Kandi Technologies receives 2nd subsidy of $14.5 million

Kandi Technologies Group, Inc. (NASDAQ:KNDI) announced that its wholly-owned subsidiary Kandi Electric Vehicles Co. Ltd has received a second subsidy payment of RMB 100 million from the Hainan Provincial Government. Pursuant to an agreement with the Hainan Provincial Government, Kandi Hainan will receive a total of RMB 300 million in subsidy payments to support its research and development expenditures for a new model of electric vehicle. The subsidy payment schedule is based on the progress of Kandi Hainan’s new EV model development, and to date Kandi Hainan has received total payments of RMB 200 million (approximately USD 29.0 million). On Wednesday Kandi Technologies Group, Inc. (NASDAQ:KNDI) share price closed at $5.20. Company net profit margin stands at 1.80% whereas its return on equity (ROE) is 1.20%. Kandi Technologies Group, Inc. (NASDAQ:KNDI) is -56.67% away from its 52 week high. Source: http://www.kcregister.com

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