Kandi Technolgies Group (KNDI) research, news, and more from GeoInvesting

Company description

Tue, 29 Apr 2008 04:00:00 GMT

Kandi Technologies, Corp. is a PRC (China)-based vehicle machinery producer, concentrating on three areas of small vehicle production: go-karts, special purpose vehicles and casual purpose vehicles. At present, it is among the leading producers of go-karts in the world, with an estimated 15% share of China's global export market and a goal of doubling this share, in large part by becoming the leading producer of this increasingly popular recreational product in China. Focusing on the country's rapid economic development, the Company also sees an increasing need for transportation vehicles for specific purposes, in particular, mini-size pesticide spraying vehicles and mini-service vehicles. Additionally, the Company produces a wide and growing range of ATVs which it believes represent the highest quality vehicles of this type in China, aimed at the export market as well as the rapidly growing market in the PRC. The Company also is focused on the development of fashionable, energy saving mini-cars. It has produced mini-cars that have completed the trial stage and is now preparing to start mass production. It expects to begin to export these cars to the American market, followed by sales in China when the domestic market is more mature.

(Source: Website)

Comments & Business Outlook

Mon, 17 Jun 2013 04:00:00 GMT

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.

Comments & Business Outlook

Wed, 05 Jun 2013 04:00:00 GMT

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."

Joint Venture

Wed, 15 May 2013 04:00:00 GMT

JINHUA, China, May 10, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that Zhejiang Kandi Electric Vehicles Co, Ltd. (the "JV Company"), a 50/50 joint venture company by Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple"), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely") and Kandi's wholly owned subsidiary Zhejiang Kandi Vehicles Co., Ltd. ("Zhejiang Kandi") was formally incorporated on April 19^th, 2013. The joint venture parties are in the process of applying other necessary permits and licenses for the JV company according to the laws and regulations in China as well as the contrition of registered capitals to the JV company pursuant to the joint venture agreement.

On May 5, 2013, Mr. Li Shufu, the Chairman and Mr. Hu Xiaoming, the General Manager of JV company (Mr. Li is also the Chairman of Geely and Mr. Hu is also the Chairman of Kandi) met and hosted a delegation of government officials from Rugao City (county level) of Nantong Municipal City, Jiangsu Province at Geely's headquarter.

The delegation visited Geely's vehicle production base at Hangzhou Bay and Kandi's Changxing production line for electric vehicles in Changxing city. During the visit, Mr. Jiang Yonghua, the Party Secretary of Rugao City expressed appreciation for this visit arranged by Zhejiang Kandi Electric Vehicles Co, Ltd. and gave high appraises to the electric vehicles of Geely and Kandi. Mr. Jiang also introduced to Mr. Li and Mr. Hu with respect to Rugao's economy and the advantages of developing new energy vehicles in Rugao. Mr. Jiang warmly invited the Chairman and General Manager of the JV company to visit Rugao City and survey its market.

The Chairman and the General Manager of the JV company, Mr. Li Shufu and Mr. Hu Xiaoming introduced to the delegation the proven business model and various pure EV products of the JV company. Nantong Municipal City of Jiangsu Province is one of the first group of new energy vehicle demonstration cities approved by the central government and the pilot operational base for the new energy vehicles in Nantong City is Rugao. The JV company expresses strong interest in electric vehicle development in Rugao and will assign a management team to Rugao City for a visit to further market research at the appropriate time. In addition, the JV company will keep communications with Rugao city government and make efforts to promote electric vehicles of the JV company to enter into Jiangsu province.

Comments & Business Outlook

Tue, 14 May 2013 04:00:00 GMT

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

Comments & Business Outlook

Fri, 26 Apr 2013 04:00:00 GMT

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."

Contract Awards

Tue, 23 Apr 2013 04:00:00 GMT

JINHUA, China, April 23, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced that its wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') has signed a sales contract with Tianjin Sinopoly New Energy Investment Co., Ltd. ('Tianjin Sinopoly'), a subsidiary of Sinopoly Battery Limited ('Sinopoly'), a company listed on Hong Kong Stock Exchanges and Clearing Limited to provide 1,900 EVs which will be a part of the electric vehicle leasing program in Hangzhou City. The total contract price is RMB 75,620,000, approximately USD12,238,226. Tianjin Sinopoly will purchase these 1,900 EVs before the end of 2013.

