The next generation all-electric crossover from Kandi Technologies

The next generation all-electric crossover from Kandi Technologies

JINHUA, China, Aug. 22, 2023 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. announced (“Kandi” or the “Company”) (NASDAQ GS: KNDI), today announced that on August 18, 2023, its next generation all-electric crossover models, the 1124 and 1124A, have officially entered mass production at the Hainan facility. These two new models, which were developed over a year and a half at the Hainan base, are scheduled to be launched in the third quarter of this year.

The all-electric Candy crossover SUV, which is built and manufactured at the Hainan facility, has achieved impressive sales since its introduction in 2022. This success can be attributed to its attractive design, which offers a fresh and attractive appeal, as well as its comfort. Automotive-oriented chassis and exceptional handling capabilities.

M1124 2+2 crossover vehicle (left); M1124A 4-Seat Crossover, Forward-Facing (Right)

With an unwavering commitment to meeting international standards for every product delivered to global customers, the company has maintained its dedication to self-development and pioneering technology. This commitment is emphasized by the successive creation of different models, such as the 1204, 1205 and 1124. In particular, in 2022, the 1204 series achieved major victories in foreign markets, confirming its position as the number one imported product within the US sector.

Dr. Xueqin Dong, CEO of Kandi, commented: “We are pleased to announce the start of official mass production of the two new models. It is expected to achieve an annual sales volume of more than ten thousand units after the launch. We believe the 1124 Series will become another flagship product for Candy, joining the recently launched all-electric dual-motor UTV, thus raising the profile of the Candy brand and delivering efficiency gains.

The upcoming 1124 series features advanced technology, reliability and outstanding performance. The overall design of the car has been completely redesigned by American designers, exposing a dynamic appearance with exquisite textures. It includes an automotive-grade chassis, state-of-the-art lithium iron phosphate batteries, and optional solar panels. These features not only provide lasting power but also reduce energy consumption and emissions, thus reducing the need for frequent charging. The models are also equipped with an advanced EPS electric power steering system, automotive-grade three-point seat belts, a 10-inch smart central touchscreen, a reversing camera and additional storage space, all of which enhance safety, travel efficiency and user experience.

Team photo of mass production 1124/1124A on August 18, 2023

About Candy 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 vehicle products. Kandi conducts its core 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), Kandi’s wholly-owned U.S. subsidiary, 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 and off-road vehicle parts.

Safe Harbor Statement

This press release contains certain statements that may include “forward-looking statements.” All statements other than statements of historical fact contained 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 that involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and such 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 projected in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company’s periodic reports 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 applicable securities laws, the Company undertakes no duty to update these forward-looking statements.

Follow us on Twitter: @Kandi_Group

Contacts:

Candy Technologies Group, Inc
Ms. Kiwa Loh
+1 (212) 551-3610
IR@kandigroup.com

Blue shirt set
Mr. Gary Dvorczak, CFA
gary@blueshirtgroup.com

(Tags for translation) Nasdaq: KNDI

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