Page 1

Exhibit 99.1 Kandi Technologies Reports Second Quarter 2021 Financial Results --Revenue of approx . $ 30 million , + 54 % y / y-- --Net Income of approx . $ 41 million ( $ 0.54 per fully diluted share ) , + 900 % y / y-- --Working Capital of approx . $ 300 million , cash¹ totaled $ 202.4 million -- JINHUA , CHINA-- ( August 9 , 2021 ) - Kandi Technologies Group , Inc. ( the " Company , ” “ we ” or “ Kandi ” ) ( NASDAQ GS : KNDI ) , today announced financial results for the second quarter of 2021 . Second Quarter Highlights Total revenues increased by 53.7 % to $ 29.9 million , from $ 19.4 million in the same period of 2020 . • • EV parts sales were $ 6.7 million , compared to $ 12.5 million in the same period of 2020 . Off - road vehicles sales were $ 5.5 million , compared to $ 6.6 million in the same period of 2020 . • • Electric Scooters , Electric Self - Balancing Scooters and associated parts sales were $ 16.5 million , compared to $ 0.4 million in the same period of 2020 , This growth represents a successful strategic initiative to sell intelligent transportation products after the COVID - 19 outbreak seriously impacted the EV market in 2020 . Battery exchange equipment and battery exchange service sales were $ 0.6 million . As a new business , there was no such revenue in the same period of 2020 . • Gross margin was 20.4 % , compared to 18.2 % for the same period of 2020 . • • Net income was $ 40.9 million , or $ 0.54 per fully diluted share primarily due to a gain on the disposal of a long - live asset recognized as part of our Jinhua facility relocation that was completed in the second quarter . This compares to a net income of $ 4.1 million , or $ 0.08 per fully diluted share for the same period of 2020 . As of June 30 , 2021 , working capital was $ 297.3 million . Cash , cash equivalents , restricted cash , and certificate of deposit totaled $ 202.4 million . Mr. Hu Xiaoming , Chairman and CEO of Kandi commented : “ We are excited to see both strong revenue growth and profitability . Last year , as the Covid- 19 pandemic impacted our EV business , we undertook a strategic initiative to find new markets for our industry - leading technology . This pivot to new markets is proved successful , as you can see by our strong growth in intelligent mobility sector and associated parts . Furthermore , we are with our operating cash flow as robust because we received final payments for the Jinhua Facility relocation . The vacated old factory property met the inspection authorities ' stipulated conditions , it was returned to the government , and we received the agreed payments . With this cash inflow , our balance sheet is even stronger for pursuing the multiple growth opportunities we see ahead of us . " 1 Includes cash , cash equivalents , restricted cash , and certificate of deposit .