kandi technologies group , inc. , trading as kandi , is an automotive manufacturing company based in jinhua , china .

its principal activity is the design , development , production and sale of electric vehicles , all-terrain vehicles and go-karts .

kandi is listed on the nasdaq stock exchange with ticker kndi .

kandi technologies

kandi technologies group , inc . ( kandi technologies ) was incorporated under the laws of the state of delaware on march 31 , 2004 . kandi technologies changed its name from stone mountain resources , inc . to kandi technologies , corp . on august 13 , 2007 . on december 21 , 2012 , kandi technologies changed its name to kandi technologies group , inc . as used herein , the term the company means kandi technologies and its operating subsidiaries , as described below .
note : compare kandi technologies stock price history with the index and industry peers .
etfs with exposure to kandi technologies group , inc . : september 13 , 2017
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etfs with exposure to kandi technologies group , inc . : july 13 , 2017
etfs with exposure to kandi technologies group , inc . : june 29 , 2017
etfs with exposure to kandi technologies group , inc . : june 16 , 2017
etfs with exposure to kandi technologies group , inc . : june 5 , 2017
etfs with exposure to kandi technologies group , inc . : may 23 , 2017
kandi technologies group , inc . - form 10 - k - filed by urltoken
kndi : kandi technologies , corp - 6 . 75 , $ 340 . 95m ,
brief - kandi technologies fy adjusted non - gaap eps $ 0 . 10 | reuters
kandi technologies group , inc . ( exact name of registrant as specified in its charter )
kandi hainan , a subsidiary , 10 % owned by kandi new energy and 90 % owned by kandi vehicles .
brief - kandi technologies group reports q1 adjusted non - gaap loss per share of $ 0 . 01
time and sales - intraday stock last price history for kandi technologies group , inc . ( kndi )
* kandi technologies - electric vehicles made by kandi electric vehicles group got total subsidy payments of rmb 603 . 5 million from chinese government for 2015
this the institutional ownership history of kandi technologies group incpeter lynch prefers to buy companies with low institutional ownership .
kndi stock price - kandi technologies group inc . stock quote ( u . s . : nasdaq ) - marketwatch
kandi model k23 production launched by kandi electric vehicles ( hainan ) co . , ltd .
shares of kandi technologies shed half their value in 2016 , after delayed subsidy payments caused its financial performance to plummet .
equity alert : rosen law firm announces filing of securities class action lawsuit against kandi technologies group , inc . - kndi
employment contract between kandi technologies group , inc . and wang cheng ( henry ) dated march 20 , 2015 .
law offices of howard g . smith reminds kandi technologies group , inc . investors of pending lawsuit and upcoming lead plaintiff deadline
kndi investors : gpm reminds investors of the may 15 deadline in the class action lawsuit against kandi technologies group , inc .
kandi technologies group , inc . ms . kewa luo phone : 1 - 212 - 551 - 3610 email : ir @ urltoken
shareholder alert : pomerantz law firm announces the filing of a class action against kandi technologies group , inc . and certain officers kndi
kandi technologies group , inc . breached its 50 day moving average in a bearish manner : kndi - us : november 30 , 2017
kandi technologies group , inc . : kndi - us : earnings analysis : q3 , 2017 by the numbers : november 21 , 2017
kandi technologies group , inc . : kndi - us : earnings analysis : q2 , 2017 by the numbers : august 16 , 2017
kandi technologies group , inc . : kndi - us : earnings analysis : q1 , 2017 by the numbers : may 22 , 2017
kandi technologies group , inc . and subsidiaries consolidated statements of cash flow for the years ended december 31 , 2015 , 2014 and 2013
the klein law firm announces a class action filed on behalf of kandi technologies group , inc . shareholders lead plaintiff deadline may 15 , 2017
form of non - qualified stock option agreement pursuant to the 2008 omnibus long - term incentive plan of kandi technologies group , inc .
company contact : ms . kewa luo kandi technologies group , inc . phone : 1 - 212 - 551 - 3610 email : ir @ urltoken
we provide 10 years stock price data for free . you can download kandi technologies stock price history here . historical stock prices are provided with the open , high , low , close , volume , and kandi technologies p / e ratio data for the stock . the kandi technologies stock price history chart shows that the stock price was at a low of $ 3 . 5 on nov 14 , 2016 over the last five years .
shareholder reminder : lundin law pc announces securities class action lawsuit against kandi technologies group , inc . and reminds investors with losses to contact the firm
deadline approaching : lundin law pc announces securities class action lawsuit against kandi technologies group , inc . and reminds investors with losses to contact the firm
equity alert : lundin law pc announces securities class action lawsuit against kandi technologies group , inc . and reminds investors with losses to contact the firm
kandi new energy , a 50 % owned subsidiary of kandi vehicles . pursuant to relevant agreements executed in january 2011 , kandi vehicles is entitled to 100 % of the economic benefits , voting rights and residual interests of kandi new energy ;
in january 2016 , kandi electric vehicles ( hainan ) co . , ltd . ( “kandi hainan” ) was renamed from kandi electric vehicles ( wanning ) co . , ltd . ( “kandi wanning” ) which was originally formed in wanning city of hainan province by kandi vehicles and kandi new energy in april 2013 and then was transferred to haikou city in january 2016 . kandi vehicles has 90 % ownership in kandi hainan , and kandi new energy has the remaining 10 % interest . however , kandi vehicles is , effectively , entitled to 100 % of the economic benefits , voting rights and residual interests ( 100 % profits and losses ) of kandi hainan .
