#1康迪KANDI Investor Presentation March 2024#2SAFE HARBOR STATEMENT This presentation contains “forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the economic, political and legal environment of the People's Republic of China and other jurisdictions, volatility in stock markets or in the price of the Company's shares, financial risk management and the impact of general business and global economic conditions. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Neither the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise. Substantial uncertainties and restrictions with respect to the political and economic policies of the PRC government and PRC laws and regulations could have a significant impact upon the business that we may be able to conduct in the PRC and accordingly on the results of our operations and financial condition. The information contained in this presentation is provided as at the date of this presentation and is subject to change without notice. The distribution of this presentation in other jurisdictions may be restricted by law, and persons into whose possession in this presentation comes should inform themselves about, and observe, any such restrictions.#3Kandi Technologies Group ➤ Products span the value chain of EV parts, vehicles and services ➤ Based in Jinhua, Zhejiang Province in China Wujiang Geo WAZAO 瓦灶 WUCHENG DISTRICT 婺城区 營業村 BAILONGQIAO Yanbu Huxia S03 XINSHI NEIGHBORHOOD 新狮 DONGXIAO CHENGZHONG RESIDENTIAL DISTRICT 城中 RESIDENTIAL DISTRICT 东孝 QIANXIXIANG 乾西乡品 JIANGNAN RESIDENTIAL DISTRICT 江南 Jinhua JINDONG DISTRICT 金东区 白龙桥镇 QIUBIN NEIGHBORHOOD Dongxi Brook 秋滨 Baishaxi Yixi Brook G330 Hugong Temple CHANGSHANXIANG 胡公殿 长山乡 金华市 Wuyi River Huhaitang Park 湖海塘公园 SUMENG TOWNSHIP 苏蓋乡 YAFAN 【雅畈镇 ZIXITANG 梓溪塘 G235 康迪 KANDI KANDI 康迪 KANDI ① 康迪KANDI 康迪 KANDI#4Nasdaq-listed Since 2007 KNDI Kandi Technologies Group, Inc. -3.56% (-3.54% CAGR 1.01 years) INDU Dow Jones Industrial Average 20.40% (20.28% CAGR 1.01 years) NASDAQ COM NASDAQ Composite Index 41.13% (41.00% CAGR 1.00 years) SPX S&P 500 30.56% (30.37% CAGR 1.01 years) KARS KraneShares Trust - KraneShares Electric Vehicles and Future Mobility Index ETF -21.41% (-21.30% CAGR 1.01 years) A LIT Global X Funds - Global X Lithium & Battery Tech ETF -24.09% (-23.97% CAGR 1.01 years) Open 2.35 +90.00% +80.00% Close 2.30 +70.00% Prev. Close 2.40 +60.00% +50.00% Day High 2.39 NASDAQCOM +41.13% Day Low 2.22 SPX +30.56% 52 Week High 4.27 INDU +20.40% +10.00% 52 Week High Date 06/15/2023 .....+0.00% KNDI -3.56% 52 Week Low 2.22 -10.00% 52 Week Low Date 03/15/2023 KARS LIT -21.41% -24.09% -30.00% Market Cap 201.3M Average 10D Volume 0.09M << koyfin Shares Outstanding 87.52M -40.00% Apr 2023 May 2023 Jun 2023 Jul 2023 Aug 2023 Sep 2023 Oct 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024 Sources: Koyfin, Yahoo Finance, CNBC As of 4pm EST, March 15, 2024 康迪KANDI#5History of Innovation Exited JV relationship with Geely 2021 JV with Geely 2013 2022 Started production of electric golf crossover vehicles Partnered with Hunan Hengrun Automobile to jointly produce battery-swappable EVs 2018 Cumulative EV sales in China exceeds 70,000 units Started EV R&D 2006 Founded in Jinhua China by Hu Xiaoming 2002 康迪 KANDI 2007 Listed on Nasdaq#6FAND Mr. Hu Xiaoming was appointed as President and Chairman of the Board in June 2007. Prior to joining the Company, from October 2003 to April 2005, Mr. Hu served as Project Manager (Chief Scientist) in the WX Pure Electric Vehicle Development Important Project of Electro-vehicle in the State 863 Plan. From October 1984 to March 2003, Mr. Hu served as: (i) Factory Director of the Yongkang Instrument Factory, (ii) Factory Director of the Yongkang Mini