Company:Kandi Technologies

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Kandi Technologies Group, Inc.
TypePublic
NASDAQ: KNDI
IndustryAutomotive industry
FounderHu Xiaoming
Headquarters
Jinhua, Zhejiang
,
China
Area served
Shanghai, Guangzhou, Shenzhen, Wuhan, Chengdu, Chongqing, Hangzhou
ProductsAutomobiles, electric vehicles
SubsidiariesZhejiang Kandi Electric Vehicles (50%)
Websitehttp://www.gleagleev.com/

Kandi Technologies Group, Inc. is Geely Auto's strategic China partner in electric vehicles manufacturing. It specializes in the production and sales of SUV electric vehicles. Competitors include Tesla and NIO.

Kandi is listed on the NASDAQ stock exchange with ticker KNDI.[1]

History

In July 2012 Kandi Technologies signed a strategic cooperation agreement with the city of Hangzhou to supply 20,000 electric vehicles for the city's pilot electric vehicle leasing program.[2]

In February 2013, Kandi and Shanghai Maple announced the establishment of a 50:50 electric vehicle joint venture, Zhejiang Kandi Electric Vehicles Investment, with an initial registered capital of 1 billion yuan (US$160 million).[3] The joint venture is planned to focus on the research and development, production, marketing and sale of electric vehicles in the Chinese mainland.[3] The joint venture agreement was signed on 22 March 2013.[4] Mr. Shufu Li, Chairman of Geely Auto will be appointed to be the first Chairman of the JV Company and Mr. Xiaoming Hu, Chairman & CEO of Kandi will be appointed to be first General Manager.[5]

The Kandi public EV CarShare concept is based on Hangzhou’s bikeshare, the largest bikeshare in the world and the first of its kind in China. The bikeshare has since spread from Hangzhou to 19 Chinese cities including Shanghai and Beijing.

Kandi’s plan is to build with both Government and “outside” support, 750 of these garages in just the City of Hangzhou over the next four years through a 50-50 joint venture with Geely Automotive, China’s largest passenger automaker, which would require some 100,000 Kandi electric vehicles to stock them. This model is slated to spread to other cities and regions like Shanghai, Shandong, and Hainan. Two garages were just completed in Hangzhou over the past two months and another 18 are currently under construction as of two weeks ago.

As of 2017, vertical garages have halted in favor of horizontal street parking type kiosks.

Kandi acquires battery maker Jinhua An Kao to pursue vertical integration of self manufactured batteries into electric vehicles. Jinhua An Kao's battery technology extends Kandi EV range up to 380KM (240 miles).

In 2018, Kandi transitioned into longer range electric vehicles with the K23 and EX3 models.[6] The SUV crossover hybrids allow for easier transport with additional cargo room to accommodate Chinese consumer tastes for bigger automobiles. Competing directly with the Tesla Model X and NIO ES8 electric SUVs.

Parked Kandi EVs in a lot featured in a CNBC article on electric vehicles growing to 125 million by year 2030.[7]

Acquired Sportsman Country LLC for $10 million dollars in June 2018.[8] Sportsman Country will facilitate the dealer relationships for Kandi's EX3 electric vehicles.

US website KandiEV launched to promote EX3 SUV. [9] Texas distribution center Sportsman Country will be working with local dealers to retail the EX3 SUV.

EX3 rollout (previously K26)

EX3 debuted on November 1, 2017. The EX3 is Kandi's first SUV. Top range of 380KM (236 Miles) and top speed of 110KM/H (68 Miles/H) on a single charge. Exhibited at launch event in March 26, 2018.[10][11]

EX3 is the electric version of the Geely Vision X3. [12] Approved for China's tax exemption of new energy vehicles. [13]

EX3 will enlist the help of Sportsman Country LLC to sell the SUV EV in the United States.

NIO's ES8 SUV with a 355KM (220 miles) range competes in the same category of EVs as the Kandi EX3 with a range of 380KM (236 Miles).[14]

EX3 SUV qualifies for full $7,500 U.S. Federal Tax Credit. [15] Starting MSRP $29,995. [16]

Kandi EV

The Geely Panda based Kandi EV.

The Kandi EV fleet of K23 and EX3 is an electric vehicle with a range of 380 km (240 mi), and a top speed of 100 km/h (62 mph).[17]

Kandi EV CarShare

The Kandi EV CarShare is a carsharing program in the city of Hangzhou. The system operates only with Kandi EV all-electric cars, which are available to customers in automated garages that run like vending machines. The rental price is US$3.25 per hour. Leasing is available from US$130 to US$160 per month, which includes insurance, maintenance, and the electric power through swapping batteries at the program garages. Then, Kandi recharges the batteries at its convenience. The leasing option, called "Long Lease," is available from 1 to 3 year contracts.[17]

Kandi Technologies plans on making 100,000 cars available to the residents of Hangzhou over the two years. It’s also planning to expand into 2-3 other Chinese cities during 2014.[17]

Kandi Partnership with Geely

Kandi partnered up with Geely to sell EVs under the Gleagle brand. [18] Kandi remains one of Geely Auto's strategic partners in China focused on pure electric vehicle manufacturing. Under the strategic partnership the EX3 is born, Geely provides the EV designs and Kandi provides the EV manufacturing resources.

