JINHUA, CHINA, July 08, 2024 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (“Kandi” or the “Company”), a leader in all-electric personal transportation and utility vehicles, announced a strategic cooperation framework agreement (“Agreement”) among Kandi, SC Autosports (“Kandi America”), the wholly-owned subsidiary of Kandi in the United States, and Hartford Industrial Co., Ltd. (“Hartford Industrial”), a respected Taiwanese company specializing in the research, development, and manufacturing of recreational motorcycles. The collaboration aims to leverage the strengths of all the parties to enhance product quality and increase market competitiveness.

Key elements of the Agreement include:

1. Kandi commits to authorize Hartford Industrial to manufacture its self-developed off-road vehicles for export to the United States, including Untility-task vehicles (UTV), golf carts, and low-speed vehicles.
   
   
2. Hartford Industrial commits to fully utilizing Kandi-manufactured components for the vehicles authorized for production. Additionally, Hartford Industrial guarantees that these vehicles will be exclusively sold through Kandi America.
   
   
3. The aforementioned off-road vehicles began trial production at Hartford Industrial in July 2024. Mass production preparations are targeted to be completed by the end of 2024. In addition, Hartford Industrial plans to ramp up full-scale production for all Kandi-authorized vehicle models by early 2025.

Dr. Xueqin Dong, CEO of Kandi Technologies Group, commented, “We are thrilled to enter this strategic agreement with Hartford Industrial. With the trial production progressing smoothly and all collaboration steps finalized, UTVs manufactured by Hartford Industrial are set to be shipped to the United States soon. By combining our technological expertise and supply chain with Hartford Industrial's manufacturing capabilities and SC Autosports' market presence, we are confident that this collaboration will enable us to deliver innovative and more competitive products to our customers.”

“This collaboration allows us to fully utilize our manufacturing strengths to produce high-quality electric off-road vehicles,” said Pin Wan Chen, General Manager of Hartford Industrial. “We are committed to ensuring the highest standards in production and delivering exceptional products.”

“This partnership will significantly strengthen our market presence. We are eager to bring these innovative vehicles to our customers in the United States,” said Johnny Tai, CEO of Kandi America.

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua New Energy Vehicle Town，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 Kandi Electric Vehicles (Hainan) 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.

About SC Autosports, LLC

Kandi America - SC Autosports, LLC is the U.S. subsidiary of Kandi Technologies Group, Inc. (NASDAQ: KNDI). Headquartered in Dallas, Texas, Kandi America is primarily engaged in the distribution of electric recreational vehicles and electric equipment. Kandi is focused on designing and producing electric vehicles and other innovative electric powered products and acquired SC Autosports in 2018 to be its exclusive U.S. distributor.

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
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Mr. Gary Dvorchak, CFA
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