Kandi Technologies Group (NASDAQ:KNDI)’s Electric Cars Enter Shanghai’s Car-Share Program

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By Mark Michaels on August 21, 2014 Intl News, Technology & Software

Yesterday, Kandi Technologies Group (NASDAQ:KNDI) announced that it had delivered the first 208 units of Kandi brand electric vehicles as a part of the official launch of the Car Share program of Shanghai Jinshan.

The vehicles were also manufactured to be part of the Long Term Group Leasing Program.

The event was hosted by the Zuo Zhong You Electric Vehicle Service Co, Ltd, dubbed the “ZZY-Shanghai.” The association was formally created on June 16^th in 2014 in Shanghai. On August 14^th, 2014 the ZZY threw a ceremony at the Jinshan District in Shanghai, where Kandi’s electric vehicles were officially unveiled. All 208 of the electric vehicles produced by Kandi Technologies were sent to rental stations in Shi Hua, Tin Ling, Zhu Jing, and Feng Jing – four towns nearby Jinshan. Users were able to enjoy the vehicles immediately.

Earlier in the year, the Deputy Director of Electric Vehicles Development, Mr. Ma Jing, and his delegation group from the Shanghai Municipal Commission of Economic and Information Technology all visited the Shanghai operations of Kandi Electric Vehicles Co Ltd. After visiting the company’s production headquarters, Mr. Ma Jing and his group founded the Shanghai Public Electric Vehicle Sharing System Pilot Project.

During the visit, Mr. Ma Jing came up with his plan for targeted delivery numbers of 3,000 to 5,000 units of Kandi brand pure electric vehicles by the end of the 2014 fiscal year.

According a statement made by the Chairman and chief executive officer of Kandi Tecnologies Mr. Hu Xiaoming, the official debut of the Shanghai Jinshan Car Share program is a perfect example of the expansion of the Hangzhou Car Share program and the success of its business model for the development of electric vehicles. The company expects to see more and more cities using the Car Share Program and the Long Term Group Leasing Program in the future.

About the Car Share Program

Zhejiang’s Zuo Zhong You Electric Vehicle Service Co (ZZY) is the first company in the electric vehicle market to create the public electric vehicle sharing program. Through its 50 percent stake ownership in Kandi Electric Vehicles Group Co, Kandi Technologies also holds a 9.5 percent stake in ZZY.

The types of vehicles used in the car share program are 100 percent pure electric vehicles driven by the individual. The parking and charging stations offer users a multitude of services, such as maintenance, charging, and battery recycling. These stations are located at hotels, business centers, select residential areas, train stations, airports, and other places that are typically congested with traffic. The program operates on a network system to provide rental services of electric vehicles to drivers in and around the city. Drivers will also have access to maintenance of the electric vehicle and battery charging to self-service users. The final feature is a tracking system that allows the management of the car share program to closely watch and monitor the status and location of each vehicle.

The business model of the car share program has been used in Hangzhou since late 2013. Now, the program is beginning to expand to other cities in the country.

Group Long Term Lease Project

This program model considers the community, village, or enterprise as a leasing unit. Each unit is required to lease a minimum of 100 electric vehicles at a minimum of three years under the group long term lease project policies.

Kandi Technologies Inc

Kandi Technologies Group Inc (NASDAQ:KNDI) is company that has headquarters in Jinhua, a city in the Zhejiang Province of China. The company researches, develops, manufactures, and sells various types of vehicles. As of late, Kandi Technologies has made a name for itself as one of the largest pure electric vehicle manufacturers in the world. The auto maker also makes Go-Kart vehicles, tricycles, and utility vehicles.