Kandi Announces Establishment of Rideshare Company
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Jinhua, China, October 26, 2020 (GLOBE NEWSWIRE)- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) announced today the establishment of the company that intends to operate a ridesharing service across China.  The operating company will operate under the name Zhejiang Ruiheng Technology Company (“Ruiheng”).  The company was established by Zhejiang Ruibo New Energy Vehicle Service Company Ltd. (“Ruibo”), Jiangsu Jinpeng Group Ltd. (“Jinpeng”) and Kandi.  Ruibo, Jinpeng and Kandi each owns 80%, 10%, and 10% of Ruiheng, respectively.  The operating company was approved by the Hangzhou Xihu District Market Supervision Administration after an extensive application process.

Ruiheng intends offer a ridesharing service utilizing a fleet of 300,000 governmentaccredited pure electric vehicles, with an initial focus on pilot operating programs for vehiclebattery separation and exchange services in Haikou in Hainan province and Shaoxing in Zhejiang province.  Ruiheng’s wholly owned subsidiary in Hainan province, Hainan Ruiheng Technology Company has received approval from the Hainan Market Supervision Administration and is working on filings and documentation pertinent to operating 1,000 Kandi K23 regulatorycompliant vehicles in Hainan.  The Company expects to receive approval soon and will start trial operations immediately thereafter.

Ruiheng is also preparing filings and documentation to launch a pilot program of 2,500 Kandi K23 regulatorycompliant vehicles in the city of Shaoxing in Zhejiang province.  The Company expects to initiate this pilot program in November 2020.

Upon successful completion of the two pilot programs, the remainder of the 300,000 compliant vehicles in the rideshare program will be put into service in other third and fourth tier cities across China.