EZGO Technologies Signed Three-Party Strategic Framework Agreement with Autotrax.ai and Zhejiang Hengyuan to Build a U.S.-Assembled Autonomous Vehicle Platform Powered by Lithium Battery and iChassis Technology

Rhea-AI Summary

EZGO (Nasdaq: EZGO) signed a three-party Strategic Investment and Industrial Cooperation Framework Agreement with Autotrax.ai and Zhejiang Hengyuan to build a U.S.-assembled autonomous commercial vehicle platform combining lithium batteries, smart EV control, iChassis, and autonomous driving technology.

The alliance plans California-based assembly at Autotrax.ai’s facility and targets launching all-weather autonomous logistics vehicles in the U.S. in the first half of 2027. EZGO intends to make a strategic equity investment in Autotrax.ai and expects board representation upon completion.

Positive

• Three-party alliance integrates battery, iChassis, and autonomous driving capabilities for U.S. market
• Planned California assembly supports localized U.S. commercial fleet requirements
• Targeted launch of autonomous logistics vehicles in first half of 2027
• Proposed strategic equity investment to expand Autotrax.ai’s U.S. assembly and testing
• EZGO expected to gain one board seat at Autotrax.ai after investment

Negative

• Strategic equity investment amount and valuation remain to be determined

Argus May 19 session

+8.46% close to close Open Argus

Details

News Market Reaction – EZGO

On May 19, the day this news came out, EZGO closed 8.46% above the previous close.

Data tracked by StockTitan Argus for the May 19 session.

Key Figures

Shelf registration size: $200,000,000 ATM program size: $100,000,000 ATM fee rate: 3.0% +5 more

Shelf registration size

$200,000,000

Form F-3/A shelf filed Feb 27, 2026

ATM program size

$100,000,000

ATM ordinary share program disclosed Apr 8, 2026

ATM fee rate

3.0%

Sales agent placement fee on ATM gross proceeds

PIPE gross proceeds

US$12.0 million

Regulation S PIPE closed Jan 5, 2026

PIPE share price

US$0.60

Price per share in Jan 2026 PIPE

Net revenues

$22,725,157

Year ended September 30, 2025

Net loss

$8,692,370

Year ended September 30, 2025

Reverse split ratio

1-for-150

Reverse share split effective May 19, 2026

Historical Context

3 past events · Latest: May 15

3 events

1. May 15

   Reverse share split

   24h Move

   -32.6%

   Announced 1-for-150 reverse split to support Nasdaq listing compliance.

2. Apr 21

   Manufacturing expansion

   24h Move

   +3.4%

   Secured ownership of Changzhou facility to scale production from 2026.

3. Nov 19

   Reverse share split

   24h Move

   -35.3%

   Approved 1-for-25 reverse split intended to boost share price for Nasdaq.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

autonomous driving, visual neural network architectures, programmable logic controller, at-the-market equity program, +4 more

8 terms

autonomous driving technical

"engineering experience with advanced autonomous driving systems and visual neural network"

Autonomous driving is technology that allows a vehicle to navigate and control itself without a human constantly steering, braking or accelerating, acting like a robotic chauffeur that perceives the road, makes decisions and responds to traffic and obstacles. Investors care because it can change who makes money and how much—by cutting labor and operating costs, creating new software and data businesses, and shifting regulatory and liability risks that affect future revenue, adoption speed and company valuations.

visual neural network architectures technical

"engineering experience with advanced autonomous driving systems and visual neural network architectures"

Visual neural network architectures are the design blueprints for computer systems that process and interpret images and video, describing how data flows through a series of processing stages to recognize patterns, objects, or scenes. For investors, these architectures matter because they determine how well and how efficiently products that rely on machine vision perform, affecting development cost, speed to market, and competitive edge—think of them as different recipes for building a machine that 'sees.'

programmable logic controller technical

"built on the PLC("Programmable Logic Controller")/CoDeSys("ControllerDevelopment System") platform"

A programmable logic controller (PLC) is a rugged industrial computer that acts like the brain or conductor for machinery and automated processes, using simple, user-set instructions to start, stop and coordinate equipment. Investors care because PLCs drive productivity, reliability and safety in factories, utilities and transport; their presence, upgrades or failures influence a company’s operating costs, capital spending, uptime and exposure to cybersecurity or supply-chain risks.

