JINHUA, CHINA, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that its wholly owned subsidiary SC Autosports, LLC (“SC Autosports” or “Kandi America”) has strategically partnered with Peavey Mart, a leading farm and ranch retailer with over 270 locations across Canada. Peavey Mart goes to market under both the ACE Hardware Canada and Tractor Supply brands.

Both Peavey and Kandi are dedicated to quality and customer satisfaction, making Peavey an ideal retail partner for Kandi’s expansion into the Canadian market. Through Peavey Mart, Kandi will introduce its full line of electric, environmentally friendly outdoor recreational vehicles to a new market. 
 
Kandi America CEO Johnny Tai commented, “Kandi’s collaboration with Peavey Mart underscores our commitment to providing eco-friendly mobility solutions for new categories. We applaud Peavey Mart's dedication to sustainability by stocking our electric vehicles. Peavey Mart’s position as a trusted supplier to the rural and farming communities aligns with our plans to innovate new agricultural and utility products on top of our outdoor recreation products.”   
  
Olen Rice, President of Northern Group, a wholly owned subsidiary of Kandi America, added, “Partnering with Peavey Mart is an important next step for Kandi as we expand distribution across North America. We feel confident to enter the Canadian market where outdoor activities and recreational vehicles are a way of life.”  

About Kandi Technologies Group, Inc. 

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.

About Kandi America  
  
Kandi America - SC Autosports, LLC is the U.S. subsidiary of Kandi Technologies Group, Inc. (NASDAQ: KNDI). Headquartered in Dallas, Texas, Kandi America is primarily engaged in the distribution of electric recreational vehicles and electric equipment. Kandi is focused on designing and producing electric vehicles and other innovative electric powered products and acquired SC Autosports in 2018 to be its exclusive U.S. distributor.  
 
About Peavey Mart  
  
Peavey Mart is a leading farm and ranch retail banner based in Canada. The company offers a broad assortment of agriculture, farm and ranch, pet, workwear, lawn and garden, hardware, and homesteading products. Peavey has a unique product mix that differentiates the company in the marketplace.  
 
Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

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Contacts:

Kandi Technologies Group, Inc.
Ms. Kewa Luo
+1 (212) 551-3610
[email protected]

The Blueshirt Group
Mr. Gary Dvorchak, CFA
[email protected]