Key Developments: Kandi Technologies Corp (KNDI.W)
7.26USD
18 Jun 2013
$-0.76 (-9.48%)
$8.02
$7.26
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$7.26
100
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$8.18
$3.05
Latest Key Developments (Source: Significant Developments)
Kandi Technologies Corp Announces Establishment Of Kandi Electric Vehicles (Wanning) Co., Ltd. In Hainan Province
Kandi Technologies Corp announced that on April 23, 2013, Kandi Electric Vehicles (Wanning) Co., Ltd. (Kandi Wanning), incorporated and capitalized by Kandi's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (Kandi Vehicles) has officially been approved by the local government agency and established in Wanning City of Hainan Province. Kandi Wanning anticipates achieving the annual capacity of 100,000 units of EV key components and parts for its first phase (the Project) within two years. Upon the completion of the Project, Kandi Wanning will be transferred to and become a wholly owned subsidiary of Zhejiang Kandi Electric Vehicles Co., Ltd., the joint venture company that will be established by Kandi and Geely Auto. Full Article
Kandi Technologies Corp's Zhejiang Kandi Vehicles Co Ltd Enters Into Joint Venture Agreement With Geely Automobile Holdings Ltd's Guorun Automobile Co Ltd
Kandi Technologies Corp announced that on March 22, 2013, the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') entered into a Joint Venture Agreement with Shanghai Maple Guorun Automobile Co., Ltd. ('Shanghai Maple'), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange) (the Geely) to establish a joint venture company of Zhejiang Kandi Electric Vehicles Co., Ltd. (the JV Company). Pursuant to the JV Agreement, the registered capital for the JV Company is RMB1 billion (approximately $160 million) and each party will contribute 50% of the registered capital in cash and will each own 50% of the JV Company. The business scope of JV Company is to develop, manufacture and sell electric vehicles (the EVs) and to develop, purchase, manufacture and sell auto parts, and invest in other companies which engage in such businesses. Full Article
Kandi Technologies Corp's Zhejiang Kandi Vehicles Co., Ltd Announces Establishment Of Kandi Electric Vehicles (Changxing) Co., Ltd
Kandi Technologies Corp announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (Kandi Vehicles) has established Kandi Electric Vehicles (Changxing) Co., Ltd. (Kandi Changxing) in Changxing (National) Economic and Technological Development Zone to meet the requirements of the previously announced cooperation agreement with Geely Automobile Holdings Ltd. (Geely). The newly established company is a wholly owned subsidiary of Kandi Vehicles that will specialize in EV production, and has been formed with the assets that Kandi Vehicles recently purchase from Zhejiang New Energy Vehicle Systems Co., Ltd. as well as certain molds and properties originally owned by Kandi Vehicles. Kandi Changxing is expected to begin its production at the end of March 2013. Kandi Vehicles plans to contribute Kandi Changxing to the joint venture (JV) company between Kandi Vehicles and Geely and will become a 50% shareholder of the JV company and then proceed to realize the full benefits of the cooperation agreement with Geely. Full Article
Kandi Technologies Corp's Subsidiary Forms Joint Venture With Geely Automobile Holdings Ltd's Subsidiary
Kandi Technologies Corp announced that on February 1, 2013, the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (Kandi Vehicles) has signed a cooperation framework agreement with Shanghai Maple Guorun Automobile Co., Ltd. (Shanghai Maple), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Geely Auto), to establish a joint venture company, named Zhejiang Kandi Electric Vehicles Investment Co, Ltd. (JV Company) to engage in the investment, research and development, production, marketing and sales of electronic vehicles in China. Pursuant to the terms of the framework agreement, the JV Company will be owned 50% by Shanghai Maple and 50% by Kandi Vehicles. The registered capital of the JV Company will be RMB1,000,000,000, and with 50% to be contributed by each party. Upon the establishment of the JV Company, the JV Company will acquire certain assets from Kandi and Geely Auto in order for the JV Company to process the necessary properties, assets and technologies to conduct the EV business. To enable the proposed enterprise to take place, both Kandi and Geely Auto will establish new wholly-owned subsidiaries and inject certain assets into these companies. The JV Company will then acquire all the equity interests in each of these companies. As the principal terms of the potential transaction are yet to be finalized, further announcements will be made pursuant to the requirements of the rules and regulations as and when appropriate. Full Article
Kandi Technologies Corp Receives New Order From Hangzhou New Energy Taxi Co Ltd
Kandi Technologies Corp announced that its wholly owned subsidiary, Zhejiang Kandi Vehicles Co Ltd recently received a new order of 100 pure EVs from Hangzhou New Energy Taxi Co Ltd which intends to deploy all 100 EVs for its internal and marketing use. According to signed sales contract, Kandi shall deliver 100 pure EVs, model JNJ6290EV, to Hangzhou New Energy Taxi by the end of 2012. The selling price of each vehicle, without battery, is RMB39,800 (approximately USD6375) and total contract amount for the order is RMB3.98 million (approximately USD637524) . Full Article
Kandi Technologies Corp's Zhejiang Kandi Vehicles Co., Ltd. Signs Contract With China Aviation Lithium Battery (Hangzhou) Co., Ltd.
