Jinhua, China, January 27, 2021 -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) announced today that one of its subsidiaries, Kandi Electric Vehicles (Hainan) Co., Ltd. (Kandi Hainan) signed a contract to sell 3,000 model K23 electric cars to an operating company in its ride-sharing alliance.  The cars will be deployed in the rideshare market by operator Zhejiang Ruiheng Technology Company (“Zhejiang Ruiheng”).  The sale is part of Kandi’s rideshare development program “300,000 government-accredited pure EVs within 5 years.”

     Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “After a lengthy process of preparation that demonstrated the commitment of many parties, our rideshare development program is now getting off the ground.  We completed a successful trial in Shaoxing and are now ready to begin shipments to the local operator as it starts its official launch.  We are excited to soon ship our model K23 outfitted with our proprietary battery swap system.”

     Hu continued, “China’s ride-share market is in urgent need of compliance and electrification. Our EVs will be the solution with value-added features. Our specially designed battery swap model effectively avoids range anxiety by allowing EVs to swap batteries, thus avoiding lengthy recharging cycles.  This extends the driving range and allows longer operating time, improving the efficiency of operators.  We are confident that sales of our K23 model will accelerate the growth of Kandi’s whole EV value chain business.”