monday deadline : lundin law pc announces a securities class action lawsuit against kandi technologies group , inc . and encourages investors with losses to contact the firm
deadline alert : khang & khang llp announces securities class action lawsuit against kandi technologies group , inc . and reminds investors with losses to contact the firm
investor alert : lundin law pc announces a securities class action lawsuit against kandi technologies group , inc . and encourages investors with losses to contact the firm
upcoming deadline : khang & khang llp announces securities class action lawsuit against kandi technologies group , inc . and reminds investors with losses to contact the firm
investor notice : khang & khang llp announces securities class action lawsuit against kandi technologies group , inc . and reminds investors with losses to contact the firm
approaching deadline : khang & khang llp announces securities class action lawsuit against kandi technologies group , inc . and reminds investors with losses to contact the firm
* kandi technologies group inc - in q4 2016 , jv company sold 2 , 764 ev products . source text for eikon : further company coverage :
kandi technologies group , inc . and subsidiaries consolidated statements of changes in stockholders ' equity for the years ended december 31 , 2015 , 2014 and 2013
may 15 deadline : khang & khang llp announces securities class action lawsuit against kandi technologies group , inc . and reminds investors with losses to contact the firm
one week deadline : lundin law pc announces a securities class action lawsuit against kandi technologies group , inc . and encourages investors with losses to contact the firm
shareholder alert : pomerantz law firm reminds shareholders with losses on their investment in kandi technologies group , inc . of class action lawsuit and upcoming deadline - kndi
the klein law firm reminds investors of a class action filed on behalf of kandi technologies group , inc . shareholders - lead plaintiff deadline may 15 , 2017
kandi technologies group , inc . ( kndi ) investors reminded of may 15 lead plaintiff deadline in securities class action and are encouraged to contact block & leviton
5 - day deadline : khang & khang llp announces securities class action lawsuit against kandi technologies group , inc . and reminds investors with losses to contact the firm
the company was incorporated under the laws of the state of delaware on march 31 , 2004 . the company changed its name from stone mountain resources , inc . to kandi technologies , corp . on august 13 , 2007 . on december 21 , 2012 , the company changed its name to kandi technologies group , inc .
kandi technologies share price history helps an investor analyze a firm ' s historical performance when viewed along with it ' s financial statements . this helps in kandi technologies stock analysis . kandi technologies stock price history captures the daily price movement for 1 year , 5 year , and 10 years . a large variation in high and low prices during the day implies a volatile day for the company ' s stock . kndi stock saw an opening price of $ 4 . 3 , and a closing price of $ 4 . 3 on jul 06 , 2018 . the average p / s ratio was 3 . 02 as can be seen from kandi technologies stock history .
this group is a 50 / 50 joint venture between kandi technologies and shanghai maple guorun automobile co . , which is a 99 % owned subsidiary of geely automobile holdings .
except as otherwise indicated by the context , references in this annual report to we ,  us ,  our ,  kandi ,  or the company are to the combined businesses of kandi technologies group , inc . and its subsidiaries .
deadline alert : levi & korsinsky , llp reminds shareholders of kandi technologies group , inc . of a class action and a lead plaintiff deadline of may 15 , 2017 - kndi
equity alert : levi & korsinsky , llp reminds shareholders of kandi technologies group , inc . of a class action and a lead plaintiff deadline of may 15 , 2017 - kndi
investor alert : levi & korsinsky , llp reminds shareholders of kandi technologies group , inc . of a class action and a lead plaintiff deadline of may 15 , 2017 - kndi
kndi investor alert : the law offices of vincent wong reminds investors of a class action involving kandi technologies group , inc . and a lead plaintiff deadline of may 15 , 2017
expanded class : levi & korsinsky , llp reminds shareholders of kandi technologies group , inc . of a class action and a lead plaintiff deadline of may 15 , 2017 - kndi
kndi equity alert : the law offices of vincent wong reminds investors of a class action involving kandi technologies group , inc . and a lead plaintiff deadline of may 15 , 2017
kandi technologies group , inc . and subsidiaries consolidated statements of income ( loss ) and comprehensive income ( loss ) for the years ended december 31 , 2015 , 2014 and 2013
in march 2013 , kandi vehicles formed kandi electric vehicles ( changxing ) co . , ltd . ( “kandi changxing” ) in the changxing ( national ) economic and technological development zone . kandi changxing is engaged in the production of ev products . in the fourth quarter of 2013 , kandi vehicles entered into an ownership transfer agreement with jv company pursuant to which kandi vehicles transferred 100 % of its ownership in kandi changxing to the jv company . the company , indirectly through its 50 % ownership interest in the jv company , has 50 % economic interest in kandi changxing .
in march 2013 , kandi vehicles formed kandi electric vehicles ( changxing ) co . , ltd . ( “kandi changxing” ) in the changxing ( national ) economic and technological development zone . kandi changxing is engaged in the production of ev products . in the fourth quarter of 2013 , kandi vehicles entered into an ownership transfer agreement with the jv company pursuant to which kandi vehicles transferred 100 % of its ownership in kandi changxing to the jv company . the company , indirectly through its 50 % ownership interest in the jv company , has 50 % economic interest in kandi changxing .
