Kandi Technolgies Group (NASDAQ:KNDI)

JINHUA, China, June 17, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc.(the 'Company' or 'Kandi'), today announced, on June 8th, 2013, Hangzhou City started the construction of its first pure electric vehicle (the "EV") smart vertical parking and charging facility in Gudang Technology Park of Xihu District to advance its planned five-year goal of establishing a mini-public transportation system which will include up to 100,000 self-serving rental EVs and all necessary service infrastructure throughout Hangzhou. The first facility is anticipated to be completed and in use in early July of 2013. According to the project plan, over 30 pure EV smart vertical parking and charging facilities (including additional EV sharing service network) will be built by the end of this year in Hangzhou City and 5,000 to 10,000 Kandi pure EVs will be deployed in Hangzhou within one year from the initial launch of the smart vertical parking and charging facility. 

Mr. Hu Xiaoming, Chairman & CEO of Kandi and General Manager of Zhejiang Kandi ElectricVehicles Co., Ltd. (the "JV Company") commented, "The implementation of the Pure EV Sharing Public Transportation Plan will provide convenient short-term EV rental service to Hangzhou citizens and visitors, and it also builds the foundation for establishing a mini-public transportation system of pure electric vehicles. With more pure EV smart parking and charging facilities built and in use, it will greatly improve the efficiency of urban transportation and help easing major urban issues many Chinese cities are facing today, such as traffic congestion, scarcity of parking area, environmental pollution and energy shortage."

Since Kandi proposed the new business model of pure EV sharing for public transportation, it has been very well received by many cities in China. In addition to Hangzhou, Shanghai City, Chengdu City, Jiangsu area, and Hainan area are also actively pursuing to adapt to this new mini-transportation model in their areas. It is very likely that, in coming year, these cities will begin building of pure EV smart parking and charging facilities. Kandi plans to expand into these new markets when the local supporting infrastructures are ready.

JINHUA, China, June 5, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that JL7001BEV, the first pure electric sedan jointly developed by Kandi and Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely"), has been approved by Ministry of Industry and Information Technology of the People's Republic of China ("MIIT").

According to No. 27 public announcement of MIIT, Kandi Brand/JL7001BEV model is among the latest vehicles on the lists of "Approved Vehicles (No. 248)" and "Recommended Models for Energy Saving & New Energy Vehicle Demonstration and Promotion in China (No. 45)". As a result of this approval, the purchaser of such pure electric sedan will now be qualified to receive all levels of national and local subsidies and incentives for EVs.

Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "Given the MIIT's latest approval, Kandi and Geely have accomplished a significant progress in their cooperation. We will take advantage of the strength, resources and expertise of both Kandi and Geely to achieve a greater success in manufacturing, R&D and sales of the EV in China."

JINHUA, China, May 10, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that Zhejiang Kandi Electric Vehicles Co, Ltd. (the "JV Company"), a 50/50 joint venture company by Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple"), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely") and Kandi's wholly owned subsidiary Zhejiang Kandi Vehicles Co., Ltd. ("Zhejiang Kandi") was formally incorporated on April 19^th, 2013. The joint venture parties are in the process of applying other necessary permits and licenses for the JV company according to the laws and regulations in China as well as the contrition of registered capitals to the JV company pursuant to the joint venture agreement.

On May 5, 2013, Mr. Li Shufu, the Chairman and Mr. Hu Xiaoming, the General Manager of JV company (Mr. Li is also the Chairman of Geely and Mr. Hu is also the Chairman of Kandi) met and hosted a delegation of government officials from Rugao City (county level) of Nantong Municipal City, Jiangsu Province at Geely's headquarter.

The delegation visited Geely's vehicle production base at Hangzhou Bay and Kandi's Changxing production line for electric vehicles in Changxing city. During the visit, Mr. Jiang Yonghua, the Party Secretary of Rugao City expressed appreciation for this visit arranged by Zhejiang Kandi Electric Vehicles Co, Ltd. and gave high appraises to the electric vehicles of Geely and Kandi. Mr. Jiang also introduced to Mr. Li and Mr. Hu with respect to Rugao's economy and the advantages of developing new energy vehicles in Rugao. Mr. Jiang warmly invited the Chairman and General Manager of the JV company to visit Rugao City and survey its market. 

The Chairman and the General Manager of the JV company, Mr. Li Shufu and Mr. Hu Xiaoming introduced to the delegation the proven business model and various pure EV products of the JV company. Nantong Municipal City of Jiangsu Province is one of the first group of new energy vehicle demonstration cities approved by the central government and the pilot operational base for the new energy vehicles in Nantong City is Rugao. The JV company expresses strong interest in electric vehicle development in Rugao and will assign a management team to Rugao City for a visit to further market research at the appropriate time. In addition, the JV company will keep communications with Rugao city government and make efforts to promote electric vehicles of the JV company to enter into Jiangsu province.

