Jinhua, China--(January 10, 2022) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) today announced that it signed a framework agreement with Hunan Hengrun Automobile Co., Ltd. (“Hengrun”) to jointly produce battery-swap enabled pure electric vehicles.

According to the agreement, Kandi and Hengrun will use their respective capabilities to jointly produce battery-swappable pure electric vehicles.  The specific division of labor and cooperation content will be clarified in a separate agreement. The vehicles will be sold under the “Henghe” brand name.

Hengrun specializes in the research, development, manufacturing, sales and after-sales service of automobiles, parts, and accessories.  It is certified for the production of passenger cars and commercial vehicles, including EVs.  It is one of several automobile companies fully certified to produce complete vehicles.

Hu Xiaoming, Chairman of the Board of Directors of Kandi, said: “Kandi is pleased to partner with Hengrun.  We are a pioneer of EV battery swapping in China.  Our accumulated experience of building over 50,000 electric vehicles combined with our dozens of battery-swap patents gives us a strong competitive advantage in this initiative.  By utilizing our battery swap expertise and Hengrun’s vehicle production expertise, together we expect to create meaningful new benefits for customers and thus promote the development of the China’s EV industry."