Kandi Signs Strategic Cooperation Framework Agreement Among Kandi, SC Autosports And Hartford Industrial Co To Produce Off-Road Vehicles In Taiwan

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.