JINHUA, CHINA -- 08/12/08 --
Kandi Technologies, Corp. (NASDAQ: KNDI), one
of China's leading designers, manufacturers and exporters of all terrain
vehicles (ATVs), utility vehicles (UTVs) and its number one exporter of
go-karts, announced today that the first shipments of its exciting new,
gasoline powered, off-highway low-speed super mini cars, that can achieve
up to 60 mpg, have begun to arrive in the U.S. It expects shipments will
continue to build in succeeding months to meet anticipated strong customer
demand.
The Company said that sales, marketing and distribution in the U.S. of the
new COCO super mini are being handled by Solus International Corporation,
based in Lynnwood, Washington, which has a large, well developed sales
network of automotive distributors, dealers and major retailers throughout
North America.
Mr. David Irvine, VP of Sales of Solus International, stated, "The interest
and response from our sales network to the arrival of the COCO has been
tremendous. With an anticipated sales price to consumers of about $9,900,
the COCO delivers outstanding value in a fun and highly stylish package to
consumers who are tired of high gasoline prices for local commuter
driving."
"Further," Mr. Irvine said, "Kandi's reputation for delivering high quality
vehicles, as reflected in its well received ATVs and go-karts for the All
Terrain Recreational Vehicle market, should continue to serve it well. We
see a bright future for Kandi in the super mini car category and are proud
to partner with them."
Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies Corp.,
commented, "The first deliveries of our new COCO super mini are another
major milestone for our Company, opening up a whole new avenue of growth,
building on the success we have achieved in the ATRV market. We continue
to anticipate strong sales of the COCO through year end of at least 5000
vehicles, with further significant growth in succeeding years, especially
as we add in the not too distant future low-speed electric and gas powered
hard top super minis for highway driving. There is an enormous opening in
the U.S. for well-designed, low cost, 'green' energy saving vehicles
-- and we think we have the right products at the right time -- that in a
few years also will begin to meet anticipated growing demand domestically."
Features of the New Two-Seater KD08A KANDI COCO CONVERTIBLE:
Engine: 250cc, single cylinder, 4-stroke, water cooled, Rear Wheel Drive
Transmission: Automatic
Brakes: Disc
MPG: up to 60
Top Speed: 25 mph
Gas Tank: 5.28 gallons
Driving Range: up to 300 miles
Dimensions: 103.6" x 60.9" x 61.5"
Curb Weight: 1166 lbs.
Colors: Red, Yellow, Blue, Green, White, Black, Orange
Distributor's Suggested Retail Price: $9,900, excluding tax, delivery,
other (depending on individual dealer)
For additional info, please go to the Solus International Website:
www.soluscorp.com.
- PLEASE SEE ATTACHED PHOTOS -
http://media.marketwire.com/attachments/200808/MOD-457444_KNDI08-12-08Photo1.jpg
About the Company
In its core All Terrain Recreational Vehicle (ATRV) businesses, Kandi
Technologies, Corp. (NASDAQ: KNDI), which generated nearly $35 million in
sales in 2007, coupled with a 370% increase in profits to just over $5
million, the Company ranks as the number one manufacturer and exporter of
go-karts in China, making it a world leader in the production of this
increasingly popular recreational vehicle. It also ranks among the leading
manufacturers in China of all terrain vehicles (ATVs) producing more than
30,000 ATV units last year. A more recent Company focus in the ATRV
category has been on specialized utility vehicles (UTVs), especially for
agricultural purposes, a vehicle line that is seeing strong growth,
especially in the North America, where Kandi sells approximately 70% of all
its products, all of which are exported. In the third quarter, the Company
expects to launch its innovative three-wheeler motorcycle, the TT. The
most exciting new development at the Company is the launch it has begun in
the U.S. of its highly economical, beautifully designed off highway, super
mini car for casual, neighborhood driving. Further, within the next two
years it expects to follow its two seater, high mileage super mini
convertible, with additional lines of low-speed electric and gas powered
hard tops for highway driving. Kandi believes that super minis will very
rapidly become the Company's largest revenue and profit generators.
The Company's products can be viewed at http://www.chinakandi.com
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this
Press Release are forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve known and unknown risks and
uncertainties, which may cause our actual results in future periods to
differ materially from forecasted results. These risks and uncertainties
include, among other things, product demand, market competition, and risks
inherent in our operations. These and other risks are described in our
filings with the Securities and Exchange Commission.
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Contacts:
Kandi Technologies Corp.
Hu Xiaoming
President and CEO
(86-0579) 82239700
US Investors
Focus Asia Partners
Robert Agriogianis
Tel: 973-845-6642
Fax: 973-845-6649
Press
Ken Donenfeld
donfgroup@aol.com
Tel: 212-425-5700
Fax: 212-425-6951
