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Kandi Technologies Corp. (KNDI) COCO Electric Vehicle Green-lit by Chinese Government

Kandi Technologies Corp., a leading Chinese manufacturer and exporter of go-karts, all terrain vehicles (ATVs), and specialized utility vehicles (UTVs) designed specifically for agribusiness applications – as well as the developer of the all-electric COCO low-speed vehicle (LSV – designed primarily for commuters and light urban travel – announced today that the Chinese Ministry of Industry and Information Technology has placed the COCO (KD5020X) on its 10th catalogue’s list of recommended vehicles, and has also qualified the COCO for China’s energy development and conservation initiatives, making it the only electric vehicle (EV) on the list.

The COCO is a sleek and ergonomically designed mini-car available in hardtop and convertible models with a 60-mile range (on a 6-hr battery charge) and a top speed of 25mph.

This announcement signifies a broad, new, opportunity-rich customer base opening up for the Company, which can now market the COCO to consumers and government agencies, marking a major milestone both for KNDI and for what the Company’s Chairman and CEO, Mr. Xiaoming Hu, called: “China’s ambition to become the world leader in low-cost, clean and efficient all electric automobiles.”

This announcement follows fast on the heels of a recent multi-company strategic alliance to develop an LSV-EV model city in KNDI’s home province of Zhejiang, at Jinhua City, and represents the culmination of years of effort by the Company to develop a strong Chinese market for a clean and affordable EV that was able to meet the stringent requirements of governmental regulations.

Mr. Xiaoming Hu noted the arduous and time-consuming process for approval, which requires extensive discrete analysis and testing of both the system and the manufacturing process by the Chinese government to ensure standards are met, and proudly pointed to the fact that the COCO was selected by the government as the only EV to receive the recommended status – a recommendation that, along with the approval, forms a solid foundation for growing a sales architecture in China.

The Company will continue to pursue a dedicated role in the development of Jinhua as a “model all electric city”, while strengthening the overall relationships established through the alliance that has made the dream a reality.

In addition to direct-to-consumer sales, creating a distribution network, and working closely with independent distributors, marketing initiatives will also be directed towards governmental agencies like the Post Office, where the COCO can supplant the pollutive and costly existing gasoline infrastructure.

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