First Quarter 2013 Results

• Revenues grew 2.1% to $14.67 million from $14.36 million last year;
• EPS for the first quarter 2013 were $0.07 vs $0.08 in prior year.

JINHUA, China, April 26, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today 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.

Mr. Xiaoming Hu, Chairman and the Chief Executive Officer of Kandi, remarked, "The establishment of Kandi Electric Vehicles (Wanning) Co., Ltd. has demonstrated local government's strong support for Kandi's pure EV entering Hainan Market. Therefore, we are confident that Kandi will achieve a great success in Hainan's EV market and gain a firm foundation to become the leader in the EV market in China."

JINHUA, China, April 23, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that its wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') has signed a sales contract with Tianjin Sinopoly New Energy Investment Co., Ltd. ('Tianjin Sinopoly'), a subsidiary of Sinopoly Battery Limited ('Sinopoly'), a company listed on Hong Kong Stock Exchanges and Clearing Limited to provide 1,900 EVs which will be a part of the electric vehicle leasing program in Hangzhou City. The total contract price is RMB 75,620,000, approximately USD12,238,226. Tianjin Sinopoly will purchase these 1,900 EVs before the end of 2013.

Separately and previously, in December 2012, Hangzhou Yulong Electric Vehicle Technology Co., Ltd., another subsidiary of Sinopoly, purchased 100 electric vehicles from Kandi Vehicles for RMB3,980,000 (approximately USD 644,095).

Sinopoly recently joined the EV leasing program in Hangzhou City. It will use Kandi's pure EV products to promote its Hangzhou "EV Private Leasing" project.

Mr. Xiaoming Hu, Chairman & CEO of Kandi Technologies Group commented, "We are excited to announce this new EV contract with an additional leasing operator and feel very honored to have the opportunity to work with such a well-recognized high-tech company like Sinopoly. As we have indicated before, more leasing operators in Hangzhou will benefit Kandi as almost all of those operators have chosen our EVs for their leasing fleet. The Sinopoly agreement is one more indication of this. We believe that, moving forward, our strong reputation and proven EV business model will enable us to gain more EV sales and market share in China. In 2013, we expect that Kandi will begin to show significant revenue and profit growth from our EV business; we also hope that our company will gain further credibility and recognition from US capital market."

S-3

We may offer from time to time shares of our common stock, par value $0.001 (“Common Stock”), preferred stock, senior debt securities (which may be convertible into or exchangeable for common stock), subordinated debt securities (which may be convertible into or exchangeable for common stock), warrants and units that include any of these securities. The aggregate initial offering price of the securities sold under this prospectus will not exceed $60,000,000. We will offer the securities in amounts, at prices and on terms to be determined at the time of the offering.

Except as may be stated in the applicable prospectus supplement, we intend to use the net proceeds we receive from the sale of the securities offered by this prospectus for general corporate purposes, which may include, among other things, repayment of debt, repurchases of common stock, capital expenditures, the financing of possible acquisitions or business expansions, increasing our working capital and the financing of ongoing operating expenses and overhead.

Files shlef registration to raise $60 million. Just like ChinaHybrid actions of the past, the S-3 contradicts information presented in its filings immeditate proceeding the S-3.

From the 10-K filed on 4/1/2013 :

    "The Company believes its access to existing financing sources and established relationships with PRC banks will enable it to meet its obligations and fund its ongoing operations. "

From the S-3 filed 4/19/2013 :

    "we intend to use the net proceeds we receive from the sale of the securities offered by this prospectus for general corporate purposes, which may include, among other things, repayment of debt, repurchases of common stock, capital expenditures, the financing of possible acquisitions or business expansions, increasing our working capital and the financing of ongoing operating expenses and overhead."

Jinhua, China, April 19, 2013 (GLOBE NEWSWIRE) -- Kaddish Technologies Group, Inc. (the 'Company' or 'Kaddish') (KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EPS) and all-terrain vehicles (ATVs), today announced that on April 12, 2013, Kaddish Electric Vehicles (Weaving) Co., Ltd. ('Kaddish Weaving'), incorporated and capitalized by Kandi's wholly owned subsidiary, Zhejiang Kaddish Vehicles Co., Ltd. ('Kaddish Vehicles') has officially been approved by the local government agency and established in Weaving Binhai Economic Development Zone of Shandong Province.

Kaddish Weaving 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, Kaddish Weaving will be transferred to and become a wholly owned subsidiary of Zhejiang Kaddish Electric Vehicles Co., Ltd., the joint venture company that will be established by Kaddish and Geely Auto.

Mr. Xiaoming Hu, Chairman and the Chief Executive Officer of Kaddish, remarked, "The establishment of Kaddish Electric Vehicles (Weaving) Co., Ltd. has demonstrated local government's strong support for Kandi's pure EV entering Shandong Market. Therefore, Kaddish has full confidence that it will achieve success in the EV market in Shandong and it will provide a firm foundation for Kaddish to become the leader in the EV market in China."

