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 Kandi Technolgies Group (NASDAQ:KNDI)

Monday, April 14, 2014

JINHUA, China, April 14, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that Mr. Jing Ma, the Deputy Director of Electric Vehicles Development from the Shanghai Municipal Commission of Economic and Information Technology, Standing Committee member from Shanghai Jinshan District, along with the Vice Mayor of Jinshan District, Mr. Huadi Shen, and other government officials visited Kandi Electric Vehicles (Shanghai) Co., Ltd. ("Kandi Shanghai") to finalize the plan to launch the Public EV Sharing System Pilot Project (the "Project") in Jinshan District of Shanghai.    

Mr. Xiaoming Hu, General Manager of Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", which changed its name at the end of March from Zhejiang Kandi Electric Vehicle Co., Ltd. to Kandi Electric Vehicles Group Co., Ltd with approval from China State Administration of Industry and Commerce), Mr. Jian Yang, Vice Chairman of Geely Automobile Holding Ltd., Mr. Jinliang Liu, Vice President of the JV Company and Mr. Wei Yu, Vice President of the JV Company, and General Manager of Kandi Shanghai together hosted the delegation group.

Mr. Jing Ma and his delegation visited Kandi Shanghai's production base where they test drove two Kandi Brand Pure EVs�the SMA7000BEV and SMA7001BEV models. Mr. Xiaoming Hu and Mr. Jian Yang presented Kandi Shanghai's plan to start the project with the delivery of a targeted 3000-5000 Kandi Brand pure EVs by the end of 2014. Mr. Jing Ma was satisfied with Kandi Shanghai that it had completed the facility construction and launched the scaled production within a short period. He affirmed Kandi's business orientation in applying the pure electric vehicles to public transportation and the government's support for Kandi's vision of bringing the public EV sharing system to Shanghai. Mr. Jing Ma concluded his speech by saying that he will work on including the Project in the government's priority list for the promotion of new energy vehicles in Shanghai in order to provide Kandi with a government policy


Tuesday, March 18, 2014

Fourth Quarter 2013 Financial Results:

  • Revenues rose 92.0% to $50.6 million from $26.3 million in the fourth quarter of 2012. EV sales increased significantly to $40.0 million, a 193.7% jump from the same period last year. During the quarter, the Company sold 3,568 units of pure electronic vehicles.
  • Non-GAAP net income was $4.6 million, up nearly 259% year-over-year from $1.3 million.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies commented, "We are very pleased to deliver an excellent financial performance for 2013, especially a robust Q4 result. As we have predicted in the past that 2013 was truly a breakthrough year for Kandi and our shareholders. The newly launched Public EV Sharing System in Hangzhou has been well received and highly recognized by our customers and various local governments as another innovative EV business model by Kandi. This EV sharing project was featured in the various national and international media outlets, such as China Central Television (CCTV), Associated Press (AP) and Bloomberg. During the year, we have formed and completed a strategic EV joint venture with Geely Auto which has already produced a profound impact on improving and expanding our EV business by a better consolidation of brands, resources and expertise to gain more market shares in China's pure EV sector."

"With the newly unveiled EV subsidy policy in China, many of our pending EV orders have begun to be fulfilled during the fourth quarter in which we sold 3,568 units. For full year 2013, we achieved our expectations for revenue growth, including that almost 50% of total revenue came from EV sales. We expect this growth momentum will carry well into 2014. Together with JV partner, Geeley Auto, we now have three full-scale specialized EV production facilities, located in Shanghai, Changxing and Jinhua, which enable us to meet the strong market demand for electric vehicles in coming years."

"It is noteworthy that Kandi was upgraded for the NASDAQ Global Select Market in the beginning of this year, which is another indication of our hard work to maximize shareholders' value. We look forward to another stellar year in 2014 as Kandi continues to expand our EV sharing business in our existing markets as well as other major cities in China. " Mr. Hu concluded.


Wednesday, January 8, 2014

JINHUA, China, Jan. 7, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its stock has been upgraded to trade on NASDAQ's highest-tiered trading platform, the NASDAQ Global Select Market, starting January 2nd, 2014. Listing on the NASDAQ Global Select Market is designed for companies that meet the highest quantitative and qualitative listing standards, reflecting their demonstrated commitments to leadership and good governance.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are honored to have qualified for the NASDAQ Global Select Market. This achievement has demonstrated Kandi's development of becoming China's leading EV provider and indicated our commitment to maximize our long term shareholder value. We believe inclusion in this top tier of companies, reflects the Company's continuous dedication to the highest financial standards, communication transparency and corporate governance practices."


Thursday, November 14, 2013

Third Quarter 2013 Financial Results:

  • Revenue for the third quarter was $17.15 million, an increase of 34.3% year-over-year from $12.77 million last year
  • NET (LOSS) INCOME PER SHARE, BASIC and DILUTED was $(0.21) vs last years third quarterly earnings of $0.02

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We had a very busy and productive third quarter and were excited about Kandi's several achievements. At the end of July, the Public EV Sharing System in Hangzhou was launched. The first pure EV smart vertical parking and charging facility started its operation and we delivered the first 100 pure EVs for the trial operation of the system. Due to the attack of a typhoon in the Hangzhou area, the system is a bit behind schedule, and as of today, there are two parking/charging facilities completed and in use. There are 30 locations already chosen for building the facilities, of which 18 locations have begun construction. Additionally, Kandi established the new wholly owned subsidiary in Changxing and completed its ownership transfer to the JV Company."

"Given that the long awaited government subsidy policy for EVs is finally in place, we expect that sales of EVs will surge in the next few quarters, especially as the Public EV Sharing Project has progressed well. The trial operation of the Project has been going smoothly and the customers' feedbacks are positive. We remain optimistic about this business model of EV sharing for public transportation and believe it will greatly improve the efficiency of urban transportation and help ease major urban issues in China. We look forward to expanding this concept of public EV sharing into new regions in the near future." concluded by Mr. Hu.


