Three-party alliance integrating EZGO's high-performance lithium battery and vehicle control system (VCS) technology, Zhejiang Hengyuan's iChassis platform, and Autotrax.ai's U.S.-based autonomous driving engineering and California assembly capability

CHANGZHOU, China, May 19, 2026 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) today announced the signing of a Strategic Investment and Industrial Cooperation Framework Agreement ("Agreement") among EZGO, Autotrax.ai Inc. ("Autotrax.ai"), and Zhejiang Hengyuan Machinery Co., Ltd. ("Zhejiang Hengyuan"). The three parties will integrate their complementary and non-overlapping core capabilities to create a vertically integrated "lithium battery pack + smart EV control + autonomous driving" commercial vehicle solution purpose-built for the U.S. market.

Strategic Synergy and "California Assembly"
Each party brings a distinct, non-overlapping capability:

• EZGO: High-performance lithium battery pack manufacturing with wide-temperature capability; proprietary intelligent vehicle control system (VCS) built on the PLC("Programmable Logic Controller")/CoDeSys("ControllerDevelopment System") platform; Nasdaq Capital Markets-listed company with business development capability in North America.
• Autotrax.ai: A U.S.-incorporated autonomous vehicle technology and local assembly company with California-based manufacturing operations; engineering experience with advanced autonomous driving systems and visual neural network architectures; local assembly and commercialization capability designed to support U.S. market access and compliance requirements.
• Zhejiang Hengyuan: Proprietary full-series iChassis wire-controlled chassis platform (0.5–2-ton payload range), with intellectual property rights protected by multiple patents; track record of delivering more than 3,000 units to autonomous vehicle customers including WeRide and Jiushi.

All co-developed vehicles are expected to be assembled at Autotrax.ai's California facility, supporting localized U.S. assembly requirements for commercial fleet deployment and procurement opportunities.

Initial Market Launch
The three-party alliance aims to launch all-weather autonomous logistics commercial vehicles in the U.S. market in the first half of 2027, targeting rapidly growing commercial logistics and intelligent transportation segments in North America.

Strategic Investment
Under the Agreement, EZGO proposes to make a strategic equity investment in Autotrax.ai, with the specific amount and valuation to be determined in a definitive agreement. Proceeds from the investment are expected to support expansion of Autotrax.ai's U.S. assembly line, introduction of lithium battery testing capabilities, engineering scale-up and customer validation, and compliance restructuring in preparation for a potential future U.S. capital markets transaction.

Upon completion of the proposed investment, EZGO is expected to have the right to appoint one director to Autotrax.ai's board.

Management Commentary
"This three-party alliance brings together three complementary strengths: EZGO's lithium battery manufacturing expertise and intelligent VCS technology, Zhejiang Hengyuan's iChassis platform validated by autonomous vehicle companies, and Autotrax.ai's U.S.-based autonomous driving engineering and California assembly capability. We believe this collaboration positions us to participate in the rapidly evolving autonomous commercial vehicle market in North America." — Ye Jianhui, Chairman & CEO, EZGO Technologies

About EZGO Technologies Ltd.
Leveraging an Internet of Things (IoT) product and service platform, EZGO has established a business model centered on the design, manufacturing and sale of electric mobility products, intelligent robots and related accessories, including batteries, charging facilities and electronic control systems. 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.

About Autotrax.ai Inc. and Zhejiang Hengyuan Machinery Co., Ltd.
Autotrax.ai Inc. is a U.S.-incorporated autonomous vehicle technology and local assembly company with a California manufacturing base, specializing in FSD integration with leading visual neural network autonomous driving architectures. Zhejiang Hengyuan Machinery Co., Ltd. (浙江恒源机器有限公司) is a China-based wire-controlled chassis developer and manufacturer with a proprietary iChassis platform covering 0.5–2-tonne payload range; 3,000+ units delivered to autonomous vehicle industry leaders including WeRide (文远知行) and Jiushi.

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 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 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 markets in which the Company operates; reputation and brand; the impact of competition and pricing; government regulations; and fluctuations in general economic and business conditions in China and international markets. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission. 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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SOURCE EZGO Technologies Ltd.