Kandi Technologies Group says its Kandi Electric Vehicles (Hainan) subsidiary, has reached an agreement with the Hainan Provincial Government for Kandi Hainan to receive a US$45.1m subsidy to support research and development expenditures on a new model of electric vehicle.
The subsidy payment schedule is based on progress of Kandi Hainan's new model development and initial payment of US$15m has already been received.
"We very much appreciate the Hainan government's generous support," said Kandi chairman and CEO, Hu Xiamong.
"We will use the funds to develop the best possible electric vehicle products that also satisfy market needs."
Last week (5 August), Kandi unveiled its pure electric Global Hawk K17A vehicle, manufactured by Kandi Electric Vehicles Group, a 50/50 joint venture between Kandi and Geely Automobile Holdings.
The model was introduced at the Second Global New Energy VehicleExpo Conference in Shanghai.
The Global Hawk K17A is equipped with a 35kW AC motor controller delivering torque of 165N.m and has a maximum speed of 102km/h, as well as a driving range of up to 151km with full charge.
The battery is made from three-part hybrid anodes, which have a load capacity of 19.98kWh, with both express charging and normal charging slots available.