EZGO Announces Preliminary Sales Results for the Six Months Ended March 31, 2021

CHANGZHOU, China, May 24, 2021 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) ("EZGO" or the "Company"), a leading short-distance transportation solutions provider in China, today announced preliminary sales results for Dilang and Cenbird, the two major brands of EZGO e-bicycles for the six months ended March 31, 2021. The Company reported sales of more than 34,000 e-bicycles (including two wheels and three wheels) for the period, which is an increase of more than 50% from the same period last year. Of these 34,000 e-bicycles, approximately 23,000 were two wheeled e-bicycles and approximately 11,000 were three wheeled e-bicycles. Sales of two wheeled e-bicycles increased by approximately 47%, while sales of three wheeled e-bicycles increased by nearly 600% year over year. As a result, the Company anticipates substantial growth in revenue for the period.

The Company attributes its sales growth to the correct product strategy and marketing strategy. Paying close attention to the marketplace, EZGO has been focused on product development and innovation. During the last six months, it has developed 15 new two wheeled e-bicycles, scooters, mopeds and leisure e-tricycles and has obtained seven new CCC certificates, the legal license to produce and sell e-bicycles in China under the new national standards. The Company has continued to invest in R&D of intelligent technology and IoT. It has launched new products with a multimedia panel and a pre-installed driving safety monitoring system in an effort to build a vehicle that harnesses technology and is intelligent, entertaining and fast charging.

Management Commentary

Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, "We are now fully engaged in the manufacturing and selling of e-bicycles and leisure e-tricycles and attribute the significant sales growth in these first six months to our marketing strategy and product strategy. We have always placed importance on establishing our distribution channels and ongoing development and innovation in our new products. We have integrated new electronic technology applications, such as vehicle monitoring modules and multimedia integrated service terminals, into our products to meet the demands of different customers and look forward to continue attracting dealers and customers with innovative products."

About EZGO Technologies Ltd.

Leveraging an Internet of Things (IoT) product and service platform and two E-bicycle brands, "Cenbird" and "Dilang," EZGO has established a business model centered on the manufacturing and sale of E-bicycles and E-bicycle rentals, 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 http://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 SEC. 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.

SOURCE EZGO Technologies Ltd.