Sales

A total of 1,215 Kandi EVs were sold in China during the first quarter of 2014, and an additional 4,114 during the second quarter, representing a growth of 238%, and total sales of 5,329 units during first half of 2014. The Kandi EV used for the Kandi EV CarShare and also available for leasing.[19] Kandi EV city car, had a price tag of 41,517 yaun ($6,317) in 2015. The China Association of Automobile Manufacturers (CAAM) reported the sale of 16,376 Kandi EVs in 2015. The government has set expectations high for the growth of the electric car market. The plan is to have five million electric and hybrid vehicles on the roads in China by 2020. 2015 sales revenue relies heavily on government subsidies. Chinese government choose not to issue subsidies to Kandi in 2015.

3rd 2015 subsidy payment completed on April 21, 2017.[20]

Kandi secured US $105.8 million financing through the National Economic and Technological Development Zone of Rugao City in May 2017.[21]

2018 sales is projected to focus exclusively on the EX3 SUV with a range of 380KM (236 Miles). [22]

Quarter K12
sales 		K17
sales 		K23
sales 		EX3
sales		 Total
sales		 Source
Q3 2017 4,018 2,747 6,765 [23]


Q4 2017 3,398 1,192 4,590[lower-alpha 1] [24]
Q1 2018 3,295[lower-alpha 2] [25]
Q2 2018 1,802[lower-alpha 3] [26]


  1. ↑ Total excludes 82 units of unknown models.
  2. ↑ Total did not indicate model types.
  3. ↑ Total did not indicate model types.

K17A rollout

Rear view of a Kandi K17A EV (Based on the Geely Englon SC5-RV) police cruiser in Hangzhou, China.

K17A debuted on August 5, 2016. The K17A is Kandi's first EV with a 12.1 inch touch screen to control all aspects of the vehicle.

K23 rollout

K23 starts production at the Hainan facility on March 28, 2018. Top range of 300KM (186 miles) and top speed of 100KM/H (62 Miles/H) on a single charge. [27]

Management

CEO Hu Xiaoming founded Kandi and donated his numerous patents to the company.

Consequently, the first half of 2018 didn’t achieve much in EV sales; however, the JV company has developed new EV models with a driving range exceeding 300 kilometers. Currently, our new 300 kilometer EV models, including K23, K27, and K28 or EX3 all received the approval from the MIIT. In August, the JV company has resumed its normal production and sales. I believe that the sales will have—will help boost sales in the second half. I have to say we are very excited and we look forward to the very good results. We all know the stock price is extremely undervalued. I cannot speak on behalf of others, I cannot make others go buy our shares, but I am very confident myself and plan buying back USD$3 million to $5 million worth of Kandi stock within the next six months, based on certain criteria.[28]