Monday, November 11, 2013

JINHUA, China, Nov. 11, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that the first group of 200 Kandi Brand JL7001BEV four-passenger pure electric sedan vehicles are soon to be delivered to the public EV sharing system in Hangzhou (the "Project"). This delivery is to meet the market demand for the four-passenger pure EVs in addition to the two-passenger pure EVs currently used for the Project.

In the preparation of the delivery of the four-passenger EVs to the market, on November 10th, 2013, the officials from Department of Motor Vehicles ("DMV") of Hangzhou visited Kandi's facility in Jinhua to inspect the vehicles and completed these new vehicles license process.  

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "it is very exciting that the four-passenger pure electric sedan vehicles will be released to Hangzhou public EV sharing system shortly and they will increase the variety for the customers' selection. We believe four-passenger pure electric sedan vehicles will further satisfy the customers' needs and accelerate the progress of public EV sharing system in Hangzhou." 


Thursday, September 19, 2013

JINHUA, China, Sept. 19, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that the Chinese government finally unveiled its long anticipated subsidy policy for new energy vehicles upon the approval by the State Council. On September 17, 2013, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and the National Development and Reform Commission (the "Four Ministries") jointly issued Notice No. 551 of 2013, titling "Regarding the Continuous Promotion and Application of New-Energy Vehicles for the years from 2013 to 2015" (the "Notice").

The subsidiary policy, which covers the pure electric vehicles, plug-in hybrid electric vehicles and fuel cell battery vehicles, aims to increase the efforts on promotion of new energy vehicle procurement with government agencies, public organizations and public transportation areas. According to the Notice, the central government will provide, based on certain technical requirement, up to RMB 60,000 (approximately USD 9,800) for the purchase of an all-electric passenger vehicle and up to RMB 500,000 (approximately USD 81,700) for the purchase of an electric bus. The subsidy payments will be distributed to the manufacturers on a quarterly basis in advance and the subsidies will then be paid by the manufacturers directly to the consumers.

The Notice also established the following benchmark requirements for the pilot cities or regions:

  1. From 2013 to 2015, there shall be no less than 10,000 new energy vehicles added cumulatively in each Large Pilot City or Region, and no less than 5,000 new energy vehicles added cumulatively in each of other cities or regions;
     
  2. No less than 30% of these new energy vehicles shall be non-local brands.  The local government shall not set barriers or disguised restrictions for vehicles from other regions.
     
  3. The vehicle procurements by the government agencies and public organizations shall favor new energy vehicles. For new or replacement public transportation vehicles, government agency vehicles, logistic vehicles and waste management vehicles, no less than 30% of them shall be new energy vehicles.  
     
  4. The local government shall have issued specific policies and measures of vehicle purchase, public transportation operation, supporting infrastructure construction, and other aspects for new energy vehicles;
     
  5. The pilot cities are subject to an annual inspection and evaluation. Pilot cities, which fail to complete the annual promotion objectives, will be eliminated from the subsidy program.

Any city that meets the requirements above can apply to become a pilot city and qualify to receive the subsidies. This policy will expand the geographic areas for the promotion of new energy vehicle in China. Before October 15, 2013, all interested city shall prepare a detailed new energy vehicle promotion implementation plan and submit it to the Four Ministries for their evaluation and final approval to be on  the pilot city list.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi, commented, "We are really excited about this long awaited government subsidy policy. The subsidy for the new energy vehicles will be directly distributed to the manufacturers from the central government, which will improve the transparency in the market competition. Furthermore, the pure electric vehicle is still the main focus in the policy, which will be very beneficial to a variety of Kandi's pure EV projects. We believe the cities that are currently implementing mini-public transportation EV sharing systems will be qualified as pilot cities for the subsidies. Kandi will update the market accordingly when these cities receive the approvals of their applications."


Wednesday, August 14, 2013

Second quarter  2013 Financial Results

  • Revenue for the second quarter grew 9.9% to $12.2 million from $11.1 million last year and revenue in the first half grew 5.5% to $26.8 million from $25.4 as compared to the period the year before;
  • Gross margin for the second quarter increased to 23.1% from 16.2% compared to the second quarter of 2012. Gross margin for the first half increased to 23.0% compared to 20.2% for the first half of 2012;
  • NET (LOSS) INCOME PER SHARE, BASIC AND DILUTED was a loss of $(0.03) vs. last years gain of $0.03. 

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are very satisfied with solid quarterly financial results, our strong sales of ATV & Go-kart and gross margin improvement over the quarter. Kandi has achieved a great progress in various EV projects, such as the government approval for the first Kandi-Geely co-developed pure electric sedan 'JL7001BEV', and the construction of the first pure EV smart vertical parking and charging facility for the initial launch of Hangzhou public EV sharing system. The Company recently successfully delivered the first 100 Kandi-Geely Co-developed Pure EVs. Additionally, we completed China's First Full Scale Production and Assembly Line Specialized for Pure EV. These have provided the foundation for the deployment of more EVs in the second half of 2013."

"Given the challenging capital market environment, Kandi was proud to raise $26.4 million through a registered direct placement at the end of June. This will allow us to accelerate our market penetration in various EV projects and different regional markets. In light of our partnership with Geely Auto (Hong Kong Stock Exchange: 175) so far, we have built a strong cooperative team together to develop China's new growth trends for the pure EV sector. We remain optimistic about our business and growth this year. " Mr. Hu concluded.


