Ezgo Technologies signs three-party deal for us-assembled autonomous vehicle platform

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

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.