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Kandi Technologies and State Grid Corporation Affiliate Hangzhou Electric Vehicle Service Co. Sign Strategic Cooperation Agreement


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JINHUA, China--July 11, 2011: Kandi Technologies, Corp. , a leading Chinese supplier of off-road vehicles and developer of pure electric vehicles (EV), recently announced the signing of a strategic cooperation agreement with Hangzhou Electric Vehicle Service Co., Ltd., effective July 5, 2011. Hangzhou Electric Vehicle Service Co., a professional service company affiliate of State Grid Corporation, is assisting the local municipal government in launching the 20,000 pure electric vehicle pilot program for Hangzhou consumers through the end of 2012. Hangzhou Electric Vehicle Service Co. also manages the local State Grid "Express Change" battery service network.

The strategic cooperation will establish a strong relationship through which Kandi's pure electric vehicles will become a preferred vehicle of choice for Hangzhou Electric Vehicle Service Co. and will leverage and promote Kandi's unique "Express Change" business model.  Under the agreement, Hangzhou Electric Vehicle Service Co. will ensure that the service network being built by State Grid will support Kandi's technical requirement and infrastructure needs, while permitting efficient and effective operation of Kandi's EVs.  

"We are very pleased to announce our newest strategic partnership with Hangzhou Electric Vehicle Service Co. This cooperative agreement will form a solid foundation for consumers' access to Kandi's pure electric vehicles in the Hangzhou market," said Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies.

About Kandi Technologies, Corp.

Kandi Technologies, Corp. is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second-generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO EV are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010.