EZGO's Affiliate Company Obtains Exclusive Rights to Operate E-Bicycle Sharing Services in Tancheng, Shandong

CHANGZHOU, China, Dec. 3, 2021 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) ("EZGO" or "we", "our", or "the Company"), a manufacturer of two- and three-wheeled electric vehicles in China, today announced that an affiliate company of the Company's PRC subsidiary has entered into an operation agreement with the Tancheng local administration in Linyi City, Shandong Province, whereby EZGO has exclusive rights to operate e-bicycle sharing services, providing up to 3,000 e-bicycles for bike-sharing purposes in the Tancheng local area. The term of this agreement is three years commencing from November 9, 2021 to November 8, 2024.

Following the launch of its e-bicycle sharing services in Tancheng, EZGO anticipates expanding its bike-sharing business into cities in southern Shandong (Linyi City), planning to serve a population of more than 800 thousand.

EZGO's integrated management platform of "bicycles + batteries + Internet" supports real-time control functions of electric bicycles, lithium batteries, on-board instruments and central controllers, improving the overall user experience and safety of e-bicycle sharing customers.

Management Commentary

Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, "We are very excited to announce the signing of the operation agreement with Tancheng, which enables EZGO to begin operating e-bicycle sharing services in the local area. We believe our foray into the e-bicycle sharing business will help accelerate the growth of our market share in short-distance transportation offerings given our differentiated portfolio of quality products and cutting-edge applied technologies. The Company will continue to explore new business opportunities in bike-sharing."

Mr. Ye added, "Over the next five years, major platforms such as Meituan, Haluo are expected to continue promoting the deployment of e-bicycle sharing services, which presents a significant opportunity for the Company who has been a provider of premium-quality electric vehicles with an established foothold in the industry since its incorporation. In third- and fourth-tier cities, the penetration rate of e-bicycle sharing is anticipated to maintain a trend of rapid growth. According to Forward Research Department, the total number of shared e-bicycles deployed in 2025 is estimated to exceed 8 million, with a compound annual growth rate of 41% from 2019 to 2025."

About EZGO Technologies Ltd.

Leveraging an Internet of Things (IoT) product and service platform and three E-bicycle brands, "EZGO", "Dilang" and "Cenbird", EZGO has established a business model centered on the manufacturing and sale of two- and three-wheeled electric vehicles, 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 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.

For more information, please contact:

At the Company: 
Shawn Wen 
Email: [email protected] 
Phone: (+86) 13502829216 

Investor Relations:
Carolyne Sohn
The Equity Group Inc.
Email: [email protected] 
Phone: (415) 568-2255

SOURCE EZGO Technologies Ltd.