Separately and previously, in December 2012, Hangzhou Yulong Electric Vehicle Technology Co., Ltd., another subsidiary of Sinopoly, purchased 100 electric vehicles from Kandi Vehicles for RMB3,980,000 (approximately USD 644,095).

Sinopoly recently joined the EV leasing program in Hangzhou City. It will use Kandi's pure EV products to promote its Hangzhou "EV Private Leasing" project.

Mr. Xiaoming Hu, Chairman & CEO of Kandi Technologies Group commented, "We are excited to announce this new EV contract with an additional leasing operator and feel very honored to have the opportunity to work with such a well-recognized high-tech company like Sinopoly. As we have indicated before, more leasing operators in Hangzhou will benefit Kandi as almost all of those operators have chosen our EVs for their leasing fleet. The Sinopoly agreement is one more indication of this. We believe that, moving forward, our strong reputation and proven EV business model will enable us to gain more EV sales and market share in China. In 2013, we expect that Kandi will begin to show significant revenue and profit growth from our EV business; we also hope that our company will gain further credibility and recognition from US capital market."

Deal Flow

Mon, 22 Apr 2013 04:00:00 GMT

S-3

We may offer from time to time shares of our common stock, par value $0.001 (“Common Stock”), preferred stock, senior debt securities (which may be convertible into or exchangeable for common stock), subordinated debt securities (which may be convertible into or exchangeable for common stock), warrants and units that include any of these securities. The aggregate initial offering price of the securities sold under this prospectus will not exceed $60,000,000. We will offer the securities in amounts, at prices and on terms to be determined at the time of the offering.

Except as may be stated in the applicable prospectus supplement, we intend to use the net proceeds we receive from the sale of the securities offered by this prospectus for general corporate purposes, which may include, among other things, repayment of debt, repurchases of common stock, capital expenditures, the financing of possible acquisitions or business expansions, increasing our working capital and the financing of ongoing operating expenses and overhead.

Investor Alert

Mon, 22 Apr 2013 04:00:00 GMT

Files shlef registration to raise $60 million. Just like ChinaHybrid actions of the past, the S-3 contradicts information presented in its filings immeditate proceeding the S-3.

From the 10-K filed on 4/1/2013 :

"The Company believes its access to existing financing sources and established relationships with PRC banks will enable it to meet its obligations and fund its ongoing operations. "

From the S-3 filed 4/19/2013 :

"we intend to use the net proceeds we receive from the sale of the securities offered by this prospectus for general corporate purposes, which may include, among other things, repayment of debt, repurchases of common stock, capital expenditures, the financing of possible acquisitions or business expansions, increasing our working capital and the financing of ongoing operating expenses and overhead."

Comments & Business Outlook

Fri, 19 Apr 2013 04:00:00 GMT

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."

Comments & Business Outlook

Thu, 04 Apr 2013 04:00:00 GMT

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".

Comments & Business Outlook

Mon, 01 Apr 2013 04:00:00 GMT

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.

Joint Venture

Mon, 25 Mar 2013 04:00:00 GMT

JINHUA, China, March 25, 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), today announced that on March 22, 2013, the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') entered into a Joint Venture Agreement with Shanghai Maple Guorun Automobile Co., Ltd. ('Shanghai Maple'), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) (the "Geely") to establish a joint venture company of Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company").

Pursuant to the JV Agreement, the registered capital for the JV Company is RMB1 billion (approximately $160 million) and each party will contribute 50% of the registered capital in cash and will each own 50% of the JV Company.

The business scope of JV Company is to develop, manufacture and sell electric vehicles (the "EVs") and to develop, purchase, manufacture and sell auto parts, and invest in other companies which engage in such businesses.

The JV Company will acquire EV assets from Kandi and Geely in order to possess the necessary properties, assets and technologies to conduct its EV business. The JV Company will leverage the strength, resources and expertise of both Kandi and Geely in the EV segment to develop and provide affordable electric vehicles and efficient services to its customers.