JINHUA, China, April 3, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), announced today that its wholly owned subsidiary Kandi Electric Vehicles (Changxing) Co., Ltd. ("Kandi Changxing") has completed a full scale pure EV production and assembly line in the Changxing Economic Development Zone of Zhejiang Province and started production. It is the first full scale production and assembly line specialized for pure EVs in China, which includes all major manufacturing processes for general assembly of EVs. The annual production capacity for the first phase is expected to reach 100,000 units. The completion for production of this project will not only increase Kandi's current production capacity for pure EVs, but also accelerate the EV's industrialization process.

The leaders and representatives from National Energy Vehicles Key Project Office, Economic and Information Commission of Zhejiang Province, Huzhou Municipal City and ChangXing County attended the completion for production ceremony and delivered speeches on the success of the production line at Kandi Changxing.

This new production line combines the advanced production equipment and manufacturing technologies. It also integrates the robust manufacturing concepts and experiences of Kandi technologies and its JV partner, Geely Auto. Through its scientific management of planning, production, logistics, and quality assurance, it brings the EV production to a generalized, standardized and lightweight-aimed process which leads to be more efficiency, more accuracy, as well as more environmental friendly.

Mr. Hu Xiaoming, Chairman of Kandi remarked, "With the unprecedented enthusiasm and unwavering support from all levels of government leaders, Kandi Changxing will take full advantage of the technology strengths and expertise of Kandi/Geely Auto in the EV area to develop pure electric vehicles that consumers can afford to buy and drive while adopting practical business models to provide reliable and convenient services to our customers. Carrying the great expectation as well as the social responsibility, we are confident that Kandi will contribute its part in building the green economy in China."

Mr. Yang jian, Vice Chairman of Geely Automobile Holdings Limited congratulates the completion of this new production and assembly line and commented, "We have full confidence with our partnership with Kandi to further expand in the electric vehicle market. With years of exploration, Geely has accumulated rich experience and technological reserves in R&D and marketing of electric vehicles. We believe that the pure electric vehicle industry will witness a great prospect of remarkable growth in the future".

Fourth Quarter 2012 Results

JINHUA, China, March 25, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today 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, Stock Code: 175) (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.

The JV Company will acquire EV assets from Kandi and Geely in order to possess the necessary properties, assets and technologies to conduct its EV business. The JV Company will leverage the strength, resources and expertise of both Kandi and Geely in the EV segment to develop and provide affordable electric vehicles and efficient services to its customers.

The primary product of the JV Company will be to provide EVs and EV services for the intra-city public transportation and it will use the experience of EV operations in Hangzhou City to promote the use of EVs and make it the leader in the electric vehicle market.

A signing ceremony was held at Xihu District in Hangzhou City of Zhejiang Province for the official execution of this joint venture agreement to establish the JV Company.

JINHUA, China, March 15, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that certain Warrant To Purchase Common Stock (the "Warrants") issued by the Company in a private placement in January 2010, which was extended in its First Amendment as previously announced by the Company on January 29, 2013, has expired at the end of March 8^th, 2013. During the extension period, the Company has raised additional $447,287 in gross proceeds from 117,500 warrant shares exercised by the warrant holder.

JINHUA, China, March 4, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc.(the 'Company' or 'Kandi') a leading Chinese manufacturer and developer of pure electric vehicles EVs) and all-terrain vehicles (ATVs), today announced that on February 27, 2013, the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') has entered into an Assets Purchase Agreement (the "Purchase Agreement") with Zhejiang New Energy Vehicle System Co., Ltd., a limited liability company in China (the "Seller").

In preparation for the cooperation project with Geely, Kandi Vehicle is making this purchase to obtain additional assets for its electric vehicles (the "EV") business. This Purchase includes certain EV pressing assembly line, welding assembly line, coating assembly line, general assembly line and related equipment, facilities, building and land use rights (the "Purchased Assets").

According to the third-party appraisal reports prepared by Jinhua Jinchen Assets Appraisal Co., Ltd., Kandi Vehicles will pay to the Seller RMB 272,767,553 (approximately $43,296,437) for the Purchased Assets in cash within one month of the completion of the transfer of the assets.

Mr. Xiaoming Hu, Chairman & CEO of Kandi comments, "We are very pleased with this EV assets purchase. With these additional assets, we are more confident in our offerings of EV solutions as the leading EV provider in China. To better prepare us for the joint venture cooperation with Geely, we will continue to work hard to meet all the necessary requirements."