Car Factory, (iii) Chairman and General Manager of the Yongkang Vehicle Company, (iv) General Manager of the Wan Xiang Electric Vehicle Developing Center and (v) General Manager of the Wan Xiang Battery Company. Mr. Hu personally owned 4 invention patents and 7 utility model patents, which he transferred to the Company in fiscal year 2012. Hu Xiaoming Chairman of the Board Dr. Dong was appointed as CEO in January 2023. He brings over 20 years of experience in automobile industry with a broad background managing teams in the vehicle design, engineering, and development, manufacturing, and commercialization of innovative products. Prior to joining Kandi, he was General Manager of Jiangsu Xingchi Electric Power Technology Co., Ltd. in charge of overall operation and management of the development, production, and sales of electric off-road vehicles. He owns more than twenty patents in automobile safety technology and electric vehicles. He earned his Doctor of Engineering degree in Vehicle Engineering from Shanghai Tongji University. Dong Xueqin Chief Executive Officer Mr. Lim brings over 15 years of financial management and advisory services in both public and private companies. Prior to joining Kandi, he served as CFO of Takung Art Co., Ltd. (NYSE American: TKAT) from February 2019 to May 2020. Before that, he spent six years as Managing Director at Albeck Financial Services, a financial consulting firm, where he was responsible for overseeing SEC reporting, GAAP technical consultation, financial statement audit preparation, due diligence, and internal controls compliance services. He started his career in the U.S. as an auditor at Ernst & Young, after graduating with High Honors from the University of California, Santa Barbara, with a Bachelor of Arts degree in Business Economics. Alan Lim Chief Financial Officer Mr. Tai joined Kandi America's SC Autosports in mid-2018 to accelerate Kandi's plan to sell EVs in the U.S. Before Kandi, Mr. Tai spent nearly a decade as CEO of Bennche, a leading manufacturer of ATVs and UTVs, with a market focus on Texas. Mr. Tai has an MBA from the University of Dallas and Bachelors Degree in International Business from Fu Jen Catholic University in Taipei. Johnny Tai CEO of Kandi America#7All-Electric ATV All-Electric 66 "Crossover” Golf Cart All-Electric Go Kart Diversified Portfolio Active across multiple parts of EV value chain New business unit: off-road EV Less dependence on/risk from any single segment of value chain Multiple opportunities to monetize technology innovations All-Electric UTV All-Electric Buggy Go Kart EV Parts: Motor, Electronic Controller, Battery Pack, and Battery Cell 康迪 KANDI#8Innovator in All-Electric Off-Road Vehicles With the ongoing development of the global economy, vehicles including UTVs, ATVs, golf carts, and beach buggies find themselves at the forefront of diverse applications in sectors such as agriculture, tourism, and recreation. Notably, they represent the heartbeat of innovation, showcasing promising market potential that is rapidly on the rise. Drivers of Technological Innovation The government's investment in and attention to agricultural development reflects a global trend where governments worldwide are increasingly concerned about environmental issues. To reduce the environmental impact of agriculture, various environmental policies have been introduced, such as promoting the use of clean energy in utility vehicles. UTV Golf Cart ATV Buggy Go Kart Drivers of Golf and Tourism Government investment in the golf and tourism industries continues to increase as the urbanization process accelerates Governmental escalation of environmental concerns resulting in pollution-reduction policies on golf courses, such as restricting the use of certain harmful chemicals in golf carts Elevated consumer expectations for quality and functionality in golf carts, driven by consumption upgrades. Driven by Agriculture, Construction, Forestry, and Tourism The acceleration of urbanization increases the demand for leisure and tourism. Tourism, Health, and Leisure ➤ Heightened health awareness is driving a sustained increase in demand for enhanced health and leisure options. 