Friday, July 26, 2013

JINHUA, China, July 26, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that the first 100 Kandi-Geely co-developed Pure EVs were delivered for the official launch of the public EV sharing system in Hangzhou City. The first pure EV smart vertical parking and charging facility was recently completed on schedule and started its trial operation. As previously announced, Hangzhou City has laid out an ambitious five-year plan to establish a mini-public transportation system which will include up to 100,000 self-serving rental EVs and all necessary service infrastructure, such as pure EV smart vertical parking and charging facilities, throughout Hangzhou City. 

(To view an image, please visit http://orders.newsfilecorp.com/files/2079/6180_kandi_2.jpg)

Since the initial announcement in June, the planned pure EV sharing system has been well received by Hangzhou consumers as well as local political leaders. Ms. Lihua Wang, the Party Secretary of Xihu District, Hangzhou City along with her government delegation visited the first pure EV smart vertical parking and charging facility located in Gudang Technology Park on July 24th to inspect the initial operation to ensure the successful execution of the Hangzhou public EV sharing system.

During the visit, Mr. Xiaoming Hu, the Chairman of Kandi & the General Manager of Zhejiang Kandi Electric Vehicles Co, Ltd. (the "JV Company"), Mr. Jinliang Liu, the Vice President of Geely Auto Holding Group (the "Geely") and the Vice President of Sales & Marketing for the JV Company, and other core team members expressed the appreciation for the visit and the unwavering support from the local government. Mr. Hu and Mr. Liu provided to the delegation a detailed overview on the scope of work for the Hangzhou public EV sharing system and the advantages this project will bring to the city environment and its citizens' commutes.

The Party Secretary Ms. Wang was very satisfied with the progress Kandi has achieved and said in her remarks at the end of her tour, "To establish a mini-public transportation system by using pure EVs greatly enhanced our citizen's convenience for efficient transportation. It is also a giant step forward in terms of improving the urban transportation and the environment. We will continue to provide all government support to Kandi in order to complete the delivery of 5,000~10,000 Kandi pure EVs in Hangzhou City within the next year. We are aiming to establish Xihu District as a national model to implement the public EV sharing system."


Monday, July 15, 2013
JINHUA, China, July 15, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc.(the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced at the 2013 China (Hangzhou) International Green Vehicle Industry Expo, Kandi showcased several models of its electric vehicles for the mini-public transportation system which will be launched by Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ('ZZY EV Service Company'). Kandi's electric vehicles were highly recognized by the audience at the show. The visitors & citizens are very looking forward to the new mini public transportation system of pure electric vehicles in the city and believe the new system will improve the efficiency of urban transportation, and help ease traffic congestion, scarcity of parking, and environmental pollution. The new mini-public transportation by EVs has become a hot topic in Hangzhou city and brings a storm of new energy vehicle discussion in the city. (To view an image of the electric vehicles, please visit: http://orders.newsfilecorp.com/files/2079/6037_nr_enlarged.jpg) The first pure EV smart vertical parking and charging facility at Gudang Technology Park of Xihu District, invested and built by ZZY EV Service Company has been completed and will start in operation soon. The additional pure EV smart vertical parking and charging facilities and network are in the process orderly. ZZY EV Service Company anticipates to deploy 5,000-10,000 Kandi brand pure EVs in Hangzhou City within one year from now.

Monday, June 17, 2013

JINHUA, China, June 17, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc.(the 'Company' or 'Kandi'), today announced, on June 8th, 2013, Hangzhou City started the construction of its first pure electric vehicle (the "EV") smart vertical parking and charging facility in Gudang Technology Park of Xihu District to advance its planned five-year goal of establishing a mini-public transportation system which will include up to 100,000 self-serving rental EVs and all necessary service infrastructure throughout Hangzhou. The first facility is anticipated to be completed and in use in early July of 2013. According to the project plan, over 30 pure EV smart vertical parking and charging facilities (including additional EV sharing service network) will be built by the end of this year in Hangzhou City and 5,000 to 10,000 Kandi pure EVs will be deployed in Hangzhou within one year from the initial launch of the smart vertical parking and charging facility. 

Mr. Hu Xiaoming, Chairman & CEO of Kandi and General Manager of Zhejiang Kandi ElectricVehicles Co., Ltd. (the "JV Company") commented, "The implementation of the Pure EV Sharing Public Transportation Plan will provide convenient short-term EV rental service to Hangzhou citizens and visitors, and it also builds the foundation for establishing a mini-public transportation system of pure electric vehicles. With more pure EV smart parking and charging facilities built and in use, it will greatly improve the efficiency of urban transportation and help easing major urban issues many Chinese cities are facing today, such as traffic congestion, scarcity of parking area, environmental pollution and energy shortage."

Since Kandi proposed the new business model of pure EV sharing for public transportation, it has been very well received by many cities in China. In addition to Hangzhou, Shanghai City, Chengdu City, Jiangsu area, and Hainan area are also actively pursuing to adapt to this new mini-transportation model in their areas. It is very likely that, in coming year, these cities will begin building of pure EV smart parking and charging facilities. Kandi plans to expand into these new markets when the local supporting infrastructures are ready.


Wednesday, June 5, 2013

JINHUA, China, June 5, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that JL7001BEV, the first pure electric sedan jointly developed by Kandi and Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely"), has been approved by Ministry of Industry and Information Technology of the People's Republic of China ("MIIT").

According to No. 27 public announcement of MIIT, Kandi Brand/JL7001BEV model is among the latest vehicles on the lists of "Approved Vehicles (No. 248)" and "Recommended Models for Energy Saving & New Energy Vehicle Demonstration and Promotion in China (No. 45)". As a result of this approval, the purchaser of such pure electric sedan will now be qualified to receive all levels of national and local subsidies and incentives for EVs.

