Kandi Technologies Announces CEO Transition

                                                                                 --Mr. Xiaoming Hu Hands CEO Role to Dr. Xueqin Dong--

                                                                                  --Mr. Hu Remains Board Chair and Large Shareholder--

JINHUA, CHINA, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced the appointment of Dr. Xueqin Dong as Chief Executive Officer, effective January 10, 2023. Dr. Dong succeeds Mr. Xiaoming Hu, who resigned for the purpose of Company’s long-term growth training of young management. Mr. Hu will continue to serve as Chairman of the Board of Directors.

Chairman Hu commented, “On behalf of Kandi’s Board of Directors, I am delighted to welcome Dr. Dong as our new CEO. We are confident that Dr. Dong’s expertise and experience will enable him to lead Kandi to the next phase of growth while fulfilling Kandi’s mission to contribute to a sustainable future. As I depart the CEO role, I want to thank everyone on our team for their hard work and dedication. Together we built Kandi from the ground up over the past 21 years, yet I think our best years are yet to come. I am excited to see our renewed business momentum, especially in electric off-road vehicles. Under Xueqin's leadership, I am confident that Kandi will reach new heights. As Chairman of the Board and one of the largest shareholders, I will remain dedicated to Kandi's success.”

Dr. Dong said, “I am honored and thrilled to lead Kandi at this critical moment. Our opportunities in China are expanding rapidly as it exits the pandemic era, while our new off-road and cross-over products keep exploring new markets and further developing existing market in the U.S. and other corners of the world. I deeply appreciate the Board’s trust in me, and look forward to leading our team to profitably grow our business and continue our endeavor in the sustainable development.”

Dr. Xueqin Dong has cumulated over 20 years of experience in automobile industry with extensive background in managing teams in the vehicle design, engineering, and development, manufacturing, and commercialization of innovative products. Dr. Dong was elected as a director of Kandi in December 2021. Previously, he was General Manager of Jiangsu Xingchi Electric Power Technology Co., Ltd. in charge of overall operation and management of the development, production, and sales of electric off-road vehicles. Dr. Dong owns more than twenty patents and has published over ten papers on automobile and electric vehicle engineering technology in China and international academic journals-- with three indexed by the prestigious Engineering Index (“EI”). He has participated in four scientific research projects at the national and municipal level. Dr. Dong earned his Doctor of Engineering degree in Vehicle Engineering from Shanghai Tongji University, Master of Engineering degree in material processing from Nanchang University, and a Bachelor of Engineering degree in mechatronics from Nanchang University in China.