EZGO announces purchase of land and industrial property to support Rapid Expansion of its E-bicycle production operations

CHANGZHOU,China,May 20,2021 -- EZGO Technologies Ltd. (Nasdaq: EZGO)("EZGO" or the "Company"),a leading short-distance transportation solutions provider in China,today announced that the Company has agreed to acquire land and factory buildings owned by Tianjin Jiahao Bicycle Co.,Ltd. ("Tianjin Jiahao") for a total purchase price of approximately US$10.2 million. The transaction is expected to close by June 15,2021.

With the completion of this transaction,Jiangsu Baozhe Electric Technology,the domestic operation company of EZGO,will have more than 35,000 square meters of factory land,including two factory buildings and an administration building,and a construction area of approximately 11,000 square meters. EZGO will also have the flexibility to construct an additional 40,000 square meters of production factory buildings on this land,located in the Beijing-Tianjin Science and Technology Valley in the Wuqing District of Tianjin,which is a part of China's Bicycle Kingdom Industrial Zone. Home to several reputable technology enterprises,this model industrial park in Tianjin is one of the most important centers of the parts supply chain for China's e-bicycle industry. The Tianjin Jiahao property is conveniently and strategically located less than ½ km away from the Beijing-Tianjin Expressway entrance.

The estimated production capacity of the existing factory buildings purchased in this transaction is 100,000 units of two-wheeled e-bicycles. The estimated production capacity of the factory building expected to be built on the remaining land being purchased is anticipated to be approximately 500,000 units of two-wheeled e-bicycles. EZGO's current production capacity at its previously leased factory in Nancai Town of Tianjin was nearly 300,000 e-bicycles,with actual capacity of 150,000 e-bicycles due to limited turnover space. This purchase will enable EZGO to significantly ramp production of its e-bicycles following the Company's successful application for the national first-class electric motorcycle qualification.

Management Commentary

Mr. Jianhui Ye,Chief Executive Officer of EZGO,stated,"We are pleased to have come to an agreement with Tianjin Jiahao for the purchase of this land and property,which serves as an important step forward in the ramping of our e-bicycle production operation. With the closing of this transaction,EZGO will own its own manufacturing facilities,establishing greater reliability in the production process and increasing the Company's visibility and brand. This is a milestone event for EZGO,and we look forward to bringing more of our e-bicycle products to the market in the near future."

AboutEZGO 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-bicyclecharging 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 atwww.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.

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