Mr. Hu Xiaoming, Chairman & CEO of Kandi commented, "Given the MIIT's latest approval, Kandi and Geely have accomplished a significant progress in their cooperation. We will take advantage of the strength, resources and expertise of both Kandi and Geely to achieve a greater success in manufacturing, R&D and sales of the EV in China."


Tuesday, May 14, 2013

First Quarter 2013 Results

  • Revenues grew 2.1% to $14.67 million from $14.36 million last year;
  • EPS for the first quarter 2013 were $0.07 vs $0.08 in prior year.

Mr. Xiaoming Hu, Chairman and CEO of the Company commented, "The first quarter has been our slowest quarter due to the Chinese New Year Holiday. However, we are still pretty happy about our steady financial results. As we anticipate that 2013 will be Kandi's breakout year, we have successfully started our expansion plan in Shandong and Hainan, as well as enhanced our brand and profile via a joint venture with Geely Auto. We are confident that our efforts will help Kandi's leadership position in the emerging EV market."

"Given our new manufacturing facility in Changxing with full scale production and assembly line, coupled with Geely's experienced operation and marketing team, Kandi will assure its continuous success as China's leading pure EV provider," Mr. Hu concluded


Friday, April 26, 2013

JINHUA, China, April 26, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that on April 23, 2013, Kandi Electric Vehicles (Wanning) Co., Ltd. ('Kandi Wanning'), incorporated and capitalized by Kandi's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ('Kandi Vehicles') has officially been approved by the local government agency and established in Wanning City of Hainan Province.

Kandi Wanning anticipates achieving the annual capacity of 100,000 units of EV key components and parts for its first phase (the 'Project') within two years. Upon the completion of the Project, Kandi Wanning will be transferred to and become a wholly owned subsidiary of Zhejiang Kandi Electric Vehicles Co., Ltd., the joint venture company that will be established by Kandi and Geely Auto.

Mr. Xiaoming Hu, Chairman and the Chief Executive Officer of Kandi, remarked, "The establishment of Kandi Electric Vehicles (Wanning) Co., Ltd. has demonstrated local government's strong support for Kandi's pure EV entering Hainan Market. Therefore, we are confident that Kandi will achieve a great success in Hainan's EV market and gain a firm foundation to become the leader in the EV market in China."


Friday, April 19, 2013

Jinhua, China, April 19, 2013 (GLOBE NEWSWIRE) -- Kaddish Technologies Group, Inc. (the 'Company' or 'Kaddish') (KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EPS) and all-terrain vehicles (ATVs), today announced that on April 12, 2013, Kaddish Electric Vehicles (Weaving) Co., Ltd. ('Kaddish Weaving'), incorporated and capitalized by Kandi's wholly owned subsidiary, Zhejiang Kaddish Vehicles Co., Ltd. ('Kaddish Vehicles') has officially been approved by the local government agency and established in Weaving Binhai Economic Development Zone of Shandong Province.

Kaddish Weaving anticipates achieving the annual capacity of 100,000 units of EV key components and parts for its first phase (the 'Project') within two years. Upon the completion of the Project, Kaddish Weaving will be transferred to and become a wholly owned subsidiary of Zhejiang Kaddish Electric Vehicles Co., Ltd., the joint venture company that will be established by Kaddish and Geely Auto.

Mr. Xiaoming Hu, Chairman and the Chief Executive Officer of Kaddish, remarked, "The establishment of Kaddish Electric Vehicles (Weaving) Co., Ltd. has demonstrated local government's strong support for Kandi's pure EV entering Shandong Market. Therefore, Kaddish has full confidence that it will achieve success in the EV market in Shandong and it will provide a firm foundation for Kaddish to become the leader in the EV market in China."


Thursday, April 4, 2013

JINHUA, China, April 3, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), announced today that its wholly owned subsidiary Kandi Electric Vehicles (Changxing) Co., Ltd. ("Kandi Changxing") has completed a full scale pure EV production and assembly line in the Changxing Economic Development Zone of Zhejiang Province and started production. It is the first full scale production and assembly line specialized for pure EVs in China, which includes all major manufacturing processes for general assembly of EVs. The annual production capacity for the first phase is expected to reach 100,000 units. The completion for production of this project will not only increase Kandi's current production capacity for pure EVs, but also accelerate the EV's industrialization process.

The leaders and representatives from National Energy Vehicles Key Project Office, Economic and Information Commission of Zhejiang Province, Huzhou Municipal City and ChangXing County attended the completion for production ceremony and delivered speeches on the success of the production line at Kandi Changxing.

This new production line combines the advanced production equipment and manufacturing technologies. It also integrates the robust manufacturing concepts and experiences of Kandi technologies and its JV partner, Geely Auto. Through its scientific management of planning, production, logistics, and quality assurance, it brings the EV production to a generalized, standardized and lightweight-aimed process which leads to be more efficiency, more accuracy, as well as more environmental friendly.

Mr. Hu Xiaoming, Chairman of Kandi remarked, "With the unprecedented enthusiasm and unwavering support from all levels of government leaders, Kandi Changxing will take full advantage of the technology strengths and expertise of Kandi/Geely Auto in the EV area to develop pure electric vehicles that consumers can afford to buy and drive while adopting practical business models to provide reliable and convenient services to our customers. Carrying the great expectation as well as the social responsibility, we are confident that Kandi will contribute its part in building the green economy in China."

Mr. Yang jian, Vice Chairman of Geely Automobile Holdings Limited congratulates the completion of this new production and assembly line and commented, "We have full confidence with our partnership with Kandi to further expand in the electric vehicle market. With years of exploration, Geely has accumulated rich experience and technological reserves in R&D and marketing of electric vehicles. We believe that the pure electric vehicle industry will witness a great prospect of remarkable growth in the future".


