logo
  Join        Login             Stock Quote

Kandi Technolgies (KNDI) In JV For Selling Electronic Vehicles In China

 February 04, 2013 12:03 PM
 


(By Balaseshan) Kandi Technolgies Corp. (NASDAQ: KNDI), a manufacturer of all-terrain vehicles, said its unit has formed a joint venture with Geely Automobile Holdings Ltd. for production and sale of electronic vehicles in China.

Zhejiang Kandi Vehicles Co. Ltd. has signed a cooperation framework agreement with Shanghai Maple Guorun Automobile Co. Ltd., a 99% owned unit of Geely Automobile Holdings Ltd., to establish a joint venture company, named Zhejiang Kandi Electric Vehicles Investment Co, Ltd.

The JV company will be owned 50% by Shanghai Maple and 50% by Kandi Vehicles. The registered capital of the JV company will be 1 billion Yuan Renminbi and with 50% to be contributed by each party.

[Related -Stocks Tumble Amid Weak Jobs Data; Kandi Technolgies Corp. (KNDI) Spikes]

Upon the establishment, the JV company will buy certain assets from Kandi and Geely Auto in order for the JV company to process the necessary properties, assets and technologies to conduct the electronic vehicles business.

To enable the proposed enterprise to take place, both Kandi and Geely Auto will establish new wholly-owned subsidiaries and inject certain assets into these companies. The JV company will then acquire all the equity interests in each of these companies.

The board of directors of the JV Company will consist of four directors, of which two will be nominated by Kandi Vehicles and two will be nominated by Shanghai Maple.

Shufu Li, Chairman of Geely Auto, will be appointed to be the first Chairman of the JV company and Xiaoming Hu, Chairman & CEO of Kandi, will be appointed to be first General Manager. Each appointment is for a term of three years.

[Related -Kandi (KNDI), Geely Automobile Form JV To Establish Zhejiang Kandi Electric Vehicles Co.]

KNDI is trading up 0.27% at $4.02 on Monday. The stock has been trading between $2.33 and $5.13 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageBaseball, Hot-dogs and Apple Pie Stocks for the July 4th Holiday

Three stocks to own for a piece of Americana – baseball, hot-dogs and apple read on...

article imageTenaris SA (TS): Neutral on Sales, Buy on Earnings

Tenaris SA (TS) shares are outperforming the market today. The extra oomph comes via an upgrade from read on...

article imageContainer Store Group Inc. (TCS) Q1 Earnings Preview: Third Time the Charm?

Container Store Group Inc. (NYSE:TCS) will release its financial results for the first quarter of fiscal read on...

article imageUrban Outfitters, Inc. (URBN): Bottom Fishing or Fishing For a New Bottom

It is time to do some bottom fishing with Urban Outfitters, Inc. (NASDAQ:URBN). Well, it is at least what read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.