EZGO Completes Delivery of Premium E-bicycles Transactions Valued RMB12 Million

CHANGZHOU, China, Nov. 14, 2023 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq:EZGO) ("EZGO" or the "Company"), a leading short-distance transportation solutions provider in China, today announced the delivery of an aggregate of 4,000 e-bicycles to Youon Technology Co., Ltd. (SHA: 603776) ("Youon"), a Chinese company principally engaged in the provision of public city bicycle transportation services, from July 25, 2022 to date, for a transaction value at approximately RMB12 million (approximately US$1.6 million).

The collaboration is poised to reach an accumulative transaction volume of 6,000 e-bicycles in total, with an additional consignment of 4,000 e-bicycles anticipated for dispatch in November and December 2023. The transactions are a testament to EZGO's presence in the market as a proficient provider with reliable production capabilities. It also highlights EZGO's commitment to robust supply chain management to fulfill customer needs swiftly.

Chairman and CEO of EZGO, Mr. Jianhui Ye, states, "The completion of the delivery marks a milestone in our cooperation with Youon, and demonstrates our unwavering commitment to quality and client satisfaction, which remains integral to our operational philosophy. Our continued partnership with Youon exemplifies our competitiveness in the market, and contributes to the business performance of both companies. We look forward to advancing our strategic partnership to generate greater value for our shareholders."

About EZGO Technologies Ltd.

Leveraging an Internet of Things (IoT) product and service platform and two e-bicycle brands, "EZGO" and "Cenbird," EZGO has established a business model centered on the manufacturing and sale of two-and three-wheeled electric vehicles, lithium batteries, complemented by the e-bicycle charging pile business. For additional information, please visit EZGO's website at www.ezgotech.com.cn. Investors can visit the "Investor Relations" section of EZGO's website at www.ezgotech.com.cn/Investor.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the short-distance transportation solutions market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the "SEC"), including the Company's most recently filed Annual Report on Form 20-F and its subsequent filings. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Investor Relations Contact

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