Monday, April 1, 2013

Fourth Quarter 2012 Results

  • Revenues rose significantly: 131.2% to $26.3 million from $11.4 million in the same period last year
  • Gross profit increased 82.8% to $4.5 million compared to $2.5 million in the fourth quarter of 2011
  • GAAP net income increased to $2.2 million from a net loss of $829,831 for the same period of last year
  • GAAP EPS for the fourth quarter were $0.07 vs a loss of $0.03

"We are very pleased about the fourth quarter of 2012 and full year financial results. While our legacy business experienced solid growth, EV sales have achieved a significant growth in both unit sales and revenue contributions." Mr. Xiaoming Hu, Chief Executive Officer and Chairman of Kandi Technologies commented, "2012 was a breakout year for Kandi, we not only launched China's largest EV leasing program in Hangzhou, but also have negotiated new EV expansion plans in the Shandong and Hainan markets. Kandi is now even better prepared for the increasing EV demand from Chinese consumers and well positioned to benefit from further government initiatives to promote electric vehicles in China."

"We remain confident about the future growth of our EV and legacy business. With our recent joint venture partnership with Geely Auto, we expect to become a more fully integrated provider of pure electric vehicles to escalate our market position," concluded by Mr. Hu.


Wednesday, November 14, 2012

Third Quarter 2012 Results

  • Revenue for the third quarter grew 23.8% year-over-year to $12.77 million from $10.31 million last year. ATV sales grew 66.0% to $1.73 million and EV sales grew 83.8% to $2.78 million as compared to the same period of 2011.
  • Non gaap EPS for the third quarterof $0.03 vs $0.03 in prior year period.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are very pleased to report another successful quarter just before the initial launch of our largest EV project in China, Hangzhou's 20,000 EV leasing program. The third quarter demonstrated the balanced growth of both Kandi's legacy businesses, particularly the ATV and Go-cart segment, and the continued strength of our EV business offerings. During the quarter, we achieved robust year-over-year revenue and net income growth. We also have very strong EV sales in Jinhua City and sold 471 EVs in Q3. In coming months, by collaborating closely with State Grid Corporation of China (SGCC), China Aviation Lithium Battery Co., Ltd (CALB), and Hangzhou municipal government, we expect to launch the initial shipment of the first 5000 EVs to CALB for the currently largest pure EV commercialization launch in China -- the 20,000 pure EV leasing program in Hangzhou."

"There is a growing demand in China for clean energy products and solutions at both the national as well as municipal level. Our company is uniquely positioned to capitalize on this trend with our practical EV products and innovative business model which shall strengthen Kandi's market leadership in China."

Outlook
"The recent Letter of Intent we have entered with the government of Weifang Binhai Economic Development Zone of Shandong Province and Wanning city government of Hainan Province will help us effectively expand into new markets and build order backlog for the years to come. We are confident that our business model will be soon replicated in many other markets throughout China given our successful track record, favorable central government policy, support from regional government and our strong alliance with industry partners," concluded Mr. Hu.


Thursday, November 8, 2012

JINHUA, China, Nov. 8, 2012 /PRNewswire/ -- Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') recently received a new order of 100 pure EVs from Hangzhou New Energy Taxi Co. Ltd. which intends to deploy all 100 EVs for its internal and marketing use.

According to signed sales contract, Kandi shall deliver 100 pure EVs, model JNJ6290EV, to Hangzhou New Energy Taxi by the end of 2012. The selling price of each vehicle, without battery, is RMB 39,800 (approximately USD 6375) and total contract amount for the order is RMB 3.98 million (approximately USD 637524) . Kandi will ensure that the electric vehicles meet the strict quality standards and technical parameters of Chinese national and local Government and provide after sales support to the buyer. 

Mr. Jinfeng Ying, Vice President of Kandi Vehicle commented, "We are excited to sign on Hangzhou New Energy Taxi as another important commercial client. The management and employees of Hangzhou New Energy Taxi will enjoy our innovative pure electric vehicles and, at the same time, showcase our product to their customers.  We hope to gain further consumer awareness of the 'Kandi' brand as well as our contribution to help solving the urban traffic and air pollution problems in China."



Monday, November 5, 2012
JINHUA, China, Nov. 5, 2012 /PRNewswire/ -- Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') has recently negotiated, conditional upon approval by the board of directors of the Company, a framework agreement (the 'Framework Agreement') with Wanning city government of Hainan Province, under which Kandi intends to expand into Hainan's pure EV market by establishing and investing in a manufacturing plant that will have the capacity to produce key components and parts for up to 100,000 EVs annually.

Often referred to as "the Hawaii of the Far East," Hainan Province with a population of 7.86 million, is China's largest special economic zone and the only tropical beach destination in China. On January 4, 2010, the State Council designated Hainan as an international tourism island. As a national strategic deployment, China has announced plans to build Hainan Province, by year 2020, into a world-class travel and leisure destination with a strong focus on eco-friendly tourism as well as various Green technology industries. The government plans bode well for the future growth of the manufacture and use of pure electric vehicles in Hainan. Full release.



Monday, October 1, 2012

JINHUA, CHINA--(Marketwire - Oct 1, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ('Kandi Vehicles') has signed the sales contract with China Aviation Lithium Battery (Hangzhou) Co., Ltd. ('CALB Hangzhou') to provide the first 5,000 EVs for the currently largest pure EV commercialization launch in China -- the 20,000 pure EV leasing program in Hangzhou.

According to the letter of intent between Kandi Vehicles and China Aviation Lithium Battery Co., Ltd ('CALB') of July 16th, 2012 for the purpose of promoting the 20,000 pure EV leasing program in Hangzhou, CALB established a wholly owned subsidiary, China Aviation Lithium Battery (Hangzhou) Co., Ltd. in Hangzhou city to specifically facilitate the implementation of the leasing program. CALB Hangzhou will be responsible for the operation of the Hangzhou project. In furtherance of the letter of intent, on September 29th, 2012, Kandi Vehicles and CALB Hangzhou entered into a definitive sales contract and the principal provisions of the contract are as follows: Full release here.


