JINHUA, CHINA, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) ("Kandi" or the "Company"), a leading producer of all-electric personal transportation and utility vehicles, today announced that, following a thorough review and decision by its management team, Mr. Bin Yu has been appointed Chief Executive Officer (CEO) of SC Autosports (d/b/a Kandi America), the Company's U.S. subsidiary. This move is part of Kandi's strategic efforts to advance high-quality development initiatives.

Mr. Yu, a U.S. citizen, brings over 20 years of corporate management experience and has held senior leadership roles at several leading multinational corporations. His expertise spans the entire product lifecycle, from research and development to marketing, and includes managing multinational teams across regions, including the United States.

Before joining Kandi, Mr. Yu held the following key positions:

October 2020 – February 2024: Vice President, BoulderAI Technologies Co., Ltd., Hangzhou, China.
LTDOctober 2014 – July 2019: CTO and Vice President of Product Management, Huawei Enterprise Network (Silicon Valley).
October 2011 – October 2014: Senior Director and Chief Cloud Transformation and Network Architect, Global Marketing Solution Center for Operators, Huawei U.S. Research Institute (Silicon Valley).
June 2002 – October 2011: Chief Market Technology and Management Specialist, Edge Routing and Security Product Line, Hong Kong office of Cisco Systems Asia Pacific Headquarters.
April 1995 – May 2001: Senior Engineer, Edge Router R&D, Cisco Systems (Silicon Valley).

Mr. Yu holds a Master's degree in Computer Engineering from the University of California, Los Angeles, earned in June 1992, and an MBA from the University of Hong Kong, obtained in January 2011.

Concurrently, Johnny Tai will transition from his role as CEO of SC Autosports to Vice President, where he will focus on expanding the Company's dealer network.

Mr. Feng Chen, CEO of Kandi, commented, "We are delighted to welcome Mr. Bin Yu to the leadership team at SC Autosports. With his extensive experience and proven track record, I am confident he will drive our business to new heights by strengthening channel development and expanding our customer base, in line with Kandi's new growth strategy. We also express our gratitude to Johnny for his significant contributions as CEO and look forward to his continued efforts in building a more comprehensive and robust dealer network."

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua New Energy Vehicle Town，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 Kandi Electric Vehicles (Hainan) 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.

Contacts:

Kandi Technologies Group, Inc.

Ms. Kewa Luo

+1 (212) 551-3610

IR@kandigroup.com

The Blueshirt Group

Mr. Gary Dvorchak, CFA

gary@blueshirtgroup.co

Kandi Technologies Appoints New CEO for SC Autosports