Third Quarter 2012 Results

• Revenue for the third quarter grew 23.8% year-over-year to $12.77 million from $10.31 million last year. ATV sales grew 66.0% to $1.73 million and EV sales grew 83.8% to $2.78 million as compared to the same period of 2011.
• Non gaap EPS for the third quarterof $0.03 vs $0.03 in prior year period.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are very pleased to report another successful quarter just before the initial launch of our largest EV project in China, Hangzhou's 20,000 EV leasing program. The third quarter demonstrated the balanced growth of both Kandi's legacy businesses, particularly the ATV and Go-cart segment, and the continued strength of our EV business offerings. During the quarter, we achieved robust year-over-year revenue and net income growth. We also have very strong EV sales in Jinhua City and sold 471 EVs in Q3. In coming months, by collaborating closely with State Grid Corporation of China (SGCC), China Aviation Lithium Battery Co., Ltd (CALB), and Hangzhou municipal government, we expect to launch the initial shipment of the first 5000 EVs to CALB for the currently largest pure EV commercialization launch in China -- the 20,000 pure EV leasing program in Hangzhou."

"There is a growing demand in China for clean energy products and solutions at both the national as well as municipal level. Our company is uniquely positioned to capitalize on this trend with our practical EV products and innovative business model which shall strengthen Kandi's market leadership in China."

Outlook
"The recent Letter of Intent we have entered with the government of Weifang Binhai Economic Development Zone of Shandong Province and Wanning city government of Hainan Province will help us effectively expand into new markets and build order backlog for the years to come. We are confident that our business model will be soon replicated in many other markets throughout China given our successful track record, favorable central government policy, support from regional government and our strong alliance with industry partners," concluded Mr. Hu.

JINHUA, CHINA--(Marketwire - Oct 1, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today 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 currently largest 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 16^th, 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 29^th, 2012, Kandi Vehicles and CALB Hangzhou entered into a definitive sales contract and the principal provisions of the contract are as follows: Full release here.

JINHUA, CHINA--(Marketwire - Sep 28, 2012) -  Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that JNJ6290EV, a pure electric passenger vehicle jointly developed by Kandi and Zhejiang Zotye Holding Group Co., Ltd. ("Zoyte"), has been approved by the Chinese Ministry of Industry and Information Technology ("MIIT"). The approval paves the way for Kandi's Pure EVs to meet the requirements for subsidies under the previously announced 20,000 electric vehicle leasing program to be launched in Hangzhou City.

According to No. 45 public announcement of MIIT, JNJ6290EV model is among the latest lists of "Approved Passenger Vehicles (No. 240)" and "Recommended Models for Energy Saving/New Energy Vehicle Demonstration and Promotion in China." As a result of this approval, the purchaser of such pure EVs will now be qualified to receive all levels of national and local subsidies and incentives for EVs. Full release here.

In a premium email alert sent to members on 9/27/2012 we wrote about KNDI, "Connecting the Dots:KNDI's Clever but Apparent Related Party Transactions".

KNDI is the latest Chinese small cap RTO that the GeoTeam has discovered with curious transactions with undisclosed related parties that not only bring into question the nature of the transactions but the credibility of the company itself. Given this backdrop it is not surprising that KNDI makes the dubious portrayal of a bright future for its electric vehicle ("EV") business. The facts on the ground clearly indicate KNDI's EV business hasn't gotten off the ground and we question its viability.

The transactions we analyzed involved at least nine individuals with connections to KNDI and its Chairman and seven different entities. The transactions all appeared to be planned well in advance and involved individuals who were senior executives of KNDI's management team either at the time of or shortly before the transactions were completed. When all was said and done two of the transactions resulted in the transfer of $20 million in cash and stock to individuals influenced or controlled by KNDI's chairman. The other transaction involved the sale of KNDI's import and export business to individuals who also had close ties to KNDI and its Chairman. It seems KNDI's Chairman prefers dealing with individuals he may know, influence or control. We highly doubt that any of the transactions we analyzed were negotiated on an arm's length basis.

Investors should take note of the fact that the referenced individuals controlled two entities that were party to the transactions. One of the entities became KNDI's largest supplier and the other one of its largest customers. The chain of events is suspicious, given the related parties involved in the transactions, leading us to ponder if they were possibly planned, structured and staged in a manner intended to confuse regulators and investors attempting to perform due diligence on the company.

To see our full report go here.

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Second Quarter 2012 Results

• Revenues for the second quarter 2012 were $11.1 vs. $10.1 in prior year period.
• GAAP net income in the second quarter was $3.29 million, or $0.11per diluted share, compared to a net income of $9.56 million, or $0.33 per diluted share, in the same period last year.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are delighted that we solidly grew our revenue and generated significant cash from operations. The sales of ATV and Go-kart will continue with the high growth. The EV sales have begun to boost as the strong government support and our brand and technologies of pure EV started to be introduced in many cities throughout China."

"We are very excited by the growing momentum for EV demand and continue to see strong growth from ATV and go-kart sales. We will continue to work diligently with the regional government and industry partners to expand our EV sales distribution and network. With the official launch of Hangzhou 20,000 pure EV rental program and other cooperative letter of intent we have signed recently, we are confident about the future growth of our EVs and becoming the leader in this market," Mr. Hu concluded.