Kandi Technologies Corp announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ('Kandi Vehicles') has signed the sales contract with China Aviation Lithium Battery (Hangzhou) Co., Ltd. ('CALB Hangzhou') to provide the first 5,000 EVs for the pure EV commercialization launch in China the 20,000 pure EV leasing program in Hangzhou. According to the letter of intent between Kandi Vehicles and China Aviation Lithium Battery Co., Ltd ('CALB') of July 16th, 2012 for the purpose of promoting the 20,000 pure EV leasing program in Hangzhou, CALB established a wholly owned subsidiary, China Aviation Lithium Battery (Hangzhou) Co., Ltd. in 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 September 29th, 2012, Kandi Vehicles and CALB Hangzhou entered into a definitive sales contract and the principal provisions of the contract are as follows: 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 USD31.58 million). The unit price without the battery is at RMB39,800 (approximately USD6,317); Under the sales contract, the temporarily scheduled deliveries of the 5,000 vehicles will occur from September 29th to December 31, 2012. Full Article
Kandi Technologies Corp's Subsidiary Signs Cooperative Letter Of Intent With Zhejiang Zotye Holding Group Co., Ltd.
Kandi Technologies Corp announced, in consideration of the promotion of EV development in scale by Zhejiang Provincial and Hangzhou Municipal governments and building a model city for EV operation in Hangzhou, that the Company's subsidiary, Jinhua Kandi New Energy Vehicles Co., Ltd. (Kandi New Energy) signed a cooperative letter of intent (LOI) with Zhejiang Zotye Holding Group Co., Ltd. (Zotye) to establish a strategic alliance and cooperate with each others' competitive strengths to advance the EV development in Hangzhou. Full Article
Kandi Technolgies Corp. Reaches Agreement To Acquire Yongkang Scrou Electric. Co., Ltd
Kandi Technolgies Corp. announced that the company has entered into a Share Exchange Agreement (Agreement) to acquire Yongkang Scrou Electric. Co., Ltd. (Scrou), a Chinese manufacturer of motors and related products for Electric Vehicles (EVs), by acquiring all of the outstanding capital stock of KO NGA Investment Co., Ltd. (KO NGA), a British Virgin Islands Corporation and the sole owner and shareholder of Scrou. Scrou is the only operating entity of KO NGA. No closing date has presently been scheduled. Full Article
Kandi Technolgies Corp. Authorizes $5 Million Share Repurchase
Kandi Technolgies Corp. announced that it has received authorization from its Board of Directors for a share repurchase program under which the Company may acquire up to $5 million of Kandi's outstanding common shares from time to time over the next 18 months. The Board of Directors for China's supplier of off-road vehicles and developer of pure electric vehicles (EV) approved the buyback program at its recent meeting. Kandi Technologies said the buyback authorization allows the Company to purchase common stock in open-market transactions in compliance with applicable federal securities regulations, including Rule 10b-18, over the next 18 months. Kandi Technologies reported 27,433,934 shares of voting common stock outstanding as of March 25, 2011. Any repurchases of Kandi shares will be made on the open market at prevailing market prices or in block trades and subject to market restrictions and market conditions relating to volume, price and timing. Kandi Technologies plans to fund repurchases from its available cash balance. Full Article
Kandi Technolgies Corp. Announces Strategic Cooperation Agreement With Hangzhou Electric Vehicle Service Co., Ltd
Kandi Technolgies Corp. announced the signing of a strategic cooperation agreement with Hangzhou Electric Vehicle Service Co., Ltd., effective July 5, 2011. Hangzhou Electric Vehicle Service Co., a professional service company affiliate of State Grid Corporation, is assisting the local municipal government in launching the 20,000 pure electric vehicle pilot program for Hangzhou consumers through the end of 2012. The strategic cooperation will establish a strong relationship through which Kandi's pure electric vehicles will become a preferred vehicle of choice for Hangzhou Electric Vehicle Service Co. and will leverage and promote Kandi's unique Express Change business model. Under the agreement, Hangzhou Electric Vehicle Service Co. will ensure that the service network being built by State Grid will support Kandi's technical requirement and infrastructure needs, while permitting efficient and effective operation of Kandi's EVs. Full Article
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