Brief: Kandi Technologies Enters Real Estate Repurchase Agreement With Local Government

Kandi Technologies

09/03/2020 13:29

March 9 (Reuters) - Kandi Technologies Group Inc  KNDI.O :
    * KANDI TECHNOLOGIES ENTERS REAL ESTATE REPURCHASE AGREEMENT
WITH
LOCAL GOVERNMENT TO OPTIMIZE MANUFACTURING OPERATIONS
    * KANDI TECHNOLOGIES - WILL OPTIMIZE PRODUCTION IN NEW EV
DEVELOPMENT ZONE
    * KANDI TECHNOLOGIES GROUP INC - WILL MOVE ITS CURRENT
PRODUCTION
TO A NEW FACILITY IN NEW ENERGY AUTOMOTIVE ZONE
    * KANDI TECHNOLOGIES GROUP INC - NEW EV ZONE IS LOCATED FIVE
KILOMETERS FROM KANDI VEHICLES' CURRENT FACILITY
    * KANDI TECHNOLOGIES - LOCAL GOVERNMENT WILL REPURCHASE
KANDI
VEHICLE'S EXISTING LAND, FACTORY BUILDINGS, REAL ESTATE FOR RMB
525 MILLION (USD 75.6 MILLION)
    * KANDI TECHNOLOGIES - WITHIN NEXT 8 YRS, JINHUA LOCAL
GOVERNMENT
TO OFFER SUBSIDIES OF NO LESS THAN RMB 500 MILLION BASED ON
KANDI VEHICLE'S CONTRIBUTION
    * KANDI TECHNOLOGIES - AGREEMENT WILL ENABLE KANDI VEHICLES
TO
OPTIMIZE PRODUCTION EFFICIENCY, LOWER COSTS, GENERATE CASH
INFLOW OF OVER RMB 1 BILLION
    * KANDI TECHNOLOGIES GROUP INC - CASH INFUSION FROM
AGREEMENT WILL
FULLY FUND CAPITAL EXPENSES ASSOCIATED WITH MOVE

Source text for Eikon:  ID:nGNX9y168r 
Further company coverage:  KNDI.O 

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