Kandi Technologies Produces 10,000th Crossover Electric Golf Cart

Kandi Hainan Facility

Kandi Hainan Facility
Kandi Hainan Facility

JINHUA, CHINA, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that it has produced and shipped its 10,000th “crossover” electric golf cart at its production facility in Hainan, China.

Kandi’s electric “crossover” golf carts feature a new aesthetic styling and optimized control systems based on an automotive-grade chassis. Demand has been strong since the U.S. launch this April. In particular, the M1204 series is a best seller in the United States, ranking at the top of this category in market share.

Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “In February 2022, we sized up our situation and cooperated with Jiangsu Xingchi Electric Technology Co., Ltd. to establish Hainan Kandi Holding New Energy Technology Co., Ltd. as our production facility in Hainan province to produce electric crossover golf carts. As of November 20, the facility has produced more than 10,000 units. We are excited to surpass this milestone, which establishes our leadership in this growing vehicle category. Notably, this milestone demonstrates our nimble operations and ability to adapt to challenges. Earlier this year, the resurgence of Covid and economic uncertainty disrupted production. However, supported by the local government and our dedicated employees and suppliers, we were able to achieve an excellent result. We will continue to innovate in technology and design, to ensure that our vehicles meet users’ needs. Also, we will launch more exciting new products of various electric vehicles tailored to the market!”

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), 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 Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

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Contacts:

Kandi Technologies Group, Inc.
Ms. Kewa Luo
+1 (212) 551-3610
IR@kandigroup.com

The Blueshirt Group
Mr. Gary Dvorchak, CFA
gary@blueshirtgroup.com

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