Kandi Technologies Group, Inc. - KNDI STOCK NEWS

Kandi Technologies (NASDAQ: KNDI) and CBAK Energy Technology have announced a strategic partnership to establish two lithium battery production facilities in the United States. The initiative includes:

- A near-term battery pack assembly facility (90% Kandi-owned)
- A long-term battery cell manufacturing facility (90% CBAK-owned)

The partnership aims to serve the growing North American off-road vehicle market, valued at $16.7 billion in 2024 and projected to reach $25.0 billion by 2030. The collaboration will develop high-energy density battery systems for UTVs, golf carts, and other off-road vehicles. Initially, CBAK will supply battery cells from overseas production, transitioning to U.S.-based manufacturing when conditions are favorable. The strategy aligns with U.S. Inflation Reduction Act (IRA) clean energy incentives and aims to enhance supply chain resilience.

Kandi Technologies Group (NASDAQ: KNDI) has announced that its Hainan facility has received certification as a National Green Factory from China's Ministry of Industry and Information Technology for 2024, accompanied by a RMB 2 million (US$ 0.27 million) government award.

The facility operates under multiple international certifications, including ISO-9001, ISO-50001, ISO-14001, and ISO-45001, demonstrating excellence in quality, energy, environmental, and safety management. The certification aligns with China's 14th Five-Year Plan and carbon neutrality goals.

Additionally, the Hainan facility was recognized as a 'Jing Ying Xing Dong' seed enterprise by the Hainan Provincial Department of Science and Technology, receiving a RMB 3 million (US$ 0.41 million) grant. The facility was also designated as a Specialized and Sophisticated SME by the Hainan Provincial Department of Industry and Information Technology.

Argus Research has initiated coverage on Kandi Technologies Group (KNDI), highlighting the company's successful pivot to off-road electric vehicles, including golf carts, UTVs, and ATVs. The company recently launched a -edition collaboration with Lowe's featuring NFL branding in fall 2024.

The company has a customizable vehicle portfolio with over 20 models and is establishing new manufacturing facilities in the US and Taiwan to mitigate Chinese tariff impacts. In October 2024, KNDI announced a 5-year growth forecast through 2029, including plans to invest $130 million in US production lines for off-road vehicles and battery swap technologies.

Under new CEO Feng Chen's leadership, appointed in October 2024, KNDI maintains a strong financial position with $260 million in cash, restricted cash, and investments as of September 30, 2024. Argus Research sets a fair value of $7.00 per share, noting that KNDI currently trades below its balance sheet cash value.

Kandi Technologies Group (NASDAQ GS: KNDI) has appointed Bin Yu as CEO of SC Autosports, its U.S. subsidiary. Yu brings over 20 years of corporate management experience from multinational corporations, with expertise in product lifecycle management, R&D, and marketing. Prior to joining Kandi, Yu held leadership positions at BoulderAI Technologies, Huawei Enterprise Network, and Cisco Systems. He holds a Master's in Computer Engineering from UCLA and an MBA from the University of Hong Kong. Johnny Tai, the former CEO, will transition to Vice President, focusing on expanding the company's dealer network.

Kandi Technologies reported Q3 2024 financial results with revenues of $29.9 million, down 17.8% from Q3 2023. Nine-month revenues reached $89.8 million, declining 5.7% year-over-year. Off-road vehicles remained the core revenue driver, contributing $27.5 million in Q3. The company reported a nine-month net loss of $1.8 million ($0.02 per share), compared to net income of $6.3 million in 2023. The company maintains a strong financial position with $260 million in liquid assets. New management has developed a 2025-2029 growth plan, including plans for U.S.-based production facilities and expansion into smart mobility and battery-swapping markets.

Kandi Technologies (NASDAQ: KNDI) has scheduled its third quarter 2024 financial results announcement for Monday, November 18, 2024. The company will host a conference call and live webcast at 8:00 A.M. Eastern Time (9:00 P.M. Beijing Time) on the same day. The event will include management's prepared remarks followed by a Q&A session. Participants can join via toll-free number (+1-877-407-3982), international dial-in (+1-201-493-6780), or access the webcast through the company's website.

Kandi Technologies Group, Inc. (NASDAQ: KNDI) announced major corporate decisions and a new growth plan for 2025-2029. Key points include:

1. Leadership changes: Dr. Xueqin Dong appointed as Chairman, Mr. Feng Chen as new CEO.

2. Planned acquisition of Hangzhou Honghu Zhixing Technology to expand in smart mobility solutions.

3. Potential IPO of Kandi America subsidiary.

4. Focus on expanding all-electric off-road vehicles and lithium battery production in North America, Europe, and Southeast Asia.

5. Projected annual production and sales for 2025-2029, including off-road electric vehicles, lithium battery manufacturing, and battery swapping equipment.

6. Plans to invest $100 million in a U.S. lithium battery facility and $30 million in a U.S. production line for all-terrain vehicles.

Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) has announced the availability of its products on Academy Sports + Outdoors' online store. This partnership expands Kandi's distribution network, providing broader access to its all-electric personal transportation and utility vehicles. Academy Sports + Outdoors, a major U.S. sporting goods retailer, will now offer Kandi's range of golf carts and recreational vehicles through its online platform.

This collaboration is expected to increase visibility and drive customer engagement for Kandi, reflecting the company's commitment to offering eco-friendly vehicles for outdoor adventures. Dr. Xueqin Dong, CEO of Kandi Technologies Group, emphasized the importance of this partnership in reaching a wider audience of outdoor enthusiasts and providing more customers with access to their sustainable vehicles.

Kandi Technologies reported Q2 2024 financial results with total revenues increasing to $39.1 million, up 8.9% year-over-year. The company's off-road vehicle segment was the primary revenue driver, growing 11.3% to $34.7 million. Net income was $1.6 million, or $0.02 per diluted share, compared to $4.4 million in Q2 2023. Kandi maintained a strong financial position with $220 million in cash and equivalents.

The company expanded its product lineup, launching officially licensed NFL-branded golf carts exclusively at Lowe's and introducing ultra-high capacity AA batteries in the U.S. market. Kandi also achieved EEC certification for its 10K all-electric UTV, enabling entry into the EU market. The company continued its share repurchase program, buying back 673,896 shares at an average price of $2.25 during Q2.