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Kandi and Tianjin Sinopoly Enter Sales Contract for 1,900 Pure Electric Vehicles for RMB75.62 million

Jinhua, China–(Newsfile Corp. – April 23, 2013) – KandiTechnologies Group, Inc. (NASDAQ: KNDI) (the ‘Company’ or ‘Kandi’),today announced that its wholly owned subsidiary, Zhejiang KandiVehicles Co., Ltd (‘Kandi Vehicles’) has signed a sales contractwith Tianjin Sinopoly New Energy Investment Co., Ltd. (‘TianjinSinopoly’), a subsidiary of Sinopoly Battery Limited (‘Sinopoly’),a company listed on Hong Kong Stock Exchanges and Clearing Limitedto provide 1,900 EVs which will be a part of the electric vehicleleasing program in Hangzhou City. The total contract price is RMB75,620,000, approximately USD12,238,226. Tianjin Sinopoly willpurchase these 1,900 EVs before the end of 2013.

Separately and previously, in December 2012, Hangzhou YulongElectric Vehicle Technology Co., Ltd., another subsidiary ofSinopoly, purchased100 electric vehicles from Kandi Vehicles forRMB3,980,000 (approximately USD 644,095).

Sinopoly recently joined the EV leasing program in HangzhouCity. It will use Kandi’s pure EV products to promote its Hangzhou”EV Private Leasing” project.

Mr. Xiaoming Hu, Chairman &CEO of Kandi Technologies Groupcommented, “We are excited to announce this new EV contract with anadditional leasing operator and feel very honor to have theopportunity to work with such well-recognized high-tech companylike Sinopoly. As we have indicated before, more leasing operatorsin Hangzhou will benefit Kandi as almost all of those operatorshave chosen our EVs for their leasing fleet. The Sinopoly agreementis one more indication of this. We believe that, moving forward,our strong reputation and proven EV business model will enable usto gain more EV sales and market share in China. In 2013, we expectthat Kandi will begin to show significant revenue and profit growthfrom our EV business; we also hope that our company will gainfurther credibility and recognition from US capital market.”

*Tianjin Sinopoly New Energy Investment Co., Ltd. is also knownas Zhongju (Tianjin) New Energy Investment Co., Ltd. based on theChinese Pinyin translation.

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (NASDAQ: KNDI), headquartered inJinhua, Zhejiang Province, is engaged in the research anddevelopment, manufacturing and sales of various vehicles. Kandi hasestablished itself as the one of the world’s largest manufacturerof pure electric vehicles (EVs), Go-Kart vehicles, and tricycle andutility vehicles (UTVs), among others. More information can beviewed at its corporate website is

About Sinopoly

Sinopoly is listed on the Main Board of The Stock Exchange ofHong Kong Limited (Stock Code 00729). Sinopoly and its subsidiariesare principally engaged in the R&D, production, distributionand sale of Lithium-ion batteries.

For further information about Sinopoly, please visit theCompany’s website

Safe Harbor Statement

This press release contains certain statements that may include”forward-looking statements.” All statements other than statementsof historical fact included herein are “forward-lookingstatements.” These forward-looking statements are often identifiedby the use of forward-looking terminology such as “believes,””expects” or similar expressions, involving known and unknown risksand uncertainties. Although the Company believes that theexpectations reflected in these forward-looking statements arereasonable, they do involve assumptions, risks and uncertainties,and these expectations may prove to be incorrect. You should notplace undue reliance on these forward-looking statements, whichspeak only as of the date of this press release. The Company’sactual results could differ materially from those anticipated inthese forward-looking statements as a result of a variety offactors, including the risk factors discussed in the Company’speriodic reports that are filed with the Securities and ExchangeCommission and available on the SEC’s website ( All forward-looking statements attributable to the Companyor persons acting on its behalf are expressly qualified in theirentirety by these risk factors. Other than as required under thesecurities laws, the Company does not assume a duty to update theseforward-looking statements.


Kandi Technologies Group, Inc.

China:Email:IR@kandigroup.comPhone: 86-579-82239856



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