Kandi Technologies Group, Inc. Ordinary Shares - KNDI STOCK NEWS

Kandi Technologies Group (KNDI) announced a stock repurchase program authorized by its Board of Directors, allowing for the repurchase of up to $20 million in common stock. This initiative aims to utilize excess cash and leverage the perceived undervaluation of the company in the market. The buyback will commence on December 10, 2021, and is expected to conclude by the end of 2022, with updates provided through Form 10-K or Form 10-Q filings. The program is flexible and depends on market conditions, allowing for discretion in the timing and amount of repurchased shares.

Kandi America, the U.S. subsidiary of Kandi Technologies Group (NASDAQ: KNDI), has launched its first all-electric off-road UTV, the K32. With two versions priced at $27,699 and $34,499, the K32 offers a range of up to 60 miles for the standard version and 150 miles for the long-range model. Kandi aims to enhance the off-road recreational vehicle market by utilizing its EV technology. Deliveries are expected to start in Q1 2022 through a dealer network with financing options available.

Kandi Technologies Group reported a 10.3% decline in Q3 2021 revenues, totaling $16.8 million, down from $18.7 million in Q3 2020. The company experienced a net loss of $7.9 million per share, compared to a loss of $1.5 million last year. Electric vehicle parts revenue fell significantly, while e-Scooter sales surged nearly 600%. Working capital remains strong at $289 million, with a cash balance of $211 million. Management anticipates a gradual recovery in the EV market, impacted by ongoing supply chain constraints.

Kandi Technologies Group (KNDI) will announce its third quarter 2021 financial results on November 9, 2021, before the U.S. market opens. A conference call is scheduled for the same day at 8:00 A.M. ET, providing a platform for management to present financial insights and engage in a Q&A session. Investors can join the call using the provided dial-in numbers or via the webcast link. The company specializes in manufacturing electric vehicle parts and off-road vehicles, operating primarily through its subsidiary in China.

Kandi Technologies Group, Inc. (KNDI) has announced it received the final payment of RMB 308 million (approximately $47.3 million) from Geely for the sale of its 22% equity in Fengsheng Automotive Technologies. The first installment was received upon local authority approval, with the second installment expected within six months. This cash infusion strengthens Kandi's financial position, allowing it to pursue strategic opportunities without competitive conflicts following the exit from Fengsheng. The company expresses optimism about its prospects due to its financial and technological strengths.

Kandi Technologies Group (KNDI) reported strong financial results for Q2 2021, with revenues of approximately $30 million, marking a 54% increase year-over-year. The net income soared to around $41 million ($0.54 per diluted share), reflecting a remarkable 900% growth compared to the prior year. Key highlights include a robust working capital of approximately $300 million and cash reserves totaling $202.4 million. The growth was primarily driven by the sales of electric scooters and associated products, showcasing success in the post-pandemic market adaptation.

Kandi Technologies Group, Inc. (KNDI) will report its second quarter 2021 financial results on August 9, 2021, before the U.S. stock market opens. A conference call is scheduled for the same day at 8:00 A.M. Eastern Time, where management will present remarks followed by a Q&A session. Investors can access the call via a toll-free number or through a live webcast on Kandi's Investor Relations page. The company is well-established in manufacturing electric vehicle parts and off-road vehicles, operating through its subsidiaries in China and the U.S.

Kandi Technologies Group, Inc. (KNDI) announced the acquisition of Jiangxi Province Huiyi New Energy Co., Ltd., a leading producer of lithium-ion rechargeable cells, as part of its battery cell business expansion. The acquisition, valued at RMB 50 million (approximately $7.7 million), enhances Kandi's vertical integration strategy in electric vehicles. Jiangxi Huiyi produces around 90 million 18650 cells annually and is projected to achieve net profits of RMB 15 million in 2021, potentially reaching RMB 100 million by 2025 with Kandi's support. The deal is set to close within thirty business days.

Kandi America, the U.S. subsidiary of Kandi Technologies Group (NASDAQ: KNDI), has partnered with Synchrony to offer retail financing on its Neighborhood Electric Vehicles (NEVs) and Powersports vehicles. Starting July 1, 2021, customers can access financing options with terms of up to 72 months for NEVs and 84 months for Powersports, at an APR as low as 2.99%. This agreement aims to improve vehicle accessibility for customers, while Kandi also collaborates with Wells Fargo and Northpoint for inventory financing to enhance dealer operations and expand market presence.