RTTNews | Dec 29, 2020 08:56AM EST

08:56 Tuesday, December 29, 2020 (RTTNews.com) - Kandi Technologies Group Inc. (KNDI) said it reached a strategic cooperation agreement with the Hangzhou Branch of the Agricultural Bank of China.

In Tuesday pre-market trade, KNDI was trading at $8.29 up $1.41 or 20.49 percent.

The Agricultural Bank of China Hangzhou Branch will provide Kandi with an RMB 500 million or about $76.5 million line of credit to support the first phase of the "300,000 government-accredited pure EVs with battery swap model within 5 years of rideshare" program. Additional credit will be provided based on the business progress.

The Agricultural Bank of China/Hangzhou Branch will treat Kandi Vehicles, Zhejiang Ruiheng, and China Battery as VIP customers to offer comprehensive financial services from the Bank's available financial resources.

In 2013, Kandi Vehicles and Geely Group jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure electric vehicle products. Geely Group and Kandi Vehicles currently holds 78% and 22% of the equity interests in the Affiliate Company, respectively.

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