Kandi Technologies Group, Inc., a Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), announced that the company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd, has entered into an assets-purchase agreement with Zhejiang New Energy Vehicle System Co., Ltd., a limited liability company in China.
Kandi Vehicle is making this purchase to obtain additional assets for its electric vehicles business. It includes an EV pressing assembly line, welding assembly line, coating assembly line, general assembly line and related equipment, facilities, building and land-use rights.
"We are very pleased with this EV assets purchase,” said Xiaoming Hu, Chairman & CEO of Kandi. “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."