Jinhua, China--(December 28, 2021) - 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.”