JINHUA, CHINA--(Marketwire - Aug 13, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") has signed a Cooperative Framework Agreement for the Promotion of Self-driving Electric Vehicle Rental for Public Transportation in Hangzhou Project ("the Project") with Zhejiang Guoxin Vehicle Leasing Company ("Guoxin Leasing") at the Energy Saving and New Energy Vehicle Demonstration and Promotion Forum of China International Green Vehicle Industry Expo (Hangzhou) ("Expo") held by EV Key Project Management Office of Ministry of Science and Technology of China on August 10^th, 2012.

The strong support and effort of Zhejiang province and Hangzhou city governments to promote electric vehicle development in scale and establish Hangzhou as a role model city for electric vehicles in China provided this great opportunity to the parties to reach such an agreement.

The main provisions of the framework agreement are as follows:

1. Parties will cooperate according to The Feasibility Study of a Public Transportation Project of 100,000 Self-driving Rental EVs in Five Years in Hangzhou City by Development Research Center of the State Council of China, the China Society Of Automotive Engineers ("SAE") and Zhejiang University. Guoxin Leasing indicates that it intends to purchase Kandi brand EVs for such project. The parties have not established definite terms including price, quantities and time for delivery and these will be established by separate purchase agreements.

2. Parties intend to launch the preparation work for the Project immediately after signing the cooperative framework agreement. Guoxin Leasing will first purchase 200 EVs from Kandi Vehicles to launch the project, and the final terms and time for delivery have yet to be determined.

3. Kandi Vehicles will execute the production schedule based upon Guoxin's order and the requirements of the Project's development and will deliver the products in installments until the Project is completed.

4. At the beginning stage of the Project, Kandi Vehicles will have its technicians staying in Gouxin Leasing to provide timely technical support, repair and maintenance services.

Both Parties agree that they will value each other as a critical business partner and strike to achieve mutual development and maximum economic benefits through the cooperation on EV business.

This cooperative framework agreement is another significant step after Kandi Vehicles signed Cooperative Letter of Intent with China Aviation Lithium Battery Co., Ltd. to Promote 20,000 Pure Electric Vehicles in Hangzhou. If this project can be executed successfully, it will establish a strong foundation to advance the next five years of development for Kandi.

Form S-3 from 6/25/2012

This prospectus relates to the resale, from time to time, of up to 2,354,212 shares of our Common Stock, par value $0.001, which may be offered and sold from time to time by certain stockholders set forth in the “Selling Stockholders” section of this prospectus.

The selling stockholders will receive all of the net proceeds from the sale of Common Stock offered hereby. The selling stockholders may resell the shares of Common Stock offered for resale through this prospectus to or through underwriters, broker-dealers, or agents, who may receive compensation in the form of discounts, concessions, or commissions. We will not receive any proceeds from the sale of these shares by the selling stockholders, but we will bear all costs, fees, and expenses in connection with the registration of the shares of Common Stock offered by the selling stockholders. The selling stockholders will bear all commissions and discounts, if any, attributable to the sale of the shares of Common Stock offered for resale through this prospectus.

The selling stockholders will determine where they may sell the shares in all cases, including, in the over-the-counter market or otherwise, at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices. For information regarding the selling stockholders and the times and manner in which they may offer or sell shares of our Common Stock, see “Selling Stockholders” or “Plan of Distribution.”

Our Common Stock is quoted on the NASDAQ Global Market under the symbol “KNDI.” On June 22, 2012, the last reported sale price for our Common Stock on the NASDAQ Global Market was $3.17 per share.

JINHUA, CHINA--(Marketwire - Jul 23, 2012) - Kandi Technology Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), has signed a framework agreement with the government of Weifang Binhai Economic Development Zone ("Weifang Development Zone") in Wei Fang City of Shandong Province, under which Kandi Vehicles intends to invest and establish a project company in the development zone that will have a capacity annually to produce key components and parts for 100,000 EVs (the "Project").

Shandong is the first province in China that commercialized EV and has the biggest EV market in China. Weifang Development Zone (http://www.wfbinhai.gov.cn) is a national level economic and technology development zone and a key automotive industry base approved by the National Development and Reform Commission. It is also the National Priority Area in Shandong Peninsula Blue Economic Zone and the Yellow River Delta Efficient Eco-economic Zone.

JINHUA, CHINA--(Marketwire - Apr 23, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), announced today that the intellectual property rights relating to eleven key pure electric vehicle (EV) patents developed and previously personally owned by Mr. Xiaoming Hu, Chairman and CEO of the Company, already have been or are in the process of being transferred to the Company.

The eleven donated patents include:

• One patent relating to the chassis of electric vehicles equipped with a removable battery module
• Three patents for EV battery exchange systems
• One patent for electric vehicle sliding drawer for battery
• Two patents for automatic electric vehicle charging systems
• One patent for an automatic EV charging system for a vertical parking facility
• Two patents for battery storage packs for electric vehicles
• One patent for quick battery exchange (QBE) battery pack technology

The Company explained that, to date, the State Intellectual Property Office of China (SIPO) has approved the transfer of seven patents from Chairman Hu to Kandi Technologies, while the remaining four patent transfers are still in progress and are expected to be approved by SIPO within the next two months.

