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China: 5,000 EVs Confirmed For Hangzou Out Of 20,000 Projected

Kandi Technologies, Corp. announced today that its wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”) has signed a sales contract with China Aviation Lithium Battery (Hangzhou) Co., Ltd. (CALB Hangzou) to provide the first 5,000 EVs for the Hangzou EV project.

This follows the July 10 signature of a letter of intent between Zhejiang Kandi Vehicles Co., Ltd. and CALB at the Cooperation Forum in Beijing to collaboratively promote 20,000 pure electrical vehicles in Hangzhou, Zhejiang.

Today’s signature officially pushes forward the first 5,000 units of what is currently known as the largest pure EV commercialization launch in China.

According to the July letter of intent between Kandi Vehicles and CALB for the purpose of promoting the 20,000 pure EV leasing program in Hangzhou, CALB established a wholly owned subsidiary, CALB Hangzhou Coin Hangzhou city to specifically facilitate the implementation of the leasing program.

CALB Hangzhou will be responsible for the operation of the Hangzhou project. In furtherance of the letter of intent, on Sept. 29, 2012, Kandi Vehicles and CALB Hangzhou entered into a definitive sales contract.

Both parties revealed the principal provisions of the contract as follows:

1. CALB Hangzhou will purchase 5,000 JNJ6290EV model pure electric vehicles (without batteries) from Kandi Vehicles and the total purchase price will be RMB 199,000,000 (approximately $31.58 million). The unit price without the battery is at RMB39,800 (approximately $6,317).
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