Friday, September 28, 2012

JINHUA, CHINA--(Marketwire - Sep 28, 2012) -  Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that JNJ6290EV, a pure electric passenger vehicle jointly developed by Kandi and Zhejiang Zotye Holding Group Co., Ltd. ("Zoyte"), has been approved by the Chinese Ministry of Industry and Information Technology ("MIIT"). The approval paves the way for Kandi's Pure EVs to meet the requirements for subsidies under the previously announced 20,000 electric vehicle leasing program to be launched in Hangzhou City.

According to No. 45 public announcement of MIIT, JNJ6290EV model is among the latest lists of "Approved Passenger Vehicles (No. 240)" and "Recommended Models for Energy Saving/New Energy Vehicle Demonstration and Promotion in China." As a result of this approval, the purchaser of such pure EVs will now be qualified to receive all levels of national and local subsidies and incentives for EVs. Full release here.


Tuesday, August 14, 2012

Second Quarter 2012 Results

  • Revenues for the second quarter 2012 were $11.1 vs. $10.1 in prior year period.
  • GAAP net income in the second quarter was $3.29 million, or $0.11per diluted share, compared to a net income of $9.56 million, or $0.33 per diluted share, in the same period last year.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are delighted that we solidly grew our revenue and generated significant cash from operations. The sales of ATV and Go-kart will continue with the high growth. The EV sales have begun to boost as the strong government support and our brand and technologies of pure EV started to be introduced in many cities throughout China."

"We are very excited by the growing momentum for EV demand and continue to see strong growth from ATV and go-kart sales. We will continue to work diligently with the regional government and industry partners to expand our EV sales distribution and network. With the official launch of Hangzhou 20,000 pure EV rental program and other cooperative letter of intent we have signed recently, we are confident about the future growth of our EVs and becoming the leader in this market," Mr. Hu concluded.


Monday, August 13, 2012

JINHUA, CHINA--(Marketwire - Aug 13, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQKNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") has signed a Cooperative Framework Agreement for the Promotion of Self-driving Electric Vehicle Rental for Public Transportation in Hangzhou Project ("the Project") with Zhejiang Guoxin Vehicle Leasing Company ("Guoxin Leasing") at the Energy Saving and New Energy Vehicle Demonstration and Promotion Forum of China International Green Vehicle Industry Expo (Hangzhou) ("Expo") held by EV Key Project Management Office of Ministry of Science and Technology of China on August 10th, 2012.

The strong support and effort of Zhejiang province and Hangzhou city governments to promote electric vehicle development in scale and establish Hangzhou as a role model city for electric vehicles in China provided this great opportunity to the parties to reach such an agreement.

The main provisions of the framework agreement are as follows:

1. Parties will cooperate according to The Feasibility Study of a Public Transportation Project of 100,000 Self-driving Rental EVs in Five Years in Hangzhou City by Development Research Center of the State Council of China, the China Society Of Automotive Engineers ("SAE") and Zhejiang University. Guoxin Leasing indicates that it intends to purchase Kandi brand EVs for such project. The parties have not established definite terms including price, quantities and time for delivery and these will be established by separate purchase agreements.

2. Parties intend to launch the preparation work for the Project immediately after signing the cooperative framework agreement. Guoxin Leasing will first purchase 200 EVs from Kandi Vehicles to launch the project, and the final terms and time for delivery have yet to be determined.

3. Kandi Vehicles will execute the production schedule based upon Guoxin's order and the requirements of the Project's development and will deliver the products in installments until the Project is completed.

4. At the beginning stage of the Project, Kandi Vehicles will have its technicians staying in Gouxin Leasing to provide timely technical support, repair and maintenance services.

Both Parties agree that they will value each other as a critical business partner and strike to achieve mutual development and maximum economic benefits through the cooperation on EV business.

This cooperative framework agreement is another significant step after Kandi Vehicles signed Cooperative Letter of Intent with China Aviation Lithium Battery Co., Ltd. to Promote 20,000 Pure Electric Vehicles in Hangzhou. If this project can be executed successfully, it will establish a strong foundation to advance the next five years of development for Kandi.


Monday, July 23, 2012

JINHUA, CHINA--(Marketwire - Jul 23, 2012) - Kandi Technology Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), has signed a framework agreement with the government of Weifang Binhai Economic Development Zone ("Weifang Development Zone") in Wei Fang City of Shandong Province, under which Kandi Vehicles intends to invest and establish a project company in the development zone that will have a capacity annually to produce key components and parts for 100,000 EVs (the "Project").

Shandong is the first province in China that commercialized EV and has the biggest EV market in China. Weifang Development Zone (http://www.wfbinhai.gov.cn) is a national level economic and technology development zone and a key automotive industry base approved by the National Development and Reform Commission. It is also the National Priority Area in Shandong Peninsula Blue Economic Zone and the Yellow River Delta Efficient Eco-economic Zone.


Monday, July 16, 2012
JINHUA, CHINA--(Marketwire - Jul 16, 2012) - Kandi Technologies Corp. (the "Company" or "Kandi") (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. signed a cooperative letter of intent ("LOI") with China Aviation Lithium Battery Co., Ltd. ("CALB"), a subsidiary of Aviation Industry Corporation of China ("AVIC") at the Cooperation Forum in Beijing on July 10th, 2012 to promote 20,000 pure electrical vehicles in Hangzhou.  Full release

Monday, April 23, 2012

JINHUA, CHINA--(Marketwire - Apr 23, 2012) - Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), announced today that the intellectual property rights relating to eleven key pure electric vehicle (EV) patents developed and previously personally owned by Mr. Xiaoming Hu, Chairman and CEO of the Company, already have been or are in the process of being transferred to the Company.

