Kandi Technologies (KNDI) In Discussions To Build Electric Car Network In Another Chinese City (Hangzhou)

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06:51:29 pm on December 13, 2010

Following the beginning of an electric car network implementation in Jinhua, Kandi Technologies (KNDI) announced that they are in discussions to build an electric car network in another larger city not far from its home base.  The company base been in discussions with local government officials in Hangzou who want to initiate an aggressive plan to have more than 20K electric cars on the road within two years.  Kandi believes that along with its partners, it can play a major role in moving this plan forward.

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Hangzou is one of five pilot cities selected by the Chinese government to be eligible for subsidies which includes not only subsidies for purchasers of cars, but for the build out of the infrastructure needed to charge the cars.  Kandi believes its “Express Change” service model is the most cost effective and practical solution and will drive adoption of EV vehicles in the years to come.

Kandi CEO Hu Xiaoming commented:  “I am pleased to be able to report these newest developments in the execution of our EV growth strategy based on city by city expansion of our ‘Express Change’ model, which we believe is the most affordable and achievable model for the long-term development of EV sales throughout China. With the successful launch and execution of our Jinhua City project, we now believe we are positioned to build sales and service revenues in a second, much larger city not very far from our home base. In turn, this should help open doors to Kandi EV sales in many more cities over time, where our easily replicable ‘Express Change’ model provides the solutions being sought.”

Shares of KNDI were up over 3% at one point today, breaking out off support of the 50 day moving average, before pulling back and closing essentially flat.  Shares remain technically bullish on the daily chart.

 
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