deadline alert : bronstein , gewirtz & grossman , llc reminds investors of class action against kandi technologies group , inc . ( kndi ) & lead plaintiff deadline : may 15 , 2017
deadline alert : bronstein , gewirtz & grossman , llc reminds investors of class action against kandi technologies group , inc . ( kndi ) and lead plaintiff deadline : may 15 , 2017
shareholder alert : bronstein , gewirtz & grossman , llc reminds investors of class action against kandi technologies group , inc . ( kndi ) and lead plaintiff deadline : may 15 , 2017
investor alert : levi & korsinsky , llp reminds shareholders of kandi technologies group , inc . of a class action lawsuit and a lead plaintiff deadline of may 15 , 2017 - kndi
kandi technologies , corp . 2008 omnibus long - term incentive plan [ incorporated by reference from appendix a to the company ' s definitive schedule 14a filed on november 24 , 2008 ]
jinhua , china , aug . 09 , 2017 ( globe newswire ) - - kandi technologies group , inc . ( the “company , ” “we” or “kandi” ) ( nasdaq : kndi ) , today announced its financial results for the second quarter of 2017 .
in november 2013 , zhejiang kandi electric vehicles jinhua co . , ltd . ( “kandi jinhua” ) was formed by the jv company . the jv company has 100 % ownership interest in kandi jinhua , and the company , indirectly through its jv company , has 50 % economic interest in kandi jinhua .
in january 2014 , zhejiang kandi electric vehicles jiangsu co . , ltd . ( “kandi jiangsu” ) was formed by the jv company . the jv company has 100 % ownership interest in kandi jiangsu , and the company , indirectly through its jv company , has 50 % economic interest in kandi jiangsu .
kandi ' s motorcycles are subject to federal vehicle safety standards administered by nhtsa . kandi ' s motorcycles are also subject to various state vehicle safety standards . kandi believes that its motorcycles comply with safety standards applicable to motorcycles .
kandi technologies group , inc . ( the “company , ” “we” or “kandi” ) ( nasdaq gs : kndi ) , announced today that the pure electric vehicle prototypes manufactured by kandi electric vehicles group co . , ltd ( the “jv company” , a 50 / 50 joint venture between kandi and geely group ( ningbo ) ltd . ) completed inspection and were shipped in a freight container on june 29 , 2018 .
kandi technologies group inc . ( nasdaq : kndi ) is not the best known company to u . s . investors , but those who do know it were smiling on monday . the company issued a press release showing that its kandi electric vehicles group joint venture sold 4 , 114 kandi brand electric vehicles during second quarter of 2014 .
kndi upcoming deadline : the law offices of vincent wong reminds investors of commencement of a class action involving kandi technologies group , inc . and a lead plaintiff deadline of may 15 , 2017
kndi shareholder alert : the law offices of vincent wong reminds investors of commencement of a class action involving kandi technologies group , inc . and a lead plaintiff deadline of may 15 , 2017
* kandi technologies group inc - total revenues were $ 129 . 5 million in 2016 , a decrease of 35 . 6 % from total revenues of $ 201 . 1 million in 2015 .
each of our wholly - owned subsidiaries , kandi new energy , yongkang scrou and kandi hainan , has an applicable corporate income tax rate of 25 % .
developments in alternative technologies or improvements in the internal combustion engine may materially adversely affect the demand for our ev products .
shareholder alert : faruqi & faruqi , llp encourages investors who suffered losses in excess of $ 100 , 000 investing in kandi technologies group , inc . to contact the firm before imminent lead plaintiff deadline
, the capital of zhejiang province . as far back as 2008 , kandi was making noise about bringing its vehicles to the us , but that hasn ' t happened just yet . take a look at kandi technologies ' press release on the proposed car - sharing program below .
kandi ' s mini - evs may be just what the chinese government ordered .
* kandi technologies group inc - ev parts sales decreased by 38 . 8 % to $ 120 . 1 million in 2016 , compared with ev parts sales of $ 196 . 1 million in 2015 .
last year , i brought chinese off - road vehicle and electric vehicle ( ev ) manufacturer kandi technologies ( nasd : kndi ) to readers ' attention . i like kandi because the company was already profitable and trades for a tiny fraction of what a us - based ev maker would .
in november 2013 , zhejiang kandi electric vehicles jinhua co . , ltd . ( “kandi jinhua” ) was formed by the jv company . the jv company has 100 % ownership interest in kandi jinhua , and the company , indirectly through its 50 % ownership interest in the jv company , has 50 % economic interest in kandi jinhua .
this is the historical insider ownership of kandi technologies group inc . it is usually better to buy companies with large insider ownership . the company insiders ' interest are more aligned with external shareholders in this case .
kandi electric vehicles group co . , ltd . ( the “jv company” ) financial results
kandi technolgies group inc . q1 adjusted earnings of - $ 0 . 01 per share
if you are looking to invest in kandi technologies group inc’s ( nasdaq : kndi ) , or currently own the stock , then you need to understand its beta in order to understand how itread more . . .
assessing kandi technologies group inc’s ( nasdaq : kndi ) past track record of performance is a useful exercise for investors . it allows us to understand whether the company has met or exceed expectations , read more . . .
