Kandi Technologies Receives Letter of Intent from Coleman Powersports to Purchase 4,800 Crossover Golf Carts in the First Quarter 2023

JINHUA, CHINA, Dec. 19, 2022 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced that its wholly owned subsidiary SC Autosports has received a letter of intent from Coleman Powersports to purchase 4,800 crossover golf carts in the first quarter of 2023, with a total value of approximately $27.6 million.

In April 2022, Coleman Powersports placed its first purchase order of crossover golf carts. Since then, the monthly order volume increased steadily, such as from 100 in June to surpass 1,000 in September.  Based on its wide range of similar customer relationships, SC Autosports anticipates growing purchase orders from multiple customers in the near future.

Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “We are pleased to share Coleman Powersports’ intent to purchase a large volume of golf carts from SC Autosports in January 2023, and expect their procurement volume to rise significantly in 2023.  Coleman Powersports is but one of many customers who are interested in our industry-leading golf carts and realize how they can be an attractive addition to their product line-up.  We believe that SC Autosports will receive more orders from many partners as the year goes on.”

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, 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 Zhejiang Kandi Smart Battery Swap Technology 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.

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
IR@kandigroup.com

The Blueshirt Group
Mr. Gary Dvorchak, CFA
gary@blueshirtgroup.com