Mr. Mingyang Zheng, a Director of Kandi and Chairman of the Compensation Committee, commented, "The Board thanks our Chairman for his generosity in donating these valuable patents to Kandi. As our shareholders are aware, Mr. Hu, prior to founding Kandi, previously headed EV development for Zhejiang Province and is recognized as one of the leading pure EV experts and innovators in China. We are fortunate that this latest contribution contributes importantly to further building the value for all Kandi shareholders. It is also another reflection of his optimism about our company's future success as an EV industry leader."

Mr. Hu added, "I have devoted many years of my professional career to the commercialization of a pure EV solution. With a break-through year ahead of us, I think the timing is perfect for me to contribute all of my personal owned patents to Kandi. My confidence in Kandi's continued leadership in the EV industry is stronger than ever as is my commitment to building long term value for our shareholders."

Full Year and Fourth Quaerter 2011 Results

• Net revenues for the year ended December 31, 2011 were $40,177,148, compared with $42,880,300 last year, a decline of 6%.
• GAAP net income in 2011 grew 1058% to $9,114,770 including $5,401,929 of income resulting from the change in fair value of financial instruments compared with a loss of $(951,439) which included $(2,725,987) of loss resulting from the change in fair value of financial instruments in 2010.
• Diluted GAAP EPS in 2011 was $0.32 per share (28.7 million weighted average diluted shares) as compared with a loss of $(0.04) per share in 2010 (22.2 million weighted average diluted shares).
• 2011 non-GAAP net income was $4.0 million or $0.14 per diluted share, down 19% from $4.97 million or $0.22 per diluted share on a non-GAAP basis in 2010.
• Revenues in the 2011 fourth quarter were $11,387,382, down 21% from $14,345,368 in Q4 last year.
• On a non-GAAP basis, net income in the 2011 fourth quarter was $1,346,907, down 31% from $1,940,413 in last year's final quarter.

The Company noted that its principal focus during the year was to more firmly establish its leadership position in the emerging pure EV market in China and globally, building toward what it believes will be a "breakthrough" year for EV sales in 2012. At the same time, during the year its traditional business continued to buck a still sluggish economic environment. Consequently, while GAAP net income was up sharply for the full year, both revenues and non-GAAP net income were somewhat lower despite a strong rebound in ATV sales and increased sales of pure EVs.

   With regards to a recent aquisition:

The Exchange Shares will be issued by the Company in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Act”) for the private placement of our securities pursuant to Regulation S of the Act. The Exchange Shares will be issued to non-U.S. persons (as such term is defined in Regulation S) in an offshore transaction relying on Regulation S. The Sellers acknowledged that the Exchange Shares to be issued have not been registered under the Act, and that they understood the economic risk of their investment.

On February 13, 2012, Kandi Technologies Corp., a Delaware corporation (the “Company”), entered into a Share Exchange Agreement (the “Agreement”) with KO NGA Investment Limited, a British Virgin Islands corporation (“KO NGA”) and each of the shareholders of KO NGA (“KO NGA Shareholders,” and, together with KO NGA, the “Sellers”). Pursuant to the terms of the Agreement, the Sellers will exchange an aggregate of 253 shares of KO NGA, representing 100% of the issued and outstanding shares of KO NGA, to the Company for a total of 2,354,211 shares (the “Exchange Shares”) of the Company’s common stock (the “Exchange”), representing an aggregate exchange purchase price of RMB 50,052,387.66 (approximately $7,952,524), which is primarily derived from KO NGA’s indirect, wholly-owned operating entity Yongkang Scrou Electric. Co., Ltd. in China and based upon a valuation report by an independent, third party valuation firm. Upon consummation of the Exchange, KO NGA will become a wholly-owned subsidiary of the Company. The Company is obligated to file a registration statement on Form S-3 (or if Form S-3 is not available another appropriate form) registering the resale of the Exchange Shares that are to be issued to the Sellers.

JINHUA, CHINA--(Marketwire - Nov 14, 2011)Financial Highlights:

• Third quarter revenues of $10.31 million compared with $10.48 million in the same period last year and grew slightly to $28.79 million in the first nine months of 2011 compared with $28.64 million in the prior year period
• Gross margins increased 0.3% in the 2011 third quarter and reached 23.4% at the end of nine months, up from 22.8% in the prior year
• GAAP net income in the third quarter was $0.38 million, or $0.01 per diluted share, compared to a net loss of $1.72 million, or ($0.08) per diluted share, in the same period last year
• Non-GAAP adjusted net income in the third quarter of 2011, excluding effects from convertible notes, stock awards and the change of the fair value of derivatives was $0.72 million, compared with $1,40 million in the 2010 period, on the same basis.
• A working capital surplus of $18.94 million was achieved at quarter-end, improved from a reported working capital surplus of $3.04 million as of September 30, 2010
• Cash, cash equivalents and restricted cash totaled $28.24 million at quarter-end, which equates to $0.98 per fully diluted share, a 12.3% increase from $25.15 million at the end of 2010