in this analysis , my focus will be on developing a perspective on kandi technologies group inc’s ( nasdaq : kndi ) latest ownership structure , a less discussed , but important factor . when it comes toread more . . .
the kandi kd501 mini - ev to be leased in hangzhou . photo by marc chang .
henry hu is the ceo of kandi technologies group inc ( nasdaq : kndi ) , which has recently grown to a market capitalization of us $ 259 . 40m . understanding how ceos are incentivised to run and growread more . . .
kandi technologies group , inc . engages in the development , manufacture , and trade of vehicles . its products include electric cars , tricycles , and tractors . the company was founded on march 31 , 2004 and is headquartered in jinhua , china .
current and historical pe ratio for kandi technologies ( kndi ) from 2006 to 2018 . the price to earnings or pe ratio is calculated by taking the latest closing price and dividing it by the most recent earnings per share ( eps ) number . the pe ratio is a simple way to assess whether a stock is over or under valued and is the most widely used valuation measure . the current pe ratio for kandi technologies ( kndi ) as of march 31 , 2018 is 6 . 62 .
kandi technologies group inc ( nasdaq : kndi ) , a usd $ 350 . 67m small - cap , is an auto company operating in an industry whose long product cycles and deep capital outlays make planning ahead difficult . a challengeread more . . .
kandi technologies group , inc . ( the “company , ” “we” or “kandi” ) ( nasdaq gs : kndi ) , today announced that zhejiang jihekang electric vehicle sales co . , ltd . ( “jihekang” ) , a 100 % owned subsidiary of kandi electric vehicles group co . , ltd ( the “jv company” , a 50 / 50 joint venture between kandi and geely group ( ningbo ) ltd . ) , signed a framework sales agreement with sportsman country , llc ( “sportsman” ) on june 10th , 2018 for bringing its pure electric vehicles to the united states .
kandi technologies group , inc . ( the “company , ” “we” or “kandi” ) ( nasdaq gs : kndi ) , today announced that kandi entered into a membership interests transfer agreement ( the “transfer agreement” ) with the two members ( the “transferors” ) of sportsman country , llc ( “sportsman country” ) under which kandi will acquire 100 % of the ownership of sportsman country . sportsman country is a dallas based sales company primarily engaged in the wholesale of off - road vehicle products , with a small percentage of business in off - road vehicle parts wholesale and retail .
in january 2014 , zhejiang kandi electric vehicles jiangsu co . , ltd . ( “kandi jiangsu” ) was formed by the jv company . the jv company has 100 % ownership interest in kandi jiangsu , and the company , indirectly through its 50 % ownership interest in the jv company , has 50 % economic interest in kandi jiangsu . the company is mainly engaged in ev research and development , manufacturing and sales .
kandi technologies group inc ( nasdaq : kndi ) is a small - cap stock with a market capitalization of us $ 303 . 51m . while investors primarily focus on the growth potential and competitive landscape of the small - cap companies , read more . . .
kandi technologies group inc ( nasdaq : kndi ) is a small - cap stock with a market capitalization of us $ 266 . 60m . while investors primarily focus on the growth potential and competitive landscape of the small - cap companies , read more . . .
in december 2013 , the jv company entered into an ownership transfer agreement with shanghai guorun pursuant to which the jv company acquired 100 % ownership of kandi electric vehicles ( shanghai ) co . , ltd . ( “kandi shanghai” ) . as a result , kandi shanghai is a wholly - owned subsidiary of the jv company , and the company , indirectly through its jv company , has 50 % economic interest in kandi shanghai .
kandi ' s rapid earnings growth could continue if kandi manages to grab a decent share of the 500 , 000 evs by 2015 and 5 , 000 , 000 evs by 2020 goals set by the central government .
abstract : based on recently released sec filings , kandi technologies ( kndi ) irrespective of the current stock price has apparently made a giant value leap from a $ 5 . 50 single digit speculation to a grossly undervalued $ 15 “value” stock . how ? add . . .
kandi electric vehicles group sales surge in second quarter ( nasdaq : kndi ) - 24 / 7 wall st .
as a result of its small market capitalization and the general wariness of chinese stocks , no analysts follow kandi .
kandi’s investments in the jv company are accounted for using the equity method of accounting because kandi has a 50 % ownership interest in the jv company . as a result , kandi recorded 50 % of the jv company’s losses of $ 7 . 3 million for this quarter . after eliminating intra - entity profits and losses , kandi’s share of the after - tax loss of the jv company was $ 8 . 7 million for the second quarter of 2017 .
in december 2013 , the jv company entered into an ownership transfer agreement with shanghai guorun pursuant to which the jv company acquired 100 % ownership of kandi electric vehicles ( shanghai ) co . , ltd . ( “kandi shanghai” ) . as a result , kandi shanghai is a wholly - owned subsidiary of the jv company , and the company , indirectly through its 50 % ownership interest in the jv company , has 50 % economic interest in kandi shanghai .
kandi ' s products are also subject to international safety standards in places where it sells its products outside the united states . kandi believes that its motorcycles and ev products comply with applicable safety standards in the united states and internationally .
