Kandi Technologies Expects to Exceed 2015 EV Sales Target

JINHUA, China, Jan. 12, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (NASDAQ:KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"*) achieved strong sales of pure electric vehicles (“EVs”) in 2015 and expects to exceed its previously announced sales target for the full year 2015. The Company anticipates the total number of EV sales to exceed the previous guidance range of 20,000 to 22,000 EV products by 5% or more. The Company plans to release audited financial results for the fourth quarter and full year 2015 in March.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “The JV Company achieved record EV sales in the fourth quarter. Given the robust growth in China’s EV industry we anticipate the strong momentum in the sector to continue in the next few years, which will substantially benefit our business. The Kandi brand and Global Hawk brand pure electric vehicles have been leading China’s market, and we are very confident in maintaining our leadership position in 2016.”

* The JV Company is a 50/50 joint venture between Kandi and Geely Automobile (“Geely”).

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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Company Contact:
Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 212-551-3610
Email: [email protected]

IR Contact:
The Piacente Group
Phone: 212-481-2050
Email: [email protected]