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "Despite the decreased sales in some key products, we think we have made great progress in improving our cost management and market expansion. Compared to the same period last year, we achieved modest growth in our EV sales. Since the end of the quarter, on October 12, 2011, the government subsidies for 3,000 Kandi Pure Energy Vehicles were successfully initiated in Jinhua City, in Zhejiang Province, and sales have been very positive. In addition, Kandi Pure Energy Vehicles will soon begin to be sold in Hangzhou City where the government goal is the sale of 20,000 vehicles. We will continue to work closely with the regional government, and effectively expand the sales distribution and network of our EVs in order to further penetrate existing markets. Additionally, we anticipate Kandi Pure Energy Vehicles will be introduced to many mid-large cities throughout China in the near future, which will provide us a strong base for future EV sales in China."

Outlook
"We are confident about the future growth of our EVs and becoming the leader in this market, and that we will be able to meet both domestic and international growing demand for our variety of products," Mr. Hu stated. "In this regard," he added, "we remain optimistic about the growth of our all-terrain vehicles (ATVs) in China. While our existing business and operations remain strong, we will continue to improve our manufacturing capabilities, promote strong alliances, expand capacity, strengthen and accelerate product development, and enhance our management capability in order to realize future fast growth and reach a higher performance level," concluded Mr. Hu.

Second Quarter 2011 Results

• Revenues increased 2.3%, to $10.1 million, from $9.9 million a year earlier, reflecting continued strong growth in go-kart sales. Sequentially, sales were up 22% compared to the first quarter of 2011
• Operating income increased to $0.8 million, up 18.4% from $0.7 million in the second quarter of 2010
• Net income more than tripled to $3.6 million, or $0.13 per diluted share, compared to net income of $1.2 million, or $0.05 per diluted share in the same period last year.
• The non-GAAP adjusted EPS  was 0.05 as compared to $0.04 the second quarter of 2010
• Working capital surplus of $23.0 million at quarter-end, improved from working capital surplus of $18.5 million at the end of 2010
• Cash, cash equivalents and restricted cash totaled $36.1 million at quarter-end, which equates to $1.26 per fully diluted share, a 43.7% increase from $25.2 million at the end of 2010

Kandi continues its progress toward becoming a leader in the pure EV market in China," said Mr. Hu. "Given our strategic relationships and investments, we believe Kandi is well positioned to anticipate growing demand for EVs. That said, we recognize that the organic development of markets for these emerging technologies will take time. As a result, we expect sales to grow modestly over the near term.

In addition, the Company took steps to strengthen corporate governance and build shareholder value by:

• Improving the quality and independence of the Company's Board of Directors and improving internal control with the naming of a new independent board member and engaging a "big four" professional firm
• Obtaining Board approval of a $5 million share repurchase program over the following 18 months

First Quarter Results:

• Revenues increased modestly to $8.3 million from $8.2 million with continued growth in ATV and go-kart sales
• Operating income increased to $0.8 million, from breakeven operating results in the first quarter of 2010, while gross margin increased by 2.3%
• Net income totaled $5.9 million, or $0.20 per diluted share, compared to a net loss of $0.2 million, or $0.01 per diluted share in the same period last year.
• Non-GAAP adjusted net income totaled $0.7 million or $0.03 per diluted share, as compared to $0.6 million or $0.03 per diluted share in the same period 2010, an increase of 9.9%

"We remain excited with the growth from our traditional off-road products as our legacy business continues to recover, and continue our optimism about achieving a leading role in China EV development," said Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies.  "Our pure electric vehicles continue to be a priority as we expand sales of our vehicles inChina, and globally, to meet emerging demand.  In the first quarter, we have showcased our EVs through the newly established showroom in Hangzhou and have started to execute our pilot 'Express Change' model in Jinhua."

DEAR FELLOW KANDI TECHNOLOGIES SHAREHOLDERS:
 
            Recently there was an online story about our company, which was followed by significant volatility in our stock.  The author presented the information in such a way that the clear implication was that some of the company’s revenue must have been inaccurately reported.  That is not the case.  Nearly all of the misinformation in the article is the result either of the author’s misunderstanding or inaccurately construing Kandi’s business, and in particular, its sources of revenue. 
 
            We take our fiduciary duty to shareholders and all stakeholders very seriously, and the inaccurate reporting by this website in no way reflects the current business of Kandi Technologies.  In fact, Kandi has a strong U.S. presence in go-karts and specialized EV products, and we are making great strides in our EV business in China as we shift our focus toward this market.  We stand by our business strategy and results.  At the same time, we felt it was important to clarify several questions that were raised.  The following are our responses on the topics raised in the inaccurate article. 

