Kandi Technologies today announced that the manufacturers of Kandi Brand EV, Kandi Electric Vehicles has received a subsidy of RMB197 million for sales of over 3,000 Electric Vehicles(EV) in 2013 and sales of over 1,000 EVs during 2014.
The subsidy payment includes the 2013 year-end subsidy and advance subsidy payment for the first quarter of 2014. The company is a joint venture between Kandi and Shanghai Maple Guorun Automobiles, a subsidiary of Geely Automobiles, China.
The city of Hangzhou, where the company has launched its short-term EV rental and long-term EV leasing program will announce the local subsidy policy for new vehicles shortly.
Mr. Hu Xiaoming, chairman, CEO, Kandi, said , “This first subsidy payment to the company will benefit Kandi, permitting them to accelerate EV sales as well as the implementation of existing EV programs, with the development of potential EV projects in other cities. Four ministries of China have jointly published a notice on energy vehicles, confirming a renewed focus on providing subsidies to new vehicle manufacturers. The central government makes advance subsidy payments directly to the manufacturers after review by the agency and approve and settle the payments annually. This increased frequency will improve cash flow and profitability, while company will accelerate its growth plan.”