Kandi Brings to Market America’s Most Affordable Pure Electric Automobiles, Announces August 18 Virtual Event to Kick-off Pre-Sales

JINHUA, CHINA, July 30, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced the formal launch of the most affordable pure electric automobiles (EVs) in the U.S. market, the Kandi K27 and K23 models.  The cars will be sold by Kandi America, the trade name of Kandi’s wholly owned subsidiary SC Autosports, LLC.  Sales will initially focus on the Dallas-Fort Worth metroplex.

To support the launch, Kandi is unveiling a marketing campaign entitled “Kandi. Auto EVolution for all” that centers around a live virtual launch event on August 18 to kick-off pre-sales.  Customers can reserve their models K27 or K23 EVs with a fully-refundable $100 deposit, which will be available for delivery in the fourth quarter of 2020.

“Electric vehicles have been valued for years for their efficiency, sustainability and innovation. However, owning the ‘it’ car often eluded consumers who desired a great EV alongside all the other comforts of modern living.  Kandi is changing that by revolutionizing the EV-buying experience for many,” said Johnny Tai, CEO of Kandi America. “Kandi’s mission is to make electric cars accessible to all. With these first two models, we are starting an Auto EVolution that will enable anyone, regardless of their financial status, to afford a reliable, high-tech EV.”

Xiaoming Hu, Chairman of Kandi Technologies, added, “We are excited to see this culmination of years of effort, the introduction of new, exciting Kandi EVs into the US market.  Other EV peers have mainly served the high end of the market, while Kandi has always had a vision to bring the benefits of EVs to the mass market.  We think our new K23 and K27 models will open a new world of modern transportation to the vast U.S. middle class, for whom EV choices have been scarce.  We look forward to welcoming new buyers to the Kandi customer family.”

The virtual launch will take place at 10 a.m. CST on August 18.  Participants will engage in a meaningful experience hosted by a surprise emcee, including an exclusive look at the sleek design and advanced technology features of models K27 and K23.  Kandi will also conduct a live drawing, with the lucky winner receiving a model K23.  To be eligible for the giveaway, participants must register for the event before midnight CST on August 17.

Priced at $12,999 after federal tax credits, the K27 is a compact model with ample interior space that can comfortably accommodate up to four passengers. The car features a 17.69 kWh Lithium battery and a driving range up to 100 miles, making it an ideal automobile for urban driving.

For those in the market for a larger vehicle with more trunk space, the K23 is an affordable option at $22,499 after federal tax credits. The size of a small SUV, this model includes a 41.4 kWh Ternary Lithium battery and a driving range of more than 180 miles.

To register for the virtual event, visit www.drivekandi.com.

About Kandi America

SC Autosports, LLC is the U.S. subsidiary of Kandi Technologies Group, Inc. (KNDI), doing business under the name “Kandi America”.  Headquartered in Garland, Texas, with support of KNDI, Kandi America specializes in the development, manufacturing and commercialization of electric vehicles, all-terrain vehicles, battery packs, automobile motors, controllers for electric vehicles, and air-conditioning systems.  Since 2008, Kandi Technologies has been publicly traded on the Nasdaq exchange under the symbol KNDI.  Kandi Technologies acquired SC Autosports in 2018 to be its exclusive U.S. distributor. For more information, visit www.kandiamerica.com.

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 Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries, SC Autosports, LLC（d/b/a Kandi America）, the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company”). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.

In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. Geely Group (including its affiliate) and Kandi Vehicles currently holds 78% and 22% of the equity interests in the Affiliate Company, respectively. The Affiliate Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.

More information about KNDI is available on the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.

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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Event Media Contact:

Pierpont Communications

Ms. Jennifer Powell
Phone: +1 (972) 567-3937 
Email: jpowell@piercom.com 

Ms. Megan Frye
Phone: +1 (214) 499-4820
Email: mfrye@piercom.com

For More Information:

Kandi Technologies Group, Inc.

Ms. Kewa Luo
Phone: +1 (212) 551-3610
Email: IR@kandigroup.com

The Blueshirt Group

U.S.:
Mr. Gary Dvorchak
Email: gary@blueshirtgroup.com

China:
Ms. Susie Wang
Email: susie@blueshirtgroup.com

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• Kandi America