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Kandi Technologies Group, Inc. (NASDAQ: KNDI) delivers innovative electric vehicles and battery systems for global markets. This dedicated news hub provides investors and industry observers with verified updates on corporate developments, strategic initiatives, and operational milestones.
Access real-time press releases covering earnings announcements, product launches, and partnership agreements. Our curated collection simplifies tracking KNDI's progress in EV manufacturing, off-road vehicle innovations, and battery technology advancements. Key updates include regulatory filings, executive insights, and market expansion efforts across the U.S. and China.
Discover comprehensive coverage of KNDI's business activities without promotional bias. All content is sourced from official channels and reputable financial publications. Bookmark this page for efficient monitoring of the company's evolving position in the electric mobility sector.
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.
Kandi Technologies Group, Inc. (KNDI) has unveiled five prototypes of its new K32 Utility Terrain Vehicle (UTV) in Hainan, China. This premium UTV features electric four-wheel-drive propulsion and a fully enclosed cockpit with air conditioning. The K32, designed for excellent off-road performance, boasts a dual-motor system and a gross weight exceeding 5000 lbs. It claims a driving range of over 60 miles. Kandi plans to start sales in the U.S. in 2021, enhancing its position in the electric vehicle market.
Kandi Technologies Group reported a significant Q1 2021 revenue increase of 150.7% year-over-year, totaling $16 million. EV parts sales surged 206% to $6.4 million, while off-road vehicle sales rose 39.2% to $5.6 million. The gross margin improved to 27.3% versus 18.3% in Q1 2020. However, the company experienced a net loss of $6.4 million, mainly due to increased R&D expenses. Working capital stood at $244 million, ensuring a strong financial position for upcoming EV market expansions.
Kandi Technologies Group, Inc. (KNDI) will unveil its first quarter 2021 financial results on May 10, 2021, prior to the U.S. market opening. A conference call with management is planned at 8:00 A.M. ET, featuring prepared remarks followed by a Q&A. Key dial-in options include a toll-free number and international access. Kandi advances its operations in electric vehicle manufacturing through its subsidiaries. It engages in research and development, ensuring a foothold in China's competitive automotive market.
Kandi Technologies Group, Inc. (NASDAQ: KNDI) has successfully completed the relocation of its production and offices from its legacy manufacturing plant in Jinhua, China. As of March 2021, the company vacated the old facility, meeting all stipulated conditions. Subsequent inspection by Economic Zone authorities confirmed compliance, paving the way for Kandi to receive a final payment of RMB 162 million (USD $22.7 million), expected within ten working days. This milestone signifies progress in Kandi's operational transition and potential financial stabilization.
Kandi Technologies Group reported full-year 2020 revenue of $76.9 million, a 43.3% decline from 2019's $135.7 million. Electric Scooters and related parts achieved 160.5% growth, reaching $5.8 million. Operating income remained stable at $0.8 million, while net loss increased to $10.4 million from $7.2 million in 2019. Despite challenges from the COVID-19 pandemic, Kandi is pursuing growth opportunities, particularly in the EV market and ride-sharing services, supported by a $160 million funding boost from recent offerings.
Kandi Technologies Group, Inc. (KNDI) will release its full year 2020 financial results on March 30, 2021, prior to the U.S. stock market opening. A conference call is scheduled for the same day at 8:00 A.M. Eastern Time, where management will present the results followed by a Q&A session. Investors can join the call using provided toll-free and international dial-in numbers. Kandi, based in Jinhua, China, is known for manufacturing electric vehicle parts and off-road vehicles, operating primarily through its subsidiary, Zhejiang Kandi Vehicles Co., Ltd.