References

  1. ↑ "Kandi Technologies Group Inc". Bloomberg Businessweek. http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=KNDI. Retrieved 1 April 2013. 
  2. ↑ "Kandi Technologies Bags Largest Single Electric Vehicle Order Ever". Forbes. 11 July 2012. https://www.forbes.com/sites/tomkonrad/2012/07/11/kandi-technologies-bags-largest-single-electric-vehicle-order-ever/. Retrieved 30 March 2013. 
  3. ↑ 3.0 3.1 "Geely subsidiary signs joint EV venture deal". The China Post. 6 February 2013. http://www.chinapost.com.tw/business/global-markets/2013/02/06/369773/Geely-subsidiary.htm. Retrieved 17 February 2013. 
  4. ↑ "Kandi Technologies Corp's Zhejiang Kandi Vehicles Co Ltd Enters Into Joint Venture Agreement With Geely Automobile Holdings Ltd's Guorun Automobile Co Ltd". Reuters. 25 March 2013. https://www.reuters.com/finance/stocks/KNDI.O/key-developments/article/2720181. Retrieved 1 April 2013. 
  5. ↑ "Kandi Technologies Reports the Kandi Brand JL7001BEV Four-Passenger Pure Electric Sedan Vehicle to be Delivered for Public EV Sharing System in Hangzhou". Kandi Technologies Group. http://en.kandivehicle.com/NewsDetail.aspx?newsid=95. 
  6. ↑ "GL Eagle EX3 Product Launch". Kandi Technologies Group and Geely Auto. http://www.gleagleev.com/index.php/news/show/3/87. 
  7. ↑ "Electric vehicles will grow from 3 million to 125 million by 2030, International Energy Agency forecasts". CNBC. https://www.cnbc.com/2018/05/30/electric-vehicles-will-grow-from-3-million-to-125-million-by-2030-iea.html. 
  8. ↑ "Kandi Technologies Acquires Sportsman Country, LLC". Yahoo. https://finance.yahoo.com/news/kandi-technologies-acquires-sportsman-country-123300974.html. 
  9. ↑ http://www.kandiev.com/product/ex3.php
  10. ↑ "Kandi Technologies Announces EX3 SUV". 2018-03-26. https://m.d1ev.com/news/qiye/65688. Retrieved 2018-03-26. 
  11. ↑ "Kandi Technologies Unveils All-Electric SUV Geely Global Hawk EX3 in Hangzhou". 2018-03-28. https://finance.yahoo.com/news/kandi-technologies-unveils-electric-suv-120200638.html. Retrieved 2018-03-28. 
  12. ↑ "Geely Vision X3". 2018-03-29. http://carsalesbase.com/china-car-sales-data/geely/geely-vision-x3/. Retrieved 2018-03-29. 
  13. ↑ "Kandi Pure EV Model EX3, K23 Included In China’s Approved Directory Of Purchase Tax Exemption For New Energy Vehicles". https://finance.yahoo.com/news/kandi-pure-ev-model-ex3-130500986.html. 
  14. ↑ https://electrek.co/2018/04/03/nio-electric-car-service-center-tesla/
  15. ↑ "Kandi Pure EV Models EX3 and K22 Qualify for Full $7,500 U.S. Federal Tax Credit". https://finance.yahoo.com/news/kandi-pure-ev-models-ex3-123300222.html. 
  16. ↑ "Kandi EX3". http://www.kandiev.com/product/index.php?id=23. 
  17. ↑ 17.0 17.1 17.2 Mark Rogowsky (2013-12-28). "Kandi Crush: An Electric-Car Vending Machine From China Could Upend The Auto Industry". Forbes. https://www.forbes.com/sites/markrogowsky/2013/12/28/kandi-crush-an-electric-car-vending-machine-from-china-could-upend-the-auto-industry/. Retrieved 2014-08-02. 
  18. ↑ "Kandi teams up with Geely Group for the Global Eagle Brand". 2018-03-30. http://www.gleagleev.com/index.php/introduce#k1. Retrieved 2018-03-30. 
  19. ↑ Jon C. Ogg (2014-07-14). "The Electric Vehicle Maker in China That Grew Over 200% Sequentially". 24/7 Wall Street. http://247wallst.com/autos/2014/07/14/the-electric-vehicle-maker-in-china-that-grew-over-200-sequentially/. Retrieved 2014-08-02. 
  20. ↑ "Kandi (KNDI) Receives Third 2015 Government Subsidy Payment for EV Sales". Street Insider. 2017-04-24. https://www.streetinsider.com/Corporate+News/Kandi+%28KNDI%29+Receives+Third+2015+Government+Subsidy+Payment+for+EV+Sales/12804861.html. Retrieved 2017-04-24. 
  21. ↑ "Kandi Technologies Announces Initial Launch of RMB 730 Million Supply Chain Finance Program". Nasdaq Globe Newswire. 2017-05-02. https://globenewswire.com/news-release/2017/05/02/975568/0/en/Kandi-Technologies-Announces-Initial-Launch-of-RMB-730-Million-Supply-Chain-Finance-Program.html. Retrieved 2017-05-02. 
  22. ↑ "First Batch of Kandi’s EX3 Model Pure EV Launch on Market". https://finance.yahoo.com/news/first-batch-kandi-ex3-model-124700766.html. 
  23. ↑ Kandi Technologies (2017-11-09). "Kandi Technologies Third Quarter 2017 Financial Results". Kandi Technologies. http://en.kandivehicle.com/NewsDetail.aspx?newsid=240. Retrieved 2017-11-09.  A total of 6,765 electric cars were delivered during the third quarter of 2017.
  24. ↑ Kandi Technologies (2018-03-16). "Kandi Technologies Reports Full Year 2017 Financial Results". Globe Newswire. https://finance.yahoo.com/news/kandi-technologies-reports-full-2017-110300461.html. Retrieved 2018-03-16.  A total of 4,590 electric cars were delivered during the fourth quarter of 2017.
  25. ↑ Kandi Technologies (2018-05-10). "Kandi Technologies Reports First Quarter 2018 Financial Results". Globe Newswire. https://finance.yahoo.com/news/kandi-technologies-reports-first-quarter-110300424.html. Retrieved 2018-05-10.  JV sold 3,295 EVs in 2018 Q1.
  26. ↑ Kandi Technologies (2018-08-09). "Kandi Technologies Reports Second Quarter 2018 Financial Results". Globe Newswire. https://finance.yahoo.com/news/kandi-technologies-reports-second-quarter-110300072.html. Retrieved 2018-08-09.  JV sold 1,802 EVs in 2018 Q2.
  27. ↑ "Kandi Model K23 Production Launched by Kandi Electric Vehicles (Hainan) Co., Ltd.". 2018-03-30. http://globenewswire.com/news-release/2018/03/30/1455965/0/en/Kandi-Model-K23-Production-Launched-by-Kandi-Electric-Vehicles-Hainan-Co-Ltd.html. Retrieved 2018-03-30. 
  28. ↑ https://www.sec.gov/Archives/edgar/data/1316517/000121390018010777/f8k080918ex99-1_kanditechno.htm

External links





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