Kandi Technologies Group announced that its wholly owned subsidiary, Zhejiang Kandi Vehicles has signed a sales contract with Tianjin Sinopoly New Energy Investment Co. to provide 1,900 electric vehicles which will be a part of the EV leasing program in Hangzhou City.
The total contract price is RMB 75,620,000, approximately USD12,238,226. Tianjin Sinopoly will purchase these 1,900 electric vehicles before the end of 2013.
Separately and previously, in December 2012, Hangzhou Yulong Electric Vehicle Technology Co., Ltd., subsidiary of Sinopoly, purchased 100 electric vehicles from Kandi Vehicles for RMB3,980,000 (approximately USD 644,095).
Sinopoly recently joined the EV leasing program in Hangzhou City. It will use Kandi’s pure EV products to promote its Hangzhou “EV Private Leasing” project.