from 2009 to 2011 , kandi significantly overstated the number of evs it sold . after sharesleuth showed that kandi ' s claimed sales of evs were not supported by the number imported or sold by kandi ' s dealers , the company quietly revised its financial statements , revealing that many of its claimed ev sales were actually sales of gas powered vehicles .
as of the years ended 2015 and 2014 , the amount due from the jv company and its subsidieries , net was $ 76 , 172 , 471 and $ 51 , 450 , 612 , respectively , of which the majority was the balances with the jv company , kandi jinhua , kandi changxing and kandi shanghai . the breakdown was as below :
kandi technologies group announced that kandi electric vehicles group sold 3 , 213 units of electric vehicle products in august . the company commented ,
our business was heavily impacted last year due to the confusion surrounding the reusable battery exchange model . we have been working diligently to resume the normal production gradually . we believe that we will regain our leading market position in the ev industry by the year end .
as of the year ended december 31 , 2015 , the jv company consolidated the following entities on its financial statements : ( 1 ) 100 % interest in kandi changxing ; ( 2 ) 100 % interest in kandi jinhua ; ( 3 ) 100 % interest in jihekang ; ( 4 ) 100 % interest in kandi shanghai ; and ( 5 ) 100 % interest in kandi jiangsu ; ( 6 ) 100 % interest in jihekang service ; and ( 7 ) 50 % interest in puma investment .
significant developments in alternative technologies , such as advanced diesel , ethanol , fuel cells or compressed natural gas , or improvements in the fuel economy of the internal combustion engine , may materially and adversely affect our business and prospects in ways we do not currently anticipate . any failure by us to develop new or enhanced technologies or processes , or to react to changes in existing technologies , could materially delay our development and introduction of new and enhanced ev products , which could result in the loss of competitiveness of our vehicles , decreased revenue and a loss of market share to competitors .
pursuant to relevant agreements executed in january 2011 , kandi vehicles is entitled to 100 % of the economic benefits , voting rights and residual interests ( 100 % profits and loss absorption rate ) of jinhua kandi new energy vehicles co . , ltd . ( “kandi new energy” ) . kandi new energy currently holds battery packing production rights ( license ) , and supplies the battery pack to the jv company . it also holds the special - purpose vehicle production rights ( license ) on manufacturing kandi brand electric utility vehicles , however , according to the jv agreement , ev proucts should only be manufactured by the jv company , kandi new energy need not to keep the special - purpose vehicle production rights ( license ) . in order to avoid the maintenance fee for this license , the company plans to sell it to others .
with kandi already profitable based on its legacy atv business , i and other kandi shareholders have long been frustrated that kandi does not trade at a much higher multiple of earnings and revenue . kandi has a trailing p / e ratio of 20 , and trades at less than 2 time trailing revenue . meanwhile ev high - flyer tesla ( nasd : tsla ) is trading at 13 . 5 time revenue , and 100 times next year ' s expected earnings ( tesla lost money last year , and is expected to only break even in 2013 . )
although the negative articles about kandi have been disturbing , none of them have turned up anything wrong with kandi ' s financial accounting . i ' ve generally taken this as a good sign . when the same group of people who made good profits by shorting chinese stocks and then exposing their accounting frauds have been unable to turn up anything so serious about kandi , i have to wonder if there is anything to find .
a look inside the automated , electric - car dispensing
kandi machine ,
named by video producer aaron rockett , whose youtube included below .
clearly , kandi should not be indited based on guilt by association , and the scrutiny the company has been under because of these associations should give us some confidence that any past misdeeds are either very well buried or have already been revealed . nor do any of those misdeeds reach the level of the outright accounting fraud found in many of the kandi ' s reverse - merger brethren . kandi has not been accused of anything illegal .
a number of people made millions off kandi ' s reverse merger , and these people were never properly identified in the company ' s sec filings .
jinhua , china , april 24 , 2017 ( globe newswire ) - - kandi technologies group , inc . ( the
company
or
kandi
) ( nasdaq : kndi ) , today announced that the electric vehicles ( “evs” ) manufactured by kandi electric vehicles group co . , ltd . ( the
jv company
, a 50 / 50 joint venture between kandi and zhejiang geely holding group ) in 2015 have received total subsidy payments of rmb 603 . 5 million ( approximately us $ 87 . 6 million ) from the chinese government for 2015 , of which a prepayment of rmb 364 . 5 million ( approximately us $ 52 . 9 million ) was received on august 10 , 2015 , and rmb 239 million ( approximately us $ 34 . 7 million ) was received on april 21 , 2017 .
china - based automaker kandi technologies group has reached an agreement with some pretty big partners for a proposed electric - vehicle sharing program in that country . the company cut a deal with zhejiang geely automobile holding and china minsheng banking corp as well as zte , which will set up the vehicle - charging system . but the real big news is that both car - sharing player
kandi technologies group , inc . ( kndi ) ( the
company
or
kandi
) today announced that it will report its first quarter 2018 financial results on thursday , may 10 , 2018 , before stock markets open in the u . s . the company has scheduled a conference call and live webcast to discuss its financial results at 8 : 00 a . m . eastern time ( 8 : 00 p . m . beijing time ) on may 10 , 2018 . the live audio webcast of the call can also be accessed by visiting kandi ' s investor relations page on the company ' s website at http : / / www . kandivehicle . com .
