Kandi Technologies, an EV manufacturer in China, has collaborated with Tianneng Power International, a battery maker, and Jinhua Bada Group, a Chinese power company and subsidiary of State Grid Power, to create an EV battery replacement services company.
The new joint venture company will enable the purchasers of Kandi EVs to have easy access to multiple quick changing stations throughout the Jinhua city, eliminating concerns about limited driving ranges and battery maintenance.
Further, the company will provide EV batteries on rental basis to bring down the purchase cost of new EVs, thereby developing two revenue streams for Kandi– one from the sale of its EVs and the other from a share of the battery rental, replacement fees generated by the new joint venture.
State Grid expects to complete the construction of the main battery charging station within the city in October, following which Kandi anticipates the sale of 3000 Kandi EVs being subsidized by the local and regional government to commence in Jinhua in November.
Kandi Chairman and CEO Xiaoming Hu said that through the cooperation of the company’s alliance and joint venture partners, and the local and regional government authorities, the dream of a model EV city in Jinhua will soon be realized.
“We believe the Jinhua model will prove to be a boon to all local residents and EV purchasers and, if successful, be readily replicable throughout China and elsewhere in the world,” Hu said.