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E-invoicing, SCF & E-procurement

Kandi Technologies taps USD 237.2 Million SCF programme

Tuesday 5 February 2019 | 10:42 AM CET

China-based electronics manufacturer Kandi Technologies’s Electric Vehicles joint venture has received a USD 237.2 million supply chain finance programme.

The programme is meant to be used as capital support for the JV Company, from the National Economic and Technological Development Zone of Rugao City. The total capital support amount of the SCF program has increased to RMB 1.6 billion (approximately USD 237.2 million) based on the initial SCF program of RMB 7.3 million (approximately USD 1.08 million) we received in May 2017. As of February 2019, RMB 1.28 billion (approximately USD 190.2 million) has already been received, and the remainder will be provided according to the JV Company's capital requirements.

Kandi Technologies Group, headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles, SC Autosports, the wholly-owned subsidiary of Kandi Vehicles, and Kandi Electric Vehicles Group Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.

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