the city of hangzhou just signed a strategic cooperation agreement with kandi technologies ( nasd : kndi ) and nine other companies to supply 20 , 000 electric vehicles ( evs ) for the city ' s
pilot
ev leasing program . kandi is the only ev supplier to take part ; other companies involved will supply the batteries ( air lithium ( lyoyang ) co . ltd . ) and charging by the local utility . the utility will fund construction of a charging and battery swap station network as well as paying for the batteries .
i also like kandi ' s electric vehicle strategy , which focuses on inexpensive commuter vehicles combined with battery - swapping . while this sounds a lot like the the strategy of recently bankrupt better place , kandi ' s strategy avoids one of the biggest problems with better place ' s strategy : kandi does not have to bear the expense of extra sets of batteries or swapping infrastructure . the batteries are owned by the local utility , which can use them when they are not in cars to provide stabilization and ancilliary services to the grid . kandi just ( profitably ) manufactures the cars and licenses the battery swapping ip .
this performance graph shall not be deemed filed for purposes of section 18 of the securities exchange act of 1934 , as amended ( the exchange act ) , or incorporated by reference into any filing of kandi technologies group , inc . under the securities act of 1933 , as amended , or the exchange act , except as shall be expressly set forth by specific reference in such filing .
all the raw materials are purchased from the suppliers . the major parts of our products are mainly manufactured by kandi . other components and parts that are needed are purchased from third - party suppliers . kandi does not have , and does not anticipate having , any difficulty in obtaining required materials from its suppliers .
in our opinion , the consolidated financial statements referred to above present fairly , in all material respects , the consolidated financial position of kandi technologies group , inc . as of december 31 , 2015 and 2014 and the consolidated results of its operations and its cash flows for each of the three years in the period ended december 31 , 2015 , in conformity with us generally accepted accounting principles .
kandi technologies group , inc . ( kndi ) ownership summary provides a snapshot of institutional holdings and activity for a particular stock . the institutional holdings summary data encompasses the holdings and change from most recent 13f filings . the insider filer data counts the number of monthly positions over 3 month and 12 month time spans . summary data is calculated daily , using the most up to date information available .
headquartered in the jinhua city , zhejiang province , china , the company is one of chinas leading producers and manufacturers of electrical vehicle products , electrical vehicle parts and off - road vehicles for sale in the peoples republic of china ( the prc ) and global markets . the company conducts its primary business operations through its wholly - owned subsidiary , zhejiang kandi vehicles co . , ltd . ( kandi vehicles ) , and the partial and wholly - owned subsidiaries of kandi vehicles .
in accordance with the relevant tax laws and regulations of the prc , applicable corporate income tax ( “cit” ) rate is 25 % . however , the kandi vehicle , qualified as a high technology company in china , was entitled to pay a reduced income tax rate of 15 % . the applicable corporate income tax rate of each of the company’s three subsidiaries , kandi new energy , yongkang scrou and kandi hainan , the jv company and its subsidiaries and the service company was 25 % .
we believe it is a customary and competitive practice to include an equity - based element of compensation to the overall compensation package for our named executive officers . we believe that a significant portion of the compensation paid to our named executive officers should be performance - based and therefore at risk . awards made are granted under the kandi technologies group , inc . omnibus long - term incentive plan ( the “plan” ) .
go to our detailed breakdown of global ev sales to see how the kandi panda k11 electric car strategy fares to its competitors in the fast - growing ev market .
a number of negative articles , many of which were written by investors who were short the stock , have highlighted irregularities in kandi ' s listing process and past reporting .
in china , though , everything is bigger . a company called kandi technologies plans on making 100 , 000 cars available to the residents of hangzhou for hourly rental over the next couple of years . it ' s also planning to expand into 2 - 3 other cities during 2014 . but instead of having small parking lots with a handful of cars like zipcar , kandi is building automated garages ( see the video below produced by filmmaker aaron rockett ) that hold between 30 and 300 cars apiece . they work like giant vending machines : put in your card , out pops a car . while it will take time for kandi to build the 750 such facilities it has planned for hangzhou , the service is already operating and 50 garages should be in place by march .
as of december 31 , 2015 , a total amount of advances to a supplier of rmb 353 , 000 , 000 , or $ 54 , 368 , 753 , made by kandi hainan to nanjing shangtong auto technologies co . , ltd . ( nanjing shangtong ) for equipment purchases was included in construction in process ( cip ) . none of the cip was transferred to property , plant and equipment as of december 31 , 2015 .
all kandi ' s products comply with all applicable emission standards and regulations in china environmental protection agency , the united states and internationally , the california air resources board ( “carb” ) , europe and canada . however , we are unable to predict the ultimate impact of standards and regulations adopted in the future or proposed regulations on kandi and its business .
kandi technologies group , inc . ( the “company , ” “we” or “kandi” ) ( nasdaq gs : kndi ) , today announced the geely brand pure electric vehicle ( “ev” ) models sma7001bev41 ( model ex3 ) and sma7001bev45 ( model k23 ) have been included in the ministry of industry and information technology of the people’s republic of china’s ( the “miit” ) directory of new product ( the “308th directory” ) and recommended models for energy saving and new energy vehicle demonstration and promotion ( the “6th annual directory of new energy vehicles” ) under the 2018 no . 30 public announcement . mr . hu xiaoming , chairman and chief executive officer of kandi commented ,
we are very pleased that the model ex3 and model k23 are included in both the new product directory and directory of new energy vehicles .