The eleven donated patents include:

  • One patent relating to the chassis of electric vehicles equipped with a removable battery module
  • Three patents for EV battery exchange systems
  • One patent for electric vehicle sliding drawer for battery
  • Two patents for automatic electric vehicle charging systems
  • One patent for an automatic EV charging system for a vertical parking facility
  • Two patents for battery storage packs for electric vehicles
  • One patent for quick battery exchange (QBE) battery pack technology

The Company explained that, to date, the State Intellectual Property Office of China (SIPO) has approved the transfer of seven patents from Chairman Hu to Kandi Technologies, while the remaining four patent transfers are still in progress and are expected to be approved by SIPO within the next two months.

Mr. Mingyang Zheng, a Director of Kandi and Chairman of the Compensation Committee, commented, "The Board thanks our Chairman for his generosity in donating these valuable patents to Kandi. As our shareholders are aware, Mr. Hu, prior to founding Kandi, previously headed EV development for Zhejiang Province and is recognized as one of the leading pure EV experts and innovators in China. We are fortunate that this latest contribution contributes importantly to further building the value for all Kandi shareholders. It is also another reflection of his optimism about our company's future success as an EV industry leader."

Mr. Hu added, "I have devoted many years of my professional career to the commercialization of a pure EV solution. With a break-through year ahead of us, I think the timing is perfect for me to contribute all of my personal owned patents to Kandi. My confidence in Kandi's continued leadership in the EV industry is stronger than ever as is my commitment to building long term value for our shareholders."


Friday, March 30, 2012

Full Year and Fourth Quaerter 2011 Results

  • Net revenues for the year ended December 31, 2011 were $40,177,148, compared with $42,880,300 last year, a decline of 6%.
  • GAAP net income in 2011 grew 1058% to $9,114,770 including $5,401,929 of income resulting from the change in fair value of financial instruments compared with a loss of $(951,439) which included $(2,725,987) of loss resulting from the change in fair value of financial instruments in 2010.
  • Diluted GAAP EPS in 2011 was $0.32 per share (28.7 million weighted average diluted shares) as compared with a loss of $(0.04) per share in 2010 (22.2 million weighted average diluted shares).
  • 2011 non-GAAP net income was $4.0 million or $0.14 per diluted share, down 19% from $4.97 million or $0.22 per diluted share on a non-GAAP basis in 2010.
  • Revenues in the 2011 fourth quarter were $11,387,382, down 21% from $14,345,368 in Q4 last year.
  • On a non-GAAP basis, net income in the 2011 fourth quarter was $1,346,907, down 31% from $1,940,413 in last year's final quarter.

The Company noted that its principal focus during the year was to more firmly establish its leadership position in the emerging pure EV market in China and globally, building toward what it believes will be a "breakthrough" year for EV sales in 2012. At the same time, during the year its traditional business continued to buck a still sluggish economic environment. Consequently, while GAAP net income was up sharply for the full year, both revenues and non-GAAP net income were somewhat lower despite a strong rebound in ATV sales and increased sales of pure EVs.


Saturday, December 17, 2011

JINHUA, CHINA--(Marketwire - Nov 14, 2011)Financial Highlights:

  • Third quarter revenues of $10.31 million compared with $10.48 million in the same period last year and grew slightly to $28.79 million in the first nine months of 2011 compared with $28.64 million in the prior year period
  • Gross margins increased 0.3% in the 2011 third quarter and reached 23.4% at the end of nine months, up from 22.8% in the prior year
  • GAAP net income in the third quarter was $0.38 million, or $0.01 per diluted share, compared to a net loss of $1.72 million, or ($0.08) per diluted share, in the same period last year
  • Non-GAAP adjusted net income in the third quarter of 2011, excluding effects from convertible notes, stock awards and the change of the fair value of derivatives was $0.72 million, compared with $1,40 million in the 2010 period, on the same basis.
  • A working capital surplus of $18.94 million was achieved at quarter-end, improved from a reported working capital surplus of $3.04 million as of September 30, 2010
  • Cash, cash equivalents and restricted cash totaled $28.24 million at quarter-end, which equates to $0.98 per fully diluted share, a 12.3% increase from $25.15 million at the end of 2010

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "Despite the decreased sales in some key products, we think we have made great progress in improving our cost management and market expansion. Compared to the same period last year, we achieved modest growth in our EV sales. Since the end of the quarter, on October 12, 2011, the government subsidies for 3,000 Kandi Pure Energy Vehicles were successfully initiated in Jinhua City, in Zhejiang Province, and sales have been very positive. In addition, Kandi Pure Energy Vehicles will soon begin to be sold in Hangzhou City where the government goal is the sale of 20,000 vehicles. We will continue to work closely with the regional government, and effectively expand the sales distribution and network of our EVs in order to further penetrate existing markets. Additionally, we anticipate Kandi Pure Energy Vehicles will be introduced to many mid-large cities throughout China in the near future, which will provide us a strong base for future EV sales in China."

Outlook
"We are confident about the future growth of our EVs and becoming the leader in this market, and that we will be able to meet both domestic and international growing demand for our variety of products," Mr. Hu stated. "In this regard," he added, "we remain optimistic about the growth of our all-terrain vehicles (ATVs) in China. While our existing business and operations remain strong, we will continue to improve our manufacturing capabilities, promote strong alliances, expand capacity, strengthen and accelerate product development, and enhance our management capability in order to realize future fast growth and reach a higher performance level," concluded Mr. Hu.


