CBAK Enters Partnership With Kandi To Localize Lithium Battery Production In The U.S. In Phases. Will Establish Two Lithium Battery Production Facilities

DALIAN, China, April 14, 2025 (GLOBE NEWSWIRE) -- CBAK Energy Technology, Inc. (NASDAQ:CBAT) ("CBAK Energy," or the "Company") a leading lithium-ion battery manufacturer and electric energy solution provider in China, jointly with Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) ("Kandi"), a global leader in new energy innovation, today announced a strategic partnership to establish two lithium battery production facilities in the United States. Both companies are currently evaluating potential locations for the facilities. The first facility, dedicated to battery pack assembly, is scheduled for near-term development. The second, focused on battery cell manufacturing, is envisioned as a longer-term initiative that Kandi and CBAK will pursue when market conditions are conducive. Each facility will be established as a separate joint venture, with distinct ownership structures designed to align with the unique objectives and scale of each project.

This partnership underscores CBAK's long-term commitment to its global expansion strategy. As part of this vision, CBAK is actively evaluating locations outside of China to establish new battery manufacturing capabilities. In the near term, the Company, most likely, plans to launch small-scale battery cell production in a Southeast Asian country, while jointly pursuing the development of a battery cell manufacturing facility in the U.S. with Kandi as a longer-term initiative.