JINHUA, CHINA, July 8, 2024 -- 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.