The primary product of the JV Company will be to provide EVs and EV services for the intra-city public transportation and it will use the experience of EV operations in Hangzhou City to promote the use of EVs and make it the leader in the electric vehicle market.

A signing ceremony was held at Xihu District in Hangzhou City of Zhejiang Province for the official execution of this joint venture agreement to establish the JV Company.

Share Structure

Tue, 19 Mar 2013 04:00:00 GMT

JINHUA, China, March 15, 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), today announced that certain Warrant To Purchase Common Stock (the "Warrants") issued by the Company in a private placement in January 2010, which was extended in its First Amendment as previously announced by the Company on January 29, 2013, has expired at the end of March 8^th, 2013. During the extension period, the Company has raised additional $447,287 in gross proceeds from 117,500 warrant shares exercised by the warrant holder.

Acquisition Activity

Tue, 05 Mar 2013 05:00:00 GMT

JINHUA, China, March 4, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc.(the 'Company' or 'Kandi') a leading Chinese manufacturer and developer of pure electric vehicles EVs) and all-terrain vehicles (ATVs), today announced that on February 27, 2013, the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') has entered into an Assets Purchase Agreement (the "Purchase Agreement") with Zhejiang New Energy Vehicle System Co., Ltd., a limited liability company in China (the "Seller").

In preparation for the cooperation project with Geely, Kandi Vehicle is making this purchase to obtain additional assets for its electric vehicles (the "EV") business. This Purchase includes certain EV pressing assembly line, welding assembly line, coating assembly line, general assembly line and related equipment, facilities, building and land use rights (the "Purchased Assets").

According to the third-party appraisal reports prepared by Jinhua Jinchen Assets Appraisal Co., Ltd., Kandi Vehicles will pay to the Seller RMB 272,767,553 (approximately $43,296,437) for the Purchased Assets in cash within one month of the completion of the transfer of the assets.

Mr. Xiaoming Hu, Chairman & CEO of Kandi comments, "We are very pleased with this EV assets purchase. With these additional assets, we are more confident in our offerings of EV solutions as the leading EV provider in China. To better prepare us for the joint venture cooperation with Geely, we will continue to work hard to meet all the necessary requirements."

Joint Venture

Mon, 04 Feb 2013 05:00:00 GMT

HANGZHOU, China, Feb. 4, 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), today announced that on February 1, 2013, the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ('Kandi Vehicles') has signed a cooperation framework agreement with Shanghai Maple Guorun Automobile Co., Ltd. ('Shanghai Maple'), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (Hong Kong Stock Exchange, Stock Code: 175) ('Geely Auto'), to establish a joint venture company, named Zhejiang Kandi Electric Vehicles Investment Co, Ltd. ('JV Company') to engage in the investment, research and development, production, marketing and sales of electronic vehicles in China. Geely Auto is one of the largest and most well-known automobile manufacturers in China. In August 2010, Geely Auto acquired Volvo Car Corporation from Ford Motor Company.

Deal Flow

Tue, 29 Jan 2013 05:00:00 GMT

JINHUA, China, Jan. 29, 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), today announced that the Company has raised gross proceeds of $3.97 million from the Warrants issued in a private placement on January 21, 2010. There are certain remaining Warrants To Purchase Common Stock (the "Warrant") issued to the Capital Ventures (the 'Investor') as part of a private placement and the Company agreed to extend the expiration date for such Warrant.

The expiration date of the Warrant was originally set as of January 22, 2013. Pursuant to the extension agreed by the parties, the new expiration date for the Warrant will be March 8, 2013. The exercise price will remain the same at $3.8067. All other terms of the Warrant remains unchanged.

Comments & Business Outlook

Wed, 14 Nov 2012 05:00:00 GMT

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.

Comments & Business Outlook

Thu, 08 Nov 2012 05:00:00 GMT

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."

Comments & Business Outlook

Mon, 05 Nov 2012 05:00:00 GMT

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.

Comments & Business Outlook

Mon, 01 Oct 2012 04:00:00 GMT

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 16^th, 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 29^th, 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.

Comments & Business Outlook

Fri, 28 Sep 2012 04:00:00 GMT

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.