Selected 2010 Financial Highlights:

• Full year revenues increased 26.8% to $42.9 million (compared with guidance of $40 million) due to continued strength in ATV and Go-kart sales
• On a non-GAAP basis, which excludes certain warrants, options and convertible notes related charges (see table below), the Company reported 2010 adjusted net income of $5.0 million, up 76% from adjusted net income of $2.8 million, in the same period last year
• Adjusted EPS was $0.22 vs. $0.13 
• Operating income increased 41.5% to $3.2 million in 2010, from $2.3 million in 2009
• Working capital surplus of $18.5 million at the end of 2010, an improvement from a working capital deficit of $12.1 million at the end of 2009
• Cash and cash equivalents (including restricted cash) totaled $25.1 million at year-end, a significant increase from $5.9 million in 2009
• Net cash provided by operations was $4.4 million, compared to $(8.5) million in cash used in operations in 2009

Excluding the effects of option-related expenses, convertible notes' interest expense, the effects caused by the amortization of discount on convertible notes, and the change of the fair value of financial derivative, for the three months ended December 31, 2010, the Company recorded adjusted net income of $1.9 million, a slight increase from $1.8 million for the same period of 2009 excluding the same effects or EPS of about $0.08 vs. $0.09.

"We are very pleased to announce increased revenues this past year, especially from our traditional off-road products, as our legacy business returned to more normal conditions with revenues approaching record 2008 levels," said Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies. "This past year marked an exciting time for Kandi as we cultivated our previously announced strategic alliances and joint ventures with some of China's largest energy and battery companies, we received government approval and sold our first EVs in China, while developing pure EV technology and infrastructure that will ultimately change the automotive landscape in China and beyond."

The Company has historically financed itself through short-term commercial bank loans from PRC banks. The term of these loans is typically for one year, and upon the payment of all outstanding principal and interest in a respective loan, the banks have typically rolled over the loans for additional one-year terms, with adjustments made to the interest rate to reflect prevailing market rates. The Company believes this situation has not changed and the short-term bank loans will be available on normal trade terms if needed.

As of December 31, 2010, the Company has credit lines from commercial banks for $38,113,676, of which $28,434,012 was used at December 31, 2010. The Company believes that its cash flows generated internally may not be sufficient to support growth of future operations and repay short term bank loans for the next twelve months if needed. Therefore, from time to time, the Company may require extra funding through short term borrowing from PRC banks or other financing activities if needed in the near future.

JINHUA, CHINA--(Marketwire - December 21, 2010) - Kandi Technologies, Corp., a leading Chinese exporter of all terrain recreational vehicles, developer of the "CoCo" all electric LSV, and a leader in Electric Vehicle (EV) development in China, today announced that it has entered into a securities purchase agreement with institutional investors for a registered direct placement of approximately $16.6 million of common stock at a price of $5.50 per share.

• The Company will issue a total of 3,027,272 shares to the institutional investors. 

• In addition, the Company will issue to the investors warrants to purchase up to 1,210,912 shares of common stock, which, if fully exercised, would provide an additional $7.6 million in gross proceeds to the Company. The 3-year warrants have an exercise price of $6.30 per share and are exercisable immediately following the closing date.

In the 2010 second quarter:

• Revenues reached $9,911,884, up 80.8% compared to $5,481,551 in the same period last year;
• Net income grew 425.1% to $1,188,767 from $226,373 in last year's second quarter;
• Non GAAP adjusted net income (excluding non-cash stock option compensation expense) was $1,359,349.

"As reflected in second quarter results," Mr. Hu concluded, "while we are starting to lay a solid foundation for our future growth in the EV space, our management also intends to continuously expand sales in recreational vehicles. We see a further gradual improvement in this market over the remainder of the year and we hope that our legacy business can return to pre global financial crisis normal levels."

Mr. Xiaoming Hu, Chairman and CEO of the Company, stated, "The continuing recovery in the world economy as 2010 began, coupled with our efforts to expand the geographic reach of our vehicles helped us achieve strong gains in first quarter sales, led by a sharp increase in sales of our go-karts. Sales also were up in the quarter for our COCO EV. As the year progresses, our goal is to begin to expand domestic sales in China based on the landmark approval we received from the government on April 30, 2010, and when our Alliance plans in Jinhua City advance further."

"The outlook for our Company is brighter than ever," stated Mr. Hu, "with solid progress being made by our Alliance and, with the governmental approval we have obtained, our ability to also begin selling our COCO to domestic consumers. Plans in this regard are being formulated, with a particular focus on fleet sales to government agencies such as the Post Office, which we believe has had a satisfactory experience with the vehicles they were able to purchase from us several months ago."

"Further," Mr. Hu stated, "we continue to see signs of a slow strengthening of economies around the globe which should permit further improvement in sales of our core recreational vehicles. We fully intend to maintain our leadership in this space while pursuing our leadership goal in EVs."