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BRIEF-Kandi Technologies says govt will re-calculate subsidy payments for EVS that were manufactured during 2013-2014 period
December 20, 2016 / 2:11 PM / 7 months ago

BRIEF-Kandi Technologies says govt will re-calculate subsidy payments for EVS that were manufactured during 2013-2014 period

2 Min Read

Dec 20 (Reuters) - Kandi Technologies Group Inc

* Re-Calculation is result of certain complications in jv company's advanced reusable battery exchange model

* Kandi technologies group - according to final results, government will re-calculate subsidy payments for evs that were manufactured during 2013-2014 period

* Kandi technologies - jv company has made modifications to its battery exchange model and has obtained government approval in february of 2016

* Kandi technologies group - applying 2016 guidelines for evs from 2013 to 2014, jv co estimates need to write off about $6.6 million of recorded account receivables

* Evs that were manufactured in 2015 and 2016 remain eligible for same amount of government subsidies

* Kandi technologies group - jv co incurred roughly $6.6 million in lost subsidies which converts into $3.3 million losses to kandi on equity method of accounting basis

* The final results of government subsidy review related to kandi's jv company released Source text for Eikon: Further company coverage:

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