geely, Alibaba, ZTE, Uber China, and Minsheng Bank to create "Car-Share 4.0"connected EV eco-system
- Delivers 200 Kandi Cyclone units to Hangzhou Micro Public Transportation Program
JINHUA, China, Nov. 11, 2015 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ GS:KNDI), today announced that it signed a manifesto for the strategic development of "Car-Share 4.0" to promote connected electric vehicles (EVs) with Zhejiang Geely Automobile Holding Group ("Geely"), Alibaba Group Holding, Ltd. ("Alibaba"), ZTE Corporation ("ZTE"), Uber China and China Minsheng Banking Corp. ("Minsheng Bank") during a ceremony in Hangzhou. Kandi also unveiled its plan to deliver 200 units of the Company's K17 model ("Kandi Cyclone") with the "Global Hawk" trademark to the Micro Public Transportation ("MPT") program in Hangzhou.
Diversifying the EV model selection in the MPT program, the K17 is Kandi's latest model on the market and has a sleek and modern look that achieves an outstanding balance of efficiency and cutting edge technology.
To view an enhanced version of the Manifesto Event 1, please visit: http://orders.newsfilecorp.com/files/2079/18034_kandi.1enhanced.jpg
By integrating renewable energy vehicles, wireless charging systems and self-driving and Internet technology, "Car-Share 4.0" aims to create a connected EV eco-system to empower driver flexibility while enhancing the overall EV experience. "Car-Share 4.0" will be supported by Alibaba's leading big data analytics and cloud computing services, ZTE's cutting-edge wireless charging tecnology, as well as Uber China and Minsheng Bank's expertise in car-sharing and finance, respectively.
To view an enhanced version of the Manifesto Event 2, please visit: http://orders.newsfilecorp.com/files/2079/18034_kandi.2enhanced.jpg
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi who is the primary inventor of the "Car-Share 4.0" and innovator of the MPT program, commented, "We are extremely excited to work with China's industry leaders and to take on an important role in the strategic collaboration between Geely, Alibaba, Uber China, ZTE, and Minsheng Bank to create the 'Car-Share 4.0' program. This is a new era for EV development, and provides an unprecedented opportunity to make EVs more available, attractive and user-friendly. With this influential group's combined efforts, Kandi is on and accelerated path to achieve its goals of improving environmental conditions, easing traffic congestion, alleviating parking scarcity and assisting in solving China's energy challenges. With the government's unwavering support, we are facing enormous growth potential, and we look forward to strengthening our leadership position by promoting the rapid EV development across China."
To view an enhanced version of the Manifesto Event 3, please visit: http://orders.newsfilecorp.com/files/2079/18034_kandi.3enhanced.jpg
Key executives that signed the Manifesto include Li Shufu, Chairman of Geely, Jack Ma, Chairman of Alibaba, Hou Weigui, Chairman of ZTE, Hu Xiaoming, Chairman of Kandi, Liu Zhen, Head of Uber China, Han Feng, Transportation & Finance Division President of Minsheng Bank, Qiu Changheng, Vice President of Alibaba, Sun Zhenge, Vice President of ZTE and Yao Zhenghua, Chairman of Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd.
About Micro Public Transportation Program
Kandi has been advocating, and through Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the "Service Company"), implemented the "Micro Public Transportation" model, or MPT, which provides a shared pure EV transportation platform that has not been previously afforded to urban residents. It is a network system for EV sharing and leasing as a model for public transportation to alleviate traffic congestion. It also includes a variety of the Long-term Group Leasing options, ideal for companies, government entities and residential communities that lease at least 100 EVs on an annual basis. As of the end of 2014, the MPT had been launched, through the Service Company, in nine cities including Hangzhou, Shanghai, Chengdu, Nanjing, Guangzhou, Wuhan, Changsha, Changzhou and Rugao.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com.
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 securities laws, the Company does not assume a duty to update these forward-looking statements.
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