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USA: Kandi’s New Energy Vehicle Receives Registration Tax Exemption and Recommendation Under Energy-Saving and New Energy Vehicle Demonstration and Promotion Project

, CHINA, Mar 16, 2012 (MARKETWIRE via COMTEX) — Kandi Technologies, Corp. (the “Company” or “Kandi”) /quotes/zigman/107702/quotes/nls/kndi KNDI +3.81% , a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that

Kandi’s pure electric cargo vehicle model KD5011XXYEV is among the first on the list of Energy-Saving and New Energy Vehicles for Registration Tax Reduction and Exemption, approved by the State Council (the Cabinet of China); the list was jointly issued and released by Ministry of Finance, Ministry of State Administration of Taxation and Ministry of Industry and Information Technology of China on March 6, 2012. The KD5011XXYEV model is exempted from the annual registration tax for the vehicle owner starting from January 1st, 2012.

Additionally, Kandi’s pure electric cargo vehicle model KD5021XXYBEV is included in the “Energy-Saving and New Energy Vehicle Demonstration and Promotion for Use Project” list which was issued by the Ministry of Industry and Information Technology of China on February 29th, 2012.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, “It is very exciting for us to announce that our KD5011XXYEV is one of the new energy vehicles to receive the annual registration tax exemption and this offers more incentives for our consumers to purchase Kandi pure electric vehicles. We are also very proud that our pure electric vehicle KD5021XXYBEV is recommended under the energy-saving and new energy vehicle demonstration and promotion for use project by the Chinese government. This preferential tax treatment and the recommendation under the project is a further recognition for Kandi, and will provide more public confidence in our product offerings, will increase our competitive advantages, and will further promote the development of our electric vehicles.”

About Kandi Technologies, Corp. Kandi Technologies, Corp. /quotes/zigman/107702/quotes/nls/kndi KNDI +3.81% 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. The Company’s products can be viewed at http://www.kandivehicle.com and its corporate website is http://www.chinakandi.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.

Contacts:

China:
Kandi Technologies, Corp.
Phone: 86-579-82239856

U.S.A.
Email: IR@kandigroup.com
Phone: 1-212-551-3610

Source marketwatch.com

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