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

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.

Kandi America, the U.S. subsidiary of Kandi Technologies Group (NASDAQ: KNDI), is expanding its automotive operations into the Neighborhood Electric Vehicle (NEV) market with the launch of the NEV K23 and NEV K27 models. Priced at $22,499 and $15,499, respectively, both models meet Federal Motor Vehicle Safety Standards and include key safety features like seatbelts and airbags. As demand for NEVs grows, the company aims to fill a gap in the market that prioritizes modern technology and driver safety. Tax incentives for these vehicles vary by state.

Kandi Technologies Group (KNDI) has announced its exit from Fengsheng Automotive Technologies, transferring its 22% equity interest to Geely for approximately $47.3 million. This decision follows substantial losses incurred by Fengsheng under Geely's control. The ownership transfer, recorded on March 9, 2021, allows Kandi to move forward without non-compete obligations, enabling a stronger focus on electric vehicle opportunities in China. Mr. Hu Xiaoming emphasized that this strategic move aims to eliminate losses impacting Kandi's performance.

Kandi America, a subsidiary of Kandi Technologies Group (NASDAQ: KNDI), is relocating its corporate headquarters from Garland, Texas, to a new 54,372-square-foot facility at 8050 Forest Lane. This strategic move, expected to be completed in April, includes space for corporate offices, a showroom, and a distribution center for electric vehicles. CEO Johnny Tai emphasized that this investment underlines Kandi's commitment to the U.S. market and its growth strategy in electric vehicles and powersports. Further details on their long-term plans will be shared soon.

Kandi Technologies Group, Inc. (KNDI) announced a contract for the sale of 3,000 K23 electric cars to Zhejiang Ruiheng Technology Company, marking a significant step in its rideshare development program aimed at delivering 300,000 government-accredited EVs within five years. This contract follows a successful trial in Shaoxing, showcasing the commitment of Kandi and its partners. The K23 model features a proprietary battery swap system designed to alleviate range anxiety, extending operating times and efficiency for rideshare operators.