the program will begin in august , and is scheduled to be completed by the end of 2013 . we can expect kandi to sell evs at a rate of over 1000 per month during implementation . kandi ' s revenues for each vehicle will be around $ 6800 per ev . kandi ' s gross margins are about 25 % on its existing off - road vehicle business , and observers of the company tell me kandi would be unlikely to undertake a project if it earned substantially less than that . we can expect an increase in gross profit of about $ 1300 to $ 1700 per vehicle , or about $ 0 . 70 per share annual gross profit , most of which will flow through to earnings .
kandi now bills itself as one of the world’s largest manufacturers of pure electric vehicles , go - kart vehicles and tricycle and utility vehicles for china and elsewhere around the globe .
kandi changxing , a wholly - owned subsidiary of the jv company . the company , indirectly through its 50 % ownership interest in the jv company , has 50 % economic interest ;
kandi jinhua , a wholly - owned subsidiary of the jv company . the company , indirectly through its 50 % ownership interest in the jv company , has 50 % economic interest ;
kandi shanghai , a wholly - owned subsidiary of the jv company . the company , indirectly through its 50 % ownership interest in the jv company , has 50 % economic interest ;
kandi jiangsu , a wholly - owned subsidiary of the jv company . the company , indirectly through its 50 % ownership interest in the jv company , has 50 % economic interest ;
in march 2013 , pursuant to a joint venture agreement ( the jv agreement ) entered into by kandi vehicles and shanghai maple guorun automobile co . , ltd . ( shanghai guorun ) , a 99 % - owned subsidiary of geely automobile holdings ltd . ( “geely” ) , the parties established zhejiang kandi electric vehicles co . , ltd . ( the “jv company” ) to develop , manufacture and sell ev products and related auto parts . each of kandi vehicles and shanghai guorun has 50 % ownership interest in the jv company . in march 2014 , the jv company changed its name to kandi electric vehicles group co . , ltd . at present , the jv company is a holding company with products that are manufactured by its subsidiaries .
china is currently behind in implementing these ev adoption goals , largely because of the high cost of evs from kandi rivals such as byd ( otc : byddf ) , and lack of charging stations . the hangzhou pilot project , with its rapid , utility - financed build - out of charging stations and inexpensive mini - evs from kandi seems designed to address both these problems .
joint venture agreement of establishment of zhejiang kandi electric vehicles co . , ltd . , by and between zhejiang kandi vehicles co . , ltd . and shanghai maple guorun automobile co . , ltd . , dated march 22 , 2013 . * . [ incorporated by reference from exhibit 10 . 1 to the company ' s quarterly report on form 10 - q filed on may 14 , 2013 ]
the agreement of establishment kandi new energy vehicles co . , ltd . , dated may 18 , 2010 , by and between zhejiang kandi vehicles co . , ltd . and mr . hu xiaoming , and its supplement , dated january 31 , 2011 . [ incorporated by reference from exhibit 10 . 13 to the company ' s annual report on form 10 - k filed on march 31 , 2011 ]
mr . hu xiaoming , chairman and chief executive officer of kandi , commented , “2017 has been a challenging year for kandi . the confusion surrounding the subsidy heavily impacted the company’s business last year and we have been trying to regain the momentum this year . the management team is working hard to explore better growth opportunities . despite second - quarter losses , kandi vehicles ' estimated value has exceeded rmb four billion , the management team will actively seek strategic investors based upon the estimated value to increase its competitive advantages . the efforts the company has made will lay a solid foundation to achieve strong business results .
on november 23 , 2015 , we announced that the jv company signed a strategic cooperation agreement with nanjing bustil technology co . , ltd . and its related subsidiaries for the sale of up to 3 , 000 kandi k17 pure electric vehicles with the
global hawk
trademark to the mpt program in nanjing . the initial delivery of 500 kandi global hawk k17 units has been delivered by the end of 2015 .
one reason behind kandi ' s rough year was simply the uncertainty it faced with the chinese government ' s subsidy payments . the government delayed its subsidy payments for ev makers pending an industrywide review that wasn ' t completed until december . that caused kandi ' s third - quarter results to plummet . revenue declined 87 % to $ 6 . 4 million and gross profit declined a similar 91 % to $ 0 . 7 million .
mr . hu xiaoming , chairman of kandi commented , “through a transformation in our technology , kandi’s battery systems have obtained much higher quality energy intensities . eligibility to receive 110 % of the central government subsidy for our three ev models mentioned above will be a competitive advantage for us and a significant driver of growth going forward . we believe the approval of these three models will contribute to the company’s continued development in the second half of 2017 . ”
the company has two main products : electric vehicle parts and off - road vehicles in year 2015 while it featured ev products before 2015 . as the ev production was completely transferred to the jv company at the end of 2014 according to the jv agreement , kandi focuses on the ev parts production and supply ev parts to the jv company . additionally , kandi continues to produce and sell the off - road vehicles , which are our traditional products .
a live audio webcast of the call can also be accessed by visiting kandi ' s investor relations page on the company’s website at urltoken . an archive of the webcast will be available on the company’s website following the live call .
this will be a pivotal year for kandi and its investors . but don ' t expect its stock price to regain its lost value until management proves it can take steps to reduce its reliance on subsidy payments while reigniting its revenue .
as of december 31 , 2013 , the company recorded a significant prepayment made by the company to a supplier nanjing shangtong ( as defined in note 16 ) as an advance of rmb 353 million ( $ 54 , 368 , 753 ) and deposited by kandi wanning ( renamed to kandi hainan in january 2016 ) to nanjing shangtong . as of december 31 , 2014 , the advance to nanjing shangtong was transferred to construction - in - progress as described in note 16 .
kandi got its nasdaq listing through a reverse merger , a strategy which was followed by a number of other chinese companies , many of which were later found to have fiddled their books , absconded with shareholder funds , or otherwise been frauds .