at-the-market equity program financial

"established an at-the-market equity program, allowing it to sell ordinary shares"

An at-the-market equity program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than in a single, prearranged block. It provides flexible, on-demand access to cash—like drawing small amounts from a credit line—but increases the number of shares outstanding, which can reduce existing shareholders’ ownership percentage and put downward pressure on the stock price, so investors monitor program size and pacing.

prospectus supplement regulatory

"filed a prospectus supplement establishing an at-the-market (ATM) sales program"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

form f-3 shelf registration regulatory

"amendment to a Form F-3 shelf registration to offer up to"

A Form F-3 shelf registration is a pre-approved filing that lets a foreign company already following U.S. disclosure rules register securities in advance and sell them later as needed. Think of it like a pre-authorized credit line for issuing shares or bonds: it makes raising money faster and more flexible. Investors watch for these filings because future offerings can change share supply, dilute ownership, and affect price and liquidity.

reverse share split financial

"announces 1-for-150 Reverse Share Split Effective May 19, 2026"

A reverse share split is when a company reduces the number of its shares outstanding by combining multiple shares into one, effectively increasing the price of each share. For investors, this can help improve the company's image or meet stock exchange listing requirements, but it does not change the total value of their investment. It’s similar to turning many small pieces of a puzzle into fewer larger pieces—nothing new is added or lost, just rearranged.

private investment in public equity financial

"completed a private investment in public equity (PIPE) with certain non‑U.S. investors"

Private investment in public equity occurs when investors buy shares directly from a company that is publicly traded, often at an early stage or at a discount, instead of purchasing them on the open market. This allows investors to acquire a stake more quickly and with potentially better terms, which can influence the company's future growth and stability—making it an important option for those seeking to support or benefit from a company's development.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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.

 

View original content:https://www.prnewswire.com/news-releases/ezgo-technologies-signed-three-party-strategic-framework-agreement-with-autotraxai-and-zhejiang-hengyuan-to-build-a-us-assembled-autonomous-vehicle-platform-powered-by-lithium-battery-and-ichassis-technology-302774650.html

SOURCE EZGO Technologies Ltd.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did EZGO (Nasdaq: EZGO) announce on May 19, 2026 about its autonomous vehicle strategy?

EZGO announced a three-party framework agreement with Autotrax.ai and Zhejiang Hengyuan to co-develop a U.S.-assembled autonomous commercial vehicle platform. According to EZGO, the alliance integrates lithium batteries, smart EV control, iChassis technology, and autonomous driving for the U.S. logistics market.

Who are the partners in EZGO’s new autonomous vehicle platform and what does each contribute?

The partners are EZGO, Autotrax.ai, and Zhejiang Hengyuan. According to EZGO, it provides lithium battery packs and vehicle control systems, Zhejiang Hengyuan contributes its patented iChassis platform, and Autotrax.ai offers U.S.-based autonomous driving engineering and California assembly capabilities for local market access.

When will EZGO’s alliance with Autotrax.ai and Zhejiang Hengyuan launch autonomous logistics vehicles in the U.S.?

The alliance aims to launch all-weather autonomous logistics commercial vehicles in the U.S. in the first half of 2027. According to EZGO, these vehicles will target growing commercial logistics and intelligent transportation segments across North America using a vertically integrated technology stack.

How will the Autotrax.ai California facility be used in the EZGO (EZGO) three-party agreement?

All co-developed vehicles are expected to be assembled at Autotrax.ai’s California facility. According to EZGO, this local assembly supports U.S. commercial fleet deployment, procurement opportunities, and compliance with U.S. market access requirements for autonomous logistics vehicles.

What are the terms of EZGO’s proposed strategic equity investment in Autotrax.ai?

EZGO proposes a strategic equity investment in Autotrax.ai, with amount and valuation to be set in a definitive agreement. According to EZGO, proceeds are expected to fund assembly expansion, lithium battery testing, engineering scale-up, customer validation, and compliance restructuring.

Will EZGO gain governance influence at Autotrax.ai through the new framework agreement?

Upon completion of the proposed investment, EZGO is expected to have the right to appoint one director to Autotrax.ai’s board. According to EZGO, this board representation would align strategic collaboration on autonomous vehicle commercialization in the U.S. market.