Investor Alert

Thu, 27 Sep 2012 04:00:00 GMT

In a premium email alert sent to members on 9/27/2012 we wrote about KNDI, "Connecting the Dots:KNDI's Clever but Apparent Related Party Transactions".

KNDI is the latest Chinese small cap RTO that the GeoTeam has discovered with curious transactions with undisclosed related parties that not only bring into question the nature of the transactions but the credibility of the company itself. Given this backdrop it is not surprising that KNDI makes the dubious portrayal of a bright future for its electric vehicle ("EV") business. The facts on the ground clearly indicate KNDI's EV business hasn't gotten off the ground and we question its viability.

The transactions we analyzed involved at least nine individuals with connections to KNDI and its Chairman and seven different entities. The transactions all appeared to be planned well in advance and involved individuals who were senior executives of KNDI's management team either at the time of or shortly before the transactions were completed. When all was said and done two of the transactions resulted in the transfer of $20 million in cash and stock to individuals influenced or controlled by KNDI's chairman. The other transaction involved the sale of KNDI's import and export business to individuals who also had close ties to KNDI and its Chairman. It seems KNDI's Chairman prefers dealing with individuals he may know, influence or control. We highly doubt that any of the transactions we analyzed were negotiated on an arm's length basis.

Investors should take note of the fact that the referenced individuals controlled two entities that were party to the transactions. One of the entities became KNDI's largest supplier and the other one of its largest customers. The chain of events is suspicious, given the related parties involved in the transactions, leading us to ponder if they were possibly planned, structured and staged in a manner intended to confuse regulators and investors attempting to perform due diligence on the company.

To see our full report go here.

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Joint Venture

Thu, 23 Aug 2012 04:00:00 GMT

INHUA, China, Aug. 15, 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, in consideration of the promotion of EV development in scale by Zhejiang Provincial and Hangzhou Municipal governments and building a model city for EV operation in Hangzhou, that the Company's subsidiary, Jinhua Kandi New Energy Vehicles Co., Ltd. ("Kandi New Energy") signed a cooperative letter of intent ("LOI") with Zhejiang Zotye Holding Group Co., Ltd. ("Zotye") to establish a strategic alliance and cooperate with each others' competitive strengths to advance the EV development in Hangzhou.

The major provisions of the LOI are as follows:

In order to obtain the local government subsidies support, parties intend to jointly establish a new company of Hangzhou Zotye-Kandi New Energy Co. Ltd. ("Zoyte-Kandi") in the area of Hangzhou city.
For the specific terms of cooperation, parties will sign a separate agreement based upon Hangzhou municipal government's requirements and the progress of the projects.
To satisfy the EV demands in Hangzhou, before the establishment of Zoyte-Kandi, parties will utilize their respective competitive advantages to start the initial cooperation for mutual development and benefit. The details will be further discussed and negotiated.

Comments & Business Outlook

Tue, 14 Aug 2012 04:00:00 GMT

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.

Comments & Business Outlook

Mon, 13 Aug 2012 04:00:00 GMT

JINHUA, CHINA--(Marketwire - Aug 13, 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 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 10^th, 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.

Share Structure

Mon, 06 Aug 2012 04:00:00 GMT

Form S-3 from 6/25/2012

This prospectus relates to the resale, from time to time, of up to 2,354,212 shares of our Common Stock, par value $0.001, which may be offered and sold from time to time by certain stockholders set forth in the “Selling Stockholders” section of this prospectus.

The selling stockholders will receive all of the net proceeds from the sale of Common Stock offered hereby. The selling stockholders may resell the shares of Common Stock offered for resale through this prospectus to or through underwriters, broker-dealers, or agents, who may receive compensation in the form of discounts, concessions, or commissions. We will not receive any proceeds from the sale of these shares by the selling stockholders, but we will bear all costs, fees, and expenses in connection with the registration of the shares of Common Stock offered by the selling stockholders. The selling stockholders will bear all commissions and discounts, if any, attributable to the sale of the shares of Common Stock offered for resale through this prospectus.

The selling stockholders will determine where they may sell the shares in all cases, including, in the over-the-counter market or otherwise, at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices. For information regarding the selling stockholders and the times and manner in which they may offer or sell shares of our Common Stock, see “Selling Stockholders” or “Plan of Distribution.”

