The innovative ‘Global Hawk’ all-electric vehicle series by China’s Kandi Technologies Group, Inc. (NASDAQ: KNDI) will soon become available for sale in Qingdao City, Shandong Province, according to a press release issued by the company on Tuesday, September 6. The move is the result of a purchase and sale agreement between Kandi Electric Vehicles Group Co., Ltd. (a Geely Automobile-Kandi joint venture) and Qingdao TELD New Energy Co. Ltd. As per the terms of the agreement, Qingdao TELD has already made an initial payment of approximately $8.4 million to Kandi Electric Vehicles Group.
The joint venture company’s ‘Global Hawk’ series includes several models, such as the Global Hawk K17A, the first Internet-smart pure electric vehicle developed jointly with Geely. Another popular model is the Global Hawk K21, an all-electric sedan equipped with a fully integrated electrical control system, a ternary battery and a driving range of 150+ kilometers on a single charge.
The new deal was hailed as a fantastic opportunity for the Jinhua, Zhejiang Province-based group by Kandi CEO and Chairman Hu Xiaoming. Shandong Province is a leading market in the electric vehicle industry in terms of both innovation and consumption, having a wide consumer base that is increasingly aware of electric vehicles and their benefits, he explained in the news release. With the Shandong expansion, Kandi expects to be able to grow its brand and capture more significant market share, aiming to increase its sales in Qingdao City beyond the initial goal of 3,000 vehicles by the end of the year, the group’s CEO added.
Qingdao City has become a major business hotspot after the Chinese State Council approved the creation of a ‘Blue Economic Zone’ in Shandong – the first development strategy based on marine economy. With a population of about nine million, Qingdao City is one of the nation’s pioneers when it comes to expanding the use of renewable energy vehicles.
A member of China’s Renewable Energy Auto Association, Kandi Technologies Group is focused on the development and manufacture of electric vehicles and all-terrain vehicles, as well as auto motors, EV controllers and battery packs. Its primary focus since 2013 has been the development of pure electric vehicles, with the declared goal of significantly expanding its market share in China.
For more information, visit http://en.kandivehicle.com
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