康迪 KANDI#9Future Market: Rapid Growth in All-Electric Off-Road Vehicles 2019A 2026E +8% CAGR 2019-2026 Global Off-Road Vehicle Market Forecast (in $Billion) +8% 2019A CAGR ■2026E $37 $62 $22 $37 POLAIS UTV Golf Cart 2019A 2026E +4% CAGR ATV Buggy 2019A Go Cart +8% CAGR 2026E $53 $72 Source: "China Electric Vehicle Industry Website (+)", December 27, 2023, "Market Outlook Analysis of Vehicles: UTVs, ATVs, Golf Carts, and Buggies." $13 $22 康迪 KANDI#10Off-Roading ATVs Award winning and fun! Sold in China and the U.S. MOTOR DAY® The Best Off-Road Go-Karts (2020 Reviews) Kieran Cunningham Updated: June 9, 2020 Scooters & Bikes Off-road go-karts come in a wide variety of shapes and sizes. They all, however, have one very important factor in common: the ability to provide an incredibly fun way to get around in the great outdoors, whether you're using your machine for recreation away from the beaten path, on a circuit, or just scooting around the farm or yard. Buyers in the marker for an off-road go-kart could be forgiven for being slightly overwhelmed by the vast variety of options out there, but in this article we aim to facilitate the selection process by introducing you to our selection of the 25 best models of off- road go-kart currently on the market in 2019. We reviewed dozens of go-karts to identify the best of the best. We examined a range of factors, including type, engine size, handling, intended use, cost, and average customer reviews. Top Pick Kandi 150cc 2-Seat Go-Kart Meet the Kandi 150cc 2-Seat Go-Kart, the best go-kart out there for all your off-road adventures. Buy on Amazon Having considered a large of number of off-road go-karts, we chose the Kandi 150cc 2-Seat Go Kart as our top pick. This very well-made go-kart packs plenty of power in a 150cc, air-cooled, single cylinder engine and can reach max speeds of 36 miles per hour. It also uses reassuringly robust roll bars, full suspension, and two seats equipped with dual four-point seat harnesses to maximize safety. 康迪 KANDI#11K32 Premium All- Electric 4WD UTV All-Electric Golf Carts: Kruiser 4PRO A Featured Products EPS Countras KAND Cowboy e10K UTV Lucky T9 Electric Mini Bike: Trail King e1500 Roof and Foldable Windshield Not Included Collapsible Mini Golf Cart All-Electric ATV All-Electric GO KART 康迪 KANDI#12CASH (YEAR-END) ➤ The Company has a strong working capital position. As of December 31, 2023, cash balance³ was $252.1 million. As we move into 2024, we will increase our R&D investment and launch more competitive all-electric off-road vehicle products, demonstrating our confidence in the future development of the company and our commitment to delivering shareholder value. Note: 123 16.5 142.5 康迪 KANDI ($mln) 252.1 232.2 223.7 2019¹ 2020¹ 20212 20222 20233 Cash includes cash and cash equivalents, and restricted cash at end of period. Cash includes cash and cash equivalents, restricted cash, and Certificate of deposit at end of period. Cash and equivalents, restricted cash, certificate of deposit and notes receivable.#13NET REVENUE Total net revenues increased by 4.9% to $123.6 million, from $117.8 million in 2022. Leveraging the global trend toward electrification of off-road fuel vehicles, Kandi applies EV technology to off-road vehicle products. The off-road EVs and related parts sector were the main driver of our record-high revenue over the past three years. In 2023, we developed and launched models such as the all-electric UTV and electric mini golf carts. 135.7 康迪 KANDI 123.6 117.8 76.9 91.5 البيا 2019 2020 2021 2022 2023 ($mln)#14REVENUE BREAKDOWN ➤ As the primary driver of total revenue, off-road vehicles and associated parts sales increased by 51.5% to $107.0 million from $70.6 million in 2022. ➤ Key factors: ☐ ☐ Rapid market acceptance of all-electric off- road vehicles and related components All-electric UTV and electric mini golf carts were successfully launched More off-road products in the pipeline 70.6 107.0 24.0 16.9 7.0 8.0 Off-road vehicles and associated parts sales EV products, EV parts Lithium-ion cells Note: 1. Electric Scooters, Electric Self-Balancing Scooters and associated parts sales, Battery-swapping sales, and commission income are not shown on the bar chart. 康迪 KANDI ($mln) 2022 12023#15GROSS MARGIN Gross profit increased by 112% to $41.4 million, from $19.5 million in 2022. Gross margin doubling from 16.6% to 33.5% reflects a profitable shift in product mix towards higher-margin off-road vehicles. 康迪 KANDI 41.4 25.4 33.5% 19.5 13.5 16.2 18.7% 17.8% 17.5% 16.6% 2019 2020 2021 2022 2023 Gross Margin (%) ■Gross Profit ($mln)#16NET PROFIT ➤ In 2023, our net income surged to $1.7 million, a remarkable turnaround from the $12.9 million loss in 2022, driven by sustained enhancements in gross profit, consistent with the trends observed in the first three quarters of 2023. 2019 2020 2021 2022 2023 -7.2 22.9 -10.4 -12.9 1.7 康迪 KANDI ($mln)#17KAND Coweny APPENDIX#18ORGANIZATIONAL CHART 100% China Battery Exchange Technology Co., Ltd. and its subsidiaries 100% Continental Development 100% Limited Zhejiang Kandi Technologies Group Co., Ltd (formerly known as Zhejiang Kandi Vehicles Co., Ltd) Kandi Technologies Group, Inc. (KNDI)(Delaware) 45% 100% 95% 55% Kandi Electric Vehicles (Hainan) Co., Ltd Jinhua Kandi New Energy Vehicle Co., Ltd 5% 100% 100% 100% Kandi America Kandi Electric Kandi Technologies Investment, LLC Group, Inc. (KNDI BVI) Innovation, Inc. (Kandi Innovation) (Kandi Investment) 100% Kandi Technologies 100% 100% Canada, Inc. (Kandi Canada) Kandi Technologies SC Autosports, Mergerco Inc. (Merger Sub) LLC (Kandi America) Northern Group, 100% Inc (NGI) Zhejiang Kandi Smart Battery Swap Technology Co., Ltd (formerly known as Jinhua An Kao Power Technology Co., Ltd) 66.7% 100% Hainan Kandi Holding New 33.3% Energy Technology Non-affiliated Entities Yongkang Scrou Electric Co., Ltd Co., Ltd. Source: 10-K annual report for year ending December 31, 2023. 5% 95% 10% Zhejiang Kandi Supply Chain Management Co., Ltd 90% Jiangxi Province Huiyi New Energy Non-affiliated Individuals Co., Ltd. 康迪 KANDI#19FINANCIAL HIGHLIGHTS $ millions (excluding per share) Fiscal Year Ending Dec 31 2019 2020 2021 2022 2023 Revenue 135.7 76.9 91.5 117.8 123.6 Gross Profit 25.4 13.5 16.2 19.5 41.4 Operating Income (Loss) 0.9 0.8 1.3 (27.7) (13.1) Net Income (7.2) (10.4) 22.9 (12.9) 1.7 Fully Diluted EPS (0.14) (0.19) 0.30 (0.17) 0.02 Select Balance Sheet Items Cash/cash Equivalent 5.5 142.1 129.2 84.1 33.8 Restricted Cash 11.0 0.4 39.5 67.0 59.9 Certificate of deposit 55.0 81.2 33.9 Current Assets 195.6 307.1 342.6 329.3 343.5 Current Liabilities 131.9 83.8 64.2 81.5 76.7 Total Assets 371.2 495.2 520.2 483.0 495.5 Source: 10-K filed with SEC. 康迪 KANDI#20Zowady KANDI For More Information Kandi Technologies Group, Inc. Ms. Kewa Luo Phone: +1 (212) 551-3610 Email: [email protected] The Blueshirt Group U.S.: Mr. Gary Dvorchak, CFA Email: [email protected] 康迪 KANDI