Industry-Leading Features Tailored to Meet the Increasing Demand for Eco-Friendly,Versatile Solutions for Recreation and Work

GARLAND,Texas,Nov. 25,2024 -- Massimo Group(NASDAQ: MAMO) ("Massimo"),a manufacturer and distributor of powersports vehicles and pontoon boats,today announced the launch of its new MVR Series electric carts,featuring the MVR 2X Golf Cart and the MVR Cargo Max Utility Cart. These high-performance electric vehicles are tailored to meet the increasing demand for low-speed electric vehicles (LSVs) that offer versatility for both recreational and professional use.

With an extensive network of over 2,800 partners nationwide,Massimo believes it is well-positioned to capture a significant share of this rapidly growing market. Both the MVR 2X and MVR Cargo Max deliver advanced features,cutting-edge performance,and unmatched versatility,aligning with consumer demand for eco-friendly,multifunctional vehicles.

MVR 2X Golf Cart: High-Tech and Versatile for Recreation

The Massimo Electric MVR 2X Golf Cart is designed for families,golfers,and anyone in need of a premium,electric-powered transportation solution.

Key Features of the MVR 2X Include:

Powerful 48V 5kW Motor: Provides smooth,quiet performance for any terrain.

12 Inches of Ground Clearance:Offers enhanced off-road capability.

Oversized 23-Inch All-Terrain Tires:Navigates varying surfaces with ease.

Convertible Rear-Facing Seat: Maximizes passenger and cargo flexibility.

Custom-Stitched Marine-Grade Vinyl Seats:Durable and comfortable for extended use.

LEOCH Sealed AGM Batteries: Offers extended range and minimal maintenance,with up to 45 miles per charge.

800-Pound Load Capacity: Combines passenger and cargo functionality.

Full LED Light Package and Rearview Camera:Enhances visibility and safety.

The MVR 2X is a versatile option for golf courses,family neighborhoods,and properties where low-speed vehicles are permitted.

MVR Cargo Max Utility Cart: Built for Tough Jobs

The Massimo Electric MVR Cargo Max is the ultimate utility solution,tailored for groundskeepers,farms,and other commercial applications requiring heavy-duty performance.

Key Features of the MVR Cargo Max Include:

Powerful 48V 5kW Motor: Delivers robust power for demanding tasks.

13+ Cubic Foot Hydraulic Dumping Cargo Bed: Simplifies loading and unloading of bulky materials.

Oversized 14-Inch Wheels: Enhances traction and stability across rough terrain.

1100-Pound Load Capacity: Designed for larger and heavier cargo.

Custom-Stitched Marine-Grade Vinyl Seats with Ergonomic Armrests: Combines durability with operator comfort.

LEOCH Sealed AGM Batteries: Provides an extended range of up to 45 miles on a single charge.

The MVR Cargo Max is perfect for farms,ranches,and other environments where reliability and efficiency are essential.

"The launch of our MVR Series highlights Massimo's commitment to innovation and customer-focused design. We believe these electric vehicles meet the growing demand for eco-friendly,versatile solutions for recreation and work," said DavidShan,Founder,Chairman & CEO of Massimo. "With industry-leading features and a competitive price point,we expect that the MVR 2X and MVR Cargo Max will provide us a strong position in the expanding low-speed electric vehicle market. We believe this strategic product launch will drive significant growth and enhance shareholder value."

Strategic Positioning in a Growing Market

The market for electricLSVs is projected to grow significantly as consumers and businesses seek sustainable alternatives. Massimo's extensive network of over 2,800 partner dealerships nationwide ensures broad accessibility for customers to learn more and purchase the MVR Series.

With competitive pricing and advanced features,the MVR Series is poised to generate strong demand across key market segments,further cementing Massimo's reputation as a leader in the powersports and utility vehicle industries.

About Massimo Group

Massimo Group (NASDAQ: MAMO) is a manufacturer and distributor of powersports vehicles and pontoon boats. Founded in 2009,Massimo Motor believes it offers some of the most value packed UTV's,off-road,and on-road vehicles in the industry. The company's product lines include a wide selection of farm and ranch tested utility UTVs,recreational ATVs,and Americana style mini-bikes. Massimo Marine manufacturers and sells Pontoon and Tritoon boats with a dedication to innovative design,quality craftsmanship,and great customer service. Massimo is also developing electric versions of UTVs,golf-carts and pontoon boats. The company's 376,000 square foot factory is in the heart of the Dallas / Fort Worth area of Texas in the city of Garland. For more information,visit massimomotor.com and massimomarine.com.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the use of proceeds thereof. In some cases,you can identify forward-looking statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "predict," "project," "target," "potential," "seek," "will," "would," "could," "should," "continue," "contemplate," "plan," and other words and terms of similar meaning. These forward-looking statements include information concerning statements regarding future cash needs,future operations,market positions,business plans and future financial results; and any other statements that are not historical facts. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions,many of which are beyond the control of Massimo,including those set forth in the "Risk Factors" section of Massimo's Annual Report on Form 10-K for the year ended December 31,2023,as updated by Massimo's subsequent filings,with the SEC. Copies are available on the SEC's website,www.sec.gov. Massimo undertakes no obligation to update these statements for revisions or changes after the date of this release,except as required by law.

Company

Dr. Yunhao Chen

Chief Financial Officer

Massimo Group

ir@massimomotor.com

Investor Relations

Chris Tyson

Executive Vice President

MZ North America

Direct: 949-491-8235

MAMO@mzgroup.us