Description
Kandi Technologies Group, Inc. is a Chinese battery and electric vehicle manufacturer. Kandi is listed on the NASDAQ stock exchange with ticker KNDI.
History
In February 2013, Kandi and Geely subsidiary Shanghai Maple announced the establishment of a 50:50 electric vehicle joint venture, Zhejiang Kandi Electric Vehicles Investment, with an initial registered capital of 1 billion yuan (US$160 million). The joint venture is planned to focus on the research and development, production, marketing and sale of electric vehicles in the Chinese mainland. The joint venture agreement was signed on 22 March 2013. Mr. Shufu Li, Chairman of Geely Auto will be appointed to be the first Chairman of the JV Company and Mr. Xiaoming Hu, Chairman & CEO of Kandi will be appointed to be first General Manager.
In 2016, Geely Auto sold its half of the JV to Geely Holding Group, controlled by Li Shufu.
Kandi has partnered up with Geely to sell EVs under the Gleagle brand. Kandi remains one of Geely Auto's strategic partners in China focused on pure electric vehicle manufacturing. Under the strategic partnership the EX3 is born, Geely provides the EV designs and Kandi provides the EV manufacturing resources.
