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Kandi Technologies

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Kandi Technologies Group, Inc.
Company typePublic
Nasdaq: KNDI
IndustryAutomotive
FounderHu Xiaoming
Headquarters
Jinhua, Zhejiang
,
China
Area served
Shanghai, Guangzhou, Shenzhen, Wuhan, Chengdu, Chongqing, Hangzhou
ProductsAutomobiles, electric vehicles
SubsidiariesZhejiang Kandi Electric Vehicles (50%)
SC Autosports LLC[1]
Websitehttps://www.kandiamerica.com/

Kandi Technologies Group, Inc. is a Chinese battery and electric vehicle manufacturer. Kandi is listed on the NASDAQ stock exchange with ticker KNDI.[2]

History

Kandi partnership with Geely

In February 2013, Kandi and Geely subsidiary 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]

In 2016, Geely Auto sold its half of the JV to Geely Holding Group, controlled by Li Shufu.[6][7]

Kandi has partnered up with Geely to sell EVs under the Gleagle brand.[8] 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.

EV CarShare

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.[9]

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. To date, Kandi has delivered over 40,000 carshare EVs making it by far, the Words largest Carshare program.

Kandi's original plan was to build with both Government and “outside” support, 750 of these garages 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. Six garages were completed, but due to escalating real estate prices, vertical garages have halted in favor of horizontal street parking type kiosks.

United States Expansion

In 2019, the company announced plans to expand its market to the United States, as the U.S. National Highway Traffic Safety Administration (NHTSA) approved its Model EX3 and Model K22 cars to be exported into the U.S.

The company shipped 50–100 EVs to USA at end of May/early June 2019.

In July 2020, Kandi announced that it would be starting sales in Summer 2020 in the Dallas-Fort Worth Area of Texas and released details of the first two cars to hit the market: the Kandi K27 and K23 models.[10]

Other developments

On December 7th Kandi's chairman released a detailed response addressing Hindenburg's short seller report. https://www.