, the city of hangzhou exclusively uses the k11 in its carsharing program , aptly named the kandi ev carshare , the program is run like a vending machine , where lease owners swap their batteries for charging , instead of charging it themselves .
to build hainan facility , the company signed a contract to purchase the production line from nanjing shangtong auto technologies co . , ltd . ( nanjing shangtong ) for $ 60 , 837 , 556 and had paid $ 54 , 368 , 753 in 2014 . as of december 31 , 2015 , we still had $ 6 , 468 , 803 outstanding for the rest payment as contractual obligations .
form of the employment contract by and between zhejiang kandi vehicles co . , ltd . and the executive officer . [ incorporated by reference from exhibit 10 . 2 to the company ' s annual report on form 10 - k filed on march 16 , 2015 ]
with this in mind , i set out last month to parse through the novel - length and rather dense kandi - bashing articles to demonstrate that there was nothing there for investors to worry about . i failed , and instead found myself doubting the judgement and / or honesty of kandi ' s management . i ' d like to emphasize that there is no proof of wrongdoing , but investors who wish to hold on to their money don ' t have the luxury of waiting until their suspicions are confirmed beyond a reasonable doubt .
in accordance with the relevant tax laws and regulations of the prc , our applicable corporate income tax rate is 25 % . however , kandi vehicle is qualified as a high technology company in china and is therefore entitled to use a reduced income tax rate of 15 % .
loan agreement , dated january 31 , 2011 , by and between zhejiang kandi vehicles co . , ltd . and mr . xiaoming hu . [ incorporated by reference from exhibit 10 . 1 to the company ' s form 10 - q filed on may 16 , 2011 ]
most chinese won ' t have the ability to install an electric - vehicle charger easily , but kandi will solve the problem by swapping batteries , similar to what tesla has proposed for super - fast
recharging .
kandi will then recharge the batteries at its convenience . when tesla showed of its version of the technology , ceo elon musk suggested it might be the best solution in urban areas where charging is hard to come by . the chinese may well be ahead of the curve here , deploying today what the u . s . contemplates for tomorrow .
bond underwriting agreement by and between zhejiang kandi vehicles co . , ltd . and ever - bright securities , dated december 26 , 2013 . [ incorporated by reference from exhibit 10 . 25 to the company ' s annual report on form 10 - k filed on march 17 , 2014 ]
the contractor agreement , dated may 18 , 2010 , by and between zhejiang kandi vehicles co . , ltd . and mr . hu xiaoming . [ incorporated by reference from exhibit 10 . 15 to the company ' s annual report on form 10 - k filed on march 31 , 2011 ]
on december 1 , 2015 , we announced that the jv company plans to deliver 2 , 000 kandi brand pure ev products to zuozhongyou ( hainan ) electric vehicle service co . , urltoken launch the mpt program in haikou . the 2 , 000 ev products has been delivered by the end of 2015 .
the share escrow and trust agreement , dated may 18 , 2010 , by and between zhejiang kandi vehicles co . , ltd . and mr . hu xiaoming . [ incorporated by reference from exhibit 10 . 14 to the company ' s annual report on form 10 - k filed on march 31 , 2011 ]
the sale and use of products must be subject to the
traffic law
and relevant laws & regulations in china . national , state , and federal laws and regulations have been promulgated , or are under consideration , that impact the use or manner of use of kandi ' s products . certain states and local authorities have adopted , or are considering the adoption of , legislation and local ordinances which restrict the use of atvs and off - road vehicles to specified hours and locations . the federal government also has restricted the use of atvs and off - road vehicles in some national parks and federal lands . in several instances , the restriction has been a complete ban on the recreational use of these vehicles . kandi is unable to predict the outcome of such actions or the possible effect on its business . kandi believes that its off - road vehicle business would be no more adversely affected than those of its competitors by the adoption of any such pending laws or regulations .
an important difference between car2go and zipcar is that the former allows one - way rentals , as does kandi . anyone in new york or san francisco who has experienced the nascent bike - sharing services there understands just how convenient that is . there is effectively dedicated parking to drop off the vehicle at either end of your trip and there ' s no need to pay for the time you ' re at a party or in a meeting . kandi ' s planned ubiquity should make the service compelling for more hangzhou residents , even though it won ' t offer the ability to just leave the car parked anywhere ( as car2go does , with mixed success ) .
the
manifesto
agreement for the so - called
car - share 4 . 0
program was celebrated in hangzhou earlier this week . alibaba contributes its expertise on the big data front , while uber helps to push the program into the car - sharing realm . for its part , kandi will contribute 200 of its cyclone