Gasgoo.com (Shanghai March 5) - Chinese ATV and pure electric vehicle manufacturer Kandi Group announced yesterday that it has signed an agreement with Zhejiang New Energy Vehicle System to purchase assets from them, imeigu.com reported today. Kandi will purchase their EV related businesses in preparation for cooperation with Geely. The assets include EV assembly lines, as well as land and property rights.
According to a third-party assessment by Jinhua Jinchen Assets Appraisal, Kandi will spend 272.76 million yuan ($43.43m) to purchase the assets, all of which will be paid in cash.
Geely, via its subsidiary company Shanghai Maple Automobile, and Kandi have previously signed an agreement to establish a joint venture company with the aim of researching, developing, manufacturing and selling EVs in China.