Monday, August 15, 2011

Second Quarter 2011 Results

  • Revenues increased 2.3%, to $10.1 million, from $9.9 million a year earlier, reflecting continued strong growth in go-kart sales. Sequentially, sales were up 22% compared to the first quarter of 2011
  • Operating income increased to $0.8 million, up 18.4% from $0.7 million in the second quarter of 2010
  • Net income more than tripled to $3.6 million, or $0.13 per diluted share, compared to net income of $1.2 million, or $0.05 per diluted share in the same period last year.
  • The non-GAAP adjusted EPS  was 0.05 as compared to $0.04 the second quarter of 2010
  • Working capital surplus of $23.0 million at quarter-end, improved from working capital surplus of $18.5 million at the end of 2010
  • Cash, cash equivalents and restricted cash totaled $36.1 million at quarter-end, which equates to $1.26 per fully diluted share, a 43.7% increase from $25.2 million at the end of 2010

Kandi continues its progress toward becoming a leader in the pure EV market in China," said Mr. Hu. "Given our strategic relationships and investments, we believe Kandi is well positioned to anticipate growing demand for EVs. That said, we recognize that the organic development of markets for these emerging technologies will take time. As a result, we expect sales to grow modestly over the near term.


Monday, May 16, 2011

First Quarter Results:

  • Revenues increased modestly to $8.3 million from $8.2 million with continued growth in ATV and go-kart sales
  • Operating income increased to $0.8 million, from breakeven operating results in the first quarter of 2010, while gross margin increased by 2.3%
  • Net income totaled $5.9 million, or $0.20 per diluted share, compared to a net loss of $0.2 million, or $0.01 per diluted share in the same period last year.
  • Non-GAAP adjusted net income totaled $0.7 million or $0.03 per diluted share, as compared to $0.6 million or $0.03 per diluted share in the same period 2010, an increase of 9.9%

"We remain excited with the growth from our traditional off-road products as our legacy business continues to recover, and continue our optimism about achieving a leading role in China EV development," said Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies.  "Our pure electric vehicles continue to be a priority as we expand sales of our vehicles inChina, and globally, to meet emerging demand.  In the first quarter, we have showcased our EVs through the newly established showroom in Hangzhou and have started to execute our pilot 'Express Change' model in Jinhua."


Thursday, March 31, 2011

Selected 2010 Financial Highlights:

  • Full year revenues increased 26.8% to $42.9 million (compared with guidance of $40 million) due to continued strength in ATV and Go-kart sales
  • On a non-GAAP basis, which excludes certain warrants, options and convertible notes related charges (see table below), the Company reported 2010 adjusted net income of $5.0 million, up 76% from adjusted net income of $2.8 million, in the same period last year
  • Adjusted EPS was $0.22 vs. $0.13 
  • Operating income increased 41.5% to $3.2 million in 2010, from $2.3 million in 2009
  • Working capital surplus of $18.5 million at the end of 2010, an improvement from a working capital deficit of $12.1 million at the end of 2009
  • Cash and cash equivalents (including restricted cash) totaled $25.1 million at year-end, a significant increase from $5.9 million in 2009
  • Net cash provided by operations was $4.4 million, compared to $(8.5) million in cash used in operations in 2009

Excluding the effects of option-related expenses, convertible notes' interest expense, the effects caused by the amortization of discount on convertible notes, and the change of the fair value of financial derivative, for the three months ended December 31, 2010, the Company recorded adjusted net income of $1.9 million, a slight increase from $1.8 million for the same period of 2009 excluding the same effects or EPS of about $0.08 vs. $0.09.

"We are very pleased to announce increased revenues this past year, especially from our traditional off-road products, as our legacy business returned to more normal conditions with revenues approaching record 2008 levels," said Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies. "This past year marked an exciting time for Kandi as we cultivated our previously announced strategic alliances and joint ventures with some of China's largest energy and battery companies, we received government approval and sold our first EVs in China, while developing pure EV technology and infrastructure that will ultimately change the automotive landscape in China and beyond."


Tuesday, August 17, 2010

In the 2010 second quarter:

  • Revenues reached $9,911,884, up 80.8% compared to $5,481,551 in the same period last year;
  • Net income grew 425.1% to $1,188,767 from $226,373 in last year's second quarter;
  • Non GAAP adjusted net income (excluding non-cash stock option compensation expense) was $1,359,349.

"As reflected in second quarter results," Mr. Hu concluded, "while we are starting to lay a solid foundation for our future growth in the EV space, our management also intends to continuously expand sales in recreational vehicles. We see a further gradual improvement in this market over the remainder of the year and we hope that our legacy business can return to pre global financial crisis normal levels."


Tuesday, May 18, 2010

Mr. Xiaoming Hu, Chairman and CEO of the Company, stated, "The continuing recovery in the world economy as 2010 began, coupled with our efforts to expand the geographic reach of our vehicles helped us achieve strong gains in first quarter sales, led by a sharp increase in sales of our go-karts. Sales also were up in the quarter for our COCO EV. As the year progresses, our goal is to begin to expand domestic sales in China based on the landmark approval we received from the government on April 30, 2010, and when our Alliance plans in Jinhua City advance further."

"The outlook for our Company is brighter than ever," stated Mr. Hu, "with solid progress being made by our Alliance and, with the governmental approval we have obtained, our ability to also begin selling our COCO to domestic consumers. Plans in this regard are being formulated, with a particular focus on fleet sales to government agencies such as the Post Office, which we believe has had a satisfactory experience with the vehicles they were able to purchase from us several months ago."

"Further," Mr. Hu stated, "we continue to see signs of a slow strengthening of economies around the globe which should permit further improvement in sales of our core recreational vehicles. We fully intend to maintain our leadership in this space while pursuing our leadership goal in EVs."