Our Common Stock is quoted on the NASDAQ Global Market under the symbol “KNDI.” On June 22, 2012, the last reported sale price for our Common Stock on the NASDAQ Global Market was $3.17 per share.

Comments & Business Outlook

Mon, 23 Jul 2012 04:00:00 GMT

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.

Comments & Business Outlook

Mon, 16 Jul 2012 04:00:00 GMT

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 10^th, 2012 to promote 20,000 pure electrical vehicles in Hangzhou. Full release

Comments & Business Outlook

Mon, 23 Apr 2012 04:00:00 GMT

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."

Comments & Business Outlook

Fri, 30 Mar 2012 04:00:00 GMT

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.

Investor Alert

Sun, 19 Feb 2012 05:00:00 GMT

With regards to a recent aquisition:

The Exchange Shares will be issued by the Company in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Act”) for the private placement of our securities pursuant to Regulation S of the Act. The Exchange Shares will be issued to non-U.S. persons (as such term is defined in Regulation S) in an offshore transaction relying on Regulation S. The Sellers acknowledged that the Exchange Shares to be issued have not been registered under the Act, and that they understood the economic risk of their investment.

Acquisition Activity

Sun, 19 Feb 2012 05:00:00 GMT

On February 13, 2012, Kandi Technologies Corp., a Delaware corporation (the “Company”), entered into a Share Exchange Agreement (the “Agreement”) with KO NGA Investment Limited, a British Virgin Islands corporation (“KO NGA”) and each of the shareholders of KO NGA (“KO NGA Shareholders,” and, together with KO NGA, the “Sellers”). Pursuant to the terms of the Agreement, the Sellers will exchange an aggregate of 253 shares of KO NGA, representing 100% of the issued and outstanding shares of KO NGA, to the Company for a total of 2,354,211 shares (the “Exchange Shares”) of the Company’s common stock (the “Exchange”), representing an aggregate exchange purchase price of RMB 50,052,387.66 (approximately $7,952,524), which is primarily derived from KO NGA’s indirect, wholly-owned operating entity Yongkang Scrou Electric. Co., Ltd. in China and based upon a valuation report by an independent, third party valuation firm. Upon consummation of the Exchange, KO NGA will become a wholly-owned subsidiary of the Company. The Company is obligated to file a registration statement on Form S-3 (or if Form S-3 is not available another appropriate form) registering the resale of the Exchange Shares that are to be issued to the Sellers.

Comments & Business Outlook

Sat, 17 Dec 2011 05:00:00 GMT

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.

Comments & Business Outlook

Mon, 15 Aug 2011 04:00:00 GMT

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.

Notable Share Transactions

Mon, 15 Aug 2011 04:00:00 GMT

In addition, the Company took steps to strengthen corporate governance and build shareholder value by:

Improving the quality and independence of the Company's Board of Directors and improving internal control with the naming of a new independent board member and engaging a "big four" professional firm
Obtaining Board approval of a $5 million share repurchase program over the following 18 months

Corporate Governance

Sat, 02 Jul 2011 04:00:00 GMT

On June 30, 2011, Kandi Technologies, Inc. (the “Company”) received the resignation from Fong Heung Sang (Dexter) as a director, Chairman of the Audit Committee, and member of Corporate Governance and Nominating Committee and Compensation Committee, for personal reasons and effective immediately. Mr. Fong has no disagreements on any corporate matters with the Company.

Comments & Business Outlook

Mon, 16 May 2011 04:00:00 GMT

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."

Company Rebuttal

Tue, 10 May 2011 04:00:00 GMT

DEAR FELLOW KANDI TECHNOLOGIES SHAREHOLDERS:

Recently there was an online story about our company, which was followed by significant volatility in our stock. The author presented the information in such a way that the clear implication was that some of the company’s revenue must have been inaccurately reported. That is not the case. Nearly all of the misinformation in the article is the result either of the author’s misunderstanding or inaccurately construing Kandi’s business, and in particular, its sources of revenue.

