Kandi Subsidiary Announces Successful Mass Production of Leading LFP Battery

Rhea-AI Summary

Kandi Technologies Group announced that its subsidiary, Huiyi, has begun mass production of the lithium iron phosphate battery IFR18650-2200mAh. This battery boasts a 10% higher energy capacity than its predecessor and 22% higher than the industry average. The new battery's energy density of 161.8Wh/kg demonstrates Huiyi's advancements in technology. Chairman Hu Xiaoming expressed confidence that Kandi can enhance its market position in the electric vehicle supply chain through this innovation.

Positive

• Successful mass production of IFR18650-2200mAh battery.
• 10% increased energy capacity compared to the previous model.
• 22% higher energy capacity than the current industry average.
• Energy density reaches 161.8Wh/kg, indicating advanced technology.

Negative

• None.

Jinhua, China, Dec. 28, 2021 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) today announced that its wholly owned subsidiary Jiangxi Province Huiyi New Energy Co. Ltd (“Huiyi”) entered mass production of its lithium iron phosphate (“LFP”) battery IFR18650-2200mAh, one of the most advanced on the global market.

After years of technical innovation, Huiyi has now achieved a breakthrough in the energy density of its LFP 18650 battery.  Energy density is a key measure of performance for lithium-ion battery products; higher densities reflect a company's R&D capability and technical expertise.

In 2019, Huiyi was the first to launch a 3C LFP battery IFR18650-2000mAh, which had an energy capacity 11% higher than the industry average of 18650-1800mAh at that time.  From this effort, Huiyi obtained two national invention patents (Patent Numbers were ZL 201811609798.4 and ZL 201910646851.6).  After its initial release, the IFR18650-2000mAh got high industry-wide ratings and positive feedback from customers.  In November 2021, technical innovation and iterative development enabled Huiyi to achieve successful mass production.  The IFR18650-2200mAh has 10% higher energy capacity than the 18650-2000mAh created in 2019 and is 22% higher than the current industry average.  Its energy density reaches 161.8Wh/kg, evidence of Huiyi’s global state-of-the-art technology.

“We are delighted by Huiyi’s technical breakthrough and production achievement,” said Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, “As technology-leading LFP batteries move into the market, we believe Kandi and Huiyi can harness synergies based on our complementary strengths in R&D and target markets. We are confident that Kandi can strengthen its market position in the supply chains of various electric vehicles as we integrate Huiyi into our operations.”

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