Chinese pure electric vehicles (EV) manufacturer Kandi Technologies' subsidary Zhejiang Kandi Vehicles has signed a EV supply contract with Hong Kong based Tianjin Sinopoly New Energy Investment (Tianjin Sinopoly).
Under the RMB75.62m ($12.24m) contract, the Kandi Technologies will supply 1,900 units of EVs before the end of 2013 that will become a part of the EV leasing program in Hangzhou City.
Sinopoly has recently joined the EV leasing program in Hangzhou City and will use Kandi's pure EV vehicles and products to support its Hangzhou 'EV Private Leasing' project.
Kandi Technologies Group chairman and CEO Xiaoming Hu said, "In 2013, we expect that Kandi will begin to show significant revenue and profit growth from our EV business; we also hope that our company will gain further credibility and recognition from US capital market."
In December 2012, Sinopoly's subsidiary, the Hangzhou Yulong EV Technology had 100 units of EVs from Kandi Vehicles.
