Kandi Technologies Issues Letter to Shareholders Responding to Media Story Inaccuracies

Kandi Technologies, Corp. KNDI said it issued an open letter to its shareholders to refute a recent web-based article and its inaccurate allegations. In order to provide continued transparency to shareholders and other interested investors, the Company has filed a copy of the letter with the Securities and Exchange Commission, which is available at their website: http://sec.gov/Archives/edgar/data/1316517/000114420411026983/0001144204-11-026983-index.htm Kandi's letter to shareholders addresses the inaccuracies of an online article released last week, and provides a detailed response to the questions raised. Kandi reiterates that the article is incorrect and reflects a general lack of understanding of the Company's business. Importantly, the Company emphasized that its financial information regarding revenues as filed with the SEC in its annual reports on Form 10-K is accurate and the Company is taking steps to ensure its filings continue to meet the high standards of accuracy and transparency investors have come to expect. "We take our fiduciary duty to shareholders and all stakeholders very seriously, and the conclusion reached by this website in no way reflects the current business of Kandi Technologies," said Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies. "In fact, Kandi has made great strides on our EV business in China, we continue to have a solid U.S. presence in go-karts and specialized EV products, and we have made several important moves to strengthen the independence of our Board and our overall corporate governance, including the hiring just last week of a 'big four' professional firm to ensure we have a third-party perspective on our business and financial reporting."