Lead Team: Kandi Technologies, a Chinese manufacturer of electric vehicles
(EVs), has received subsidies of RMB 32,000 (approximately $5,024) for each of
the initial 300 EVs sold by the end of 2011.
Jinhua municipal and Zhejiang provincial government approved the subsidy
program, in which municipal and provincial governments each offer 30 million
RMB (approximately $4.76 million), total of 60 million RMB (approximately $9.52
million) subsidies to target the sales of 3,000 pure electric vehicles to
Jinhua City-based consumers.
municipal government implemented the subsidy program in October 2011. The sales
of Kandi EVs started in October and the government set the goal to sell 300
electric vehicles by the end of 2011. Kandi exceeded the goal of having over
300 electric vehicles sold before the year-end.
Kandi pure electric vehicle excluding battery is priced at 43,000 RMB
(approximately $6,750) before reduction of price to reflect the subsidy amount.
the approved government subsidy program, for each of the first 500 Kandi pure
electric vehicles sold, Kandi will receive a subsidy of 32,000 RMB
(approximately $5,024); for each of the next 1,000 Kandi pure electric vehicles
sold, Kandi will receive 20,000 RMB (approximately $3,140); and for each of the
next 1,500 Kandi pure electric vehicles sold, Kandi will receive 16,000 RMB
(approximately $2,512). The subsidy is equal to the price reduction to the
buyers of the first 3,000 vehicles.
will be launching different EV rental business models, as well as both
lead-acid or lithium-ion battery options to our Chinese customers this year. We
strive to continue to improve our technology, service system as well as the
consumer experience to meet expectations of those early adopters of our pure EV
products. We look forward to another great year of electric vehicle sales and
building a strong foundation for the long term growth in the pure EV
industry,” said Xiaoming Hu, chairman and chief executive officer of Kandi