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Stocks K / Kandi Technolgies Group, Inc.

URL:  https://boards.fool.com/the-jv-announcement-by-kandi-kandi-technologies-30523362.aspx

Subject:  Re: Geely - Kandi Joint Venture Date:  2/4/2013  9:17 AM
Author:  captainccs Number:  228 of 1397

The JV announcement by Kandi:

Kandi Technologies Forms Joint Venture With Geely Auto to Create a New Era of EV in China

Press Release: Kandi Technologies, Corp. – 2 minutes 40 seconds ago

HANGZHOU, China, Feb. 4, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today 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. (Hong Kong Stock Exchange, Stock Code: 175) ('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. Geely Auto is one of the largest and most well-known automobile manufacturers in China. In August 2010, Geely Auto acquired Volvo Car Corporation from Ford Motor Company.

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.


http://finance.yahoo.com/news/kandi-technologies-forms-joint...

Denny Schlesinger
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