We take our fiduciary duty to shareholders and all stakeholders very seriously, and the inaccurate reporting by this website in no way reflects the current business of Kandi Technologies. In fact, Kandi has a strong U.S. presence in go-karts and specialized EV products, and we are making great strides in our EV business in China as we shift our focus toward this market. We stand by our business strategy and results. At the same time, we felt it was important to clarify several questions that were raised. The following are our responses on the topics raised in the inaccurate article.

Video Presentations

Mon, 09 May 2011 04:00:00 GMT

DEAR FELLOW KANDI TECHNOLOGIES SHAREHOLDERS:

Recently there was an online story about our company, which was followed by significant volatility in our stock. The author presented the information in such a way that the clear implication was that some of the company’s revenue must have been inaccurately reported. That is not the case. Nearly all of the misinformation in the article is the result either of the author’s misunderstanding or inaccurately construing Kandi’s business, and in particular, its sources of revenue.

We take our fiduciary duty to shareholders and all stakeholders very seriously, and the inaccurate reporting by this website in no way reflects the current business of Kandi Technologies. In fact, Kandi has a strong U.S. presence in go-karts and specialized EV products, and we are making great strides in our EV business in China as we shift our focus toward this market. We stand by our business strategy and results. At the same time, we felt it was important to clarify several questions that were raised. The following are our responses on the topics raised in the inaccurate article.

1. Source of Revenue. As we have described clearly and repeatedly in our public filings, Kandi Technologies Corp. (“Kandi”) is a leading Chinese manufacturer and supplier of off-road vehicles and developer of pure electric vehicles (EV). As disclosed in our 10-K reports, we sell our vehicles to distributors, Chinese exporters and export agents, but not dealers. Kandi itself has no direct dealer network and is not involved in the distributors’ retail supply chain. Kandi is not aware of the dealers to whom the distributors sell our vehicles, and we have no relationship with them. To the best of our knowledge, these distributors through their dealer networks distribute our vehicles throughout the world.

Geographic Breakdown (from Form 10-K for period ending Dec. 31, 2010)

The following table shows the breakdown of Kandi’s revenues from its customers by geographic markets based on the location of the distributors during the fiscal years ended December 31, 2010 and 2009:

	The Years Ended of December 31
	2010				2009
	Sales Revenue		Percentage		Sales Revenue		Percentage
North America	$	4,474,619		11%	$	4,058,400		12	%
Europe		497,910		1%		405,067		1	%
China		37,907,771		88%		29,364,295		87	%
Total		42,880,300		100%		33,827,762		100	%

For the year ended December 31, 2010, sales to North America and sales to Europe increased in terms of volume. However, the percentage of those two markets as a percentage of total sales did not change significantly, which reflects the fact that the Company is expanding in all markets. In the year 2011, we expect continued sales growth in those regions, especially in China. Our 10-K reflects, for the years ended December 31, 2010 and 2009, about 95% of sales to China are sales to Chinese export agents, who resell the Company’s products to North America, Europe, and other regions.

As the information above indicates, we sell to Chinese exporters who sell predominantly outside of China. However, any estimate of the number of vehicles shipped to any particular country is purely an estimate. Our vehicles, once shipped, become the responsibility of the distributor. Vehicles may not be returned. Kandi has been fully paid or has collectible receivables, accurately reflected, for all vehicles reported as sold in its public filings. Our financial statements accurately report our revenue and our receivables. We have no knowledge of or relationship with the end retail buyer. We do not have a complete dealer list. Solus, referred to in the article, is, for example, a distributor, which buys product from one of our customers. We understand Solus has its own dealer network. In short, dealer sales are not known to Kandi and are not reported to Kandi and do not impact Kandi’s revenue.

2. Financial Statements. While the online story inaccurately suggests that Kandi’s revenue is incorrectly reported and inflated, the article does point out an error in the description of the revenue build for 2009 as presented in our 10-K for 2010. This same error had been brought to our attention earlier by investors in the Company, and the Company was in the process of analyzing the discrepancy in order to provide an explanation and correction. To be clear, the discrepancy is only in the tabular description of the composition of 2009 revenue in our 2010 10-K. The 2009 10-K is correct. The 2009 total revenue as reflected in the 2010 10-K is correct. It is the allocation of 2009 revenue to the 2009 segment revenue as reflected in the 2010 10-K that is incorrect. The mistake is the result of new accounting employees having applied for a second time a standard correction for invoices issued during the period for product delivered in a prior period to a number to which that same correction had already been applied and having allocated some vehicles to the wrong segment categories. The total revenue, on the other hand, was prepared by a different employee whose responsibility was overall revenue and conversion of revenue to U.S. GAAP. The Company has been preparing a complete corrected description of the composition of the revenue and will supply it within the next few days and amend its 2010 10-K accordingly. But, let us repeat, the Company stands by its total revenue numbers as presented in its public filings; they are correct.

3. Other Inaccuracies. There are several other inaccuracies in the article which we feel bear mentioning.

The relationship of Wangyuan Hu, who is Xiaoming Hu’s son, has been previously described accurately in previous public filings. Kandi USA, of which Mr. Wangyuan Hu is the principal shareholder, is a distributor of Kandi products. Kandi USA has no direct relationship with Kandi Technologies. Kandi USA purchases its vehicles from one of our direct customers, an exporter of Kandi products. Purchases are at arms-length and there is no other relationship with Kandi Technologies.

The Italian transaction referenced by the author of the article is accurately described by Kandi in its previous public filings.

To the best of the Company’s knowledge, we are not the source of any information in the China Economic Review or any information provided by the company’s former investor relations consultant. The Company has no direct knowledge with respect to sales of its vehicles in Oklahoma or efforts to undertake sales in Oklahoma as these sales were made by dealers, who purchased from an exporter, not directly from Kandi Technologies. However, the Company did experience a large spike in CoCo sales during this time and we believe, based on information from our exporter, that much of this was due to strong sales in Oklahoma.

Though the Company differs significantly with the author of the article with respect to the Company’s litigation with Mr. Wang, the important information for shareholders’ understanding is that Mr. Wang was a former salesperson of one of the Company’s customers, and that his company owed significant sums for Kandi products. Litigation was required for Kandi to get a satisfactory result, and the receivable has now been fully paid.

The article references fines paid to the EPA by distributors, who are not our direct customers. The Company’s information is: that the distributors had understood that the product did qualify for import into the United States, that the distributors corrected the problem, including the payment of fines to the EPA, and that the remaining product was sold, in accordance with the agreement with the EPA, outside the United States.

The article references in several places 2009 unit volume and 2010 unit volume with the clear implication that the reported sales revenue numbers are not reliable. Let us assure you that the Company stands by the sales revenue as it has been reported. There have been points in time at which there was volatility in that sales volume and the Company believes it has fully explained that volatility. It related in some cases to introduction of new product, in others to general market and economic conditions and in still others to a change in the Company’s focus and orientation. We want to reiterate that we believe our present business strategy, focusing in particular on electric vehicles and charging stations, is a strong strategy and shows early promise. In fact, Jinhua municipal city of Zhejing Province has started a 3,000-car experimental program, which will use Kandi’s electric vehicles, to promote household use of electric vehicles using the express change battery model, and Kandi anticipates a significant number of Kandi electric cars will be sold. Each car will receive a little over 50% government rebate. In Jinhua City Kandi electric cars are sold at RMB39,980 each, approximately $6,246 before the rebate. Kandi is also making significant inroads in Hangzhou and other cities of China. In the past year, as reported by the company, it also has begun expansion to Europe.

We remain as committed and excited by the Company’s prospects as we have said previously, and we want to thank our shareholders and all stakeholders for partnering with Kandi Technologies as we continue to focus on innovation and growth.

	Sincerely,



	Mr. Xiaoming Hu
	Chairman of the Board and Chief Executive Officer
	Kandi Technologies, Inc.

Comments & Business Outlook

Thu, 31 Mar 2011 04:00:00 GMT

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."

Liquidity Requirements

Thu, 31 Mar 2011 04:00:00 GMT

The Company has historically financed itself through short-term commercial bank loans from PRC banks. The term of these loans is typically for one year, and upon the payment of all outstanding principal and interest in a respective loan, the banks have typically rolled over the loans for additional one-year terms, with adjustments made to the interest rate to reflect prevailing market rates. The Company believes this situation has not changed and the short-term bank loans will be available on normal trade terms if needed.

As of December 31, 2010, the Company has credit lines from commercial banks for $38,113,676, of which $28,434,012 was used at December 31, 2010. The Company believes that its cash flows generated internally may not be sufficient to support growth of future operations and repay short term bank loans for the next twelve months if needed. Therefore, from time to time, the Company may require extra funding through short term borrowing from PRC banks or other financing activities if needed in the near future.

Investor Presentations

Mon, 07 Mar 2011 05:00:00 GMT

On March 8, 2011, Kandi Technologies Corp. will be delivering a presentation at the Rodman & Renshaw Annual China Investment Conference in Shanghai, China.

Deal Flow

Tue, 21 Dec 2010 05:00:00 GMT

JINHUA, CHINA--(Marketwire - December 21, 2010) - Kandi Technologies, Corp., a leading Chinese exporter of all terrain recreational vehicles, developer of the "CoCo" all electric LSV, and a leader in Electric Vehicle (EV) development in China, today announced that it has entered into a securities purchase agreement with institutional investors for a registered direct placement of approximately $16.6 million of common stock at a price of $5.50 per share.

The Company will issue a total of 3,027,272 shares to the institutional investors.

In addition, the Company will issue to the investors warrants to purchase up to 1,210,912 shares of common stock, which, if fully exercised, would provide an additional $7.6 million in gross proceeds to the Company. The 3-year warrants have an exercise price of $6.30 per share and are exercisable immediately following the closing date.

Investor Presentations

Tue, 23 Nov 2010 05:00:00 GMT

Recent Investor Presentation.

Comments & Business Outlook

Tue, 17 Aug 2010 04:00:00 GMT

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."

Comments & Business Outlook

Tue, 18 May 2010 04:00:00 GMT

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."

Research

Thu, 15 May 2008 04:00:00 GMT

The company recently reported increased sales and earnings for 2007. The company is currently paying no taxes. There are some published estimates by Dutton and Associates that show continued growth. They can be viewed at www.Jimdutton.com. These estimates are $0.33 for 2008 and $0.56 for 2009. ( Adjusting for a standard tax rate would yield EPS estimates of $0.21 and $0.35 ).

It is also important to note that KNDI is planning on the development of fashionable, energy saving mini-cars. If successful this venture could be very promising and add another element of growth.

The company's comments, in the First Quarter financial release ( May 15, 2008) , reaffirms the positive commentary from their 2007 year end financial release, especially with regards to their enthusiasm of their imminent entry into the mini-car market.

GeoTeam Note: First quarter EPS were down from the previous year. This was due to the fact the company had 27.5% more shares outstanding this year, a common situation for many Chinese firms in the early stages of their involvement with the United States financial markets. EPS growth is forecasted to resume in 2009 and meets the GeoTeam minimum EPS growth requirement of 30%, as dilution becomes less of an factor.

The GeoTeam holds a position in KNDI. We are curious to see how their entry into the mini-car market will fare and the associated impact on earnings.

Financials

Thu, 15 May 2008 04:00:00 GMT

Notes from 2007 Annual Earnings release:

"For the year ended Dec 31, 2007, the Company reported net income of $5,029,096, slightly exceeding its guidance, compared with $1,079,155 in 2006, an increase of 366%. On a per share basis, the Company reported EPS of $0.31 in 2007, compared with $0.10 per share in the prior year."

"Full year revenues in 2007, although slightly lower than anticipated, grew 139.6% to $34,702,168."

(Source: Press April 1, 2008 )

GeoTeam Note:

Adjusted EPS for 2007, assuming a normal tax rate, would have been approximately $0.19, up from $0.06.

Notes From 2008 First Quarter Earnings Release:

* Sales in its first quarter grew 76% to $9,487,285

* Operating margins increased to 17.3% from 13.7%

* Net income from continuing operations grew 27.5% to $1,110,019

* EPS were $0.06 vs $0.09 on a 66% increase in shares outstanding for a total of 19.96 million shares.

* The company had a small tax benefit of $40,000 as compared to no taxes paid in the first quarter of 2007.

GeoTeam Note:

Adjusted EPS for the quarter, assuming a normal tax rate, would have been approximately $0.03, down from $0.05.