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Exhibit 99.1 Kandi Technologies Reports First Quarter 2021 Financial Results --Revenue of $ 16 million , + 151 % y / y-- --Working Capital of $ 244 million- JINHUA , CHINA-- ( May 10 , 2021 ) - Kandi Technologies Group , Inc. ( the " Company , ” “ we ” or “ Kandi ” ) ( NASDAQ GS : KNDI ) , today announced financial results for the first quarter of 2021 . First Quarter Highlights • Total revenues increased by 150.7 % to $ 16.0 million , from $ 6.4 million in the same period of 2020 . • EV parts sales increased by 206.0 % to $ 6.4 million , compared to $ 2.1 million in the same period of 2020 . • Off - road vehicles sales increased by 39.2 % to $ 5.6 million , compared to $ 4.0 million in the same period of 2020 . • • • Electric Scooters , Electric Self - Balancing Scooters and associated parts sales were $ 3.9 million . As a new business , there was no revenue in the same period of 2020 . Gross margin was 27.3 % , compared to 18.3 % for the same period of 2020 . Net loss was $ 6.4 million , or $ 0.08 loss per fully diluted share due to investment in R & D for new products , compared to a net loss of $ 1.6 million , or $ 0.03 loss per fully diluted share for the same period of 2020 . As of March 31 , 2021 , working capital was $ 244.1 million ; cash , cash equivalents , restricted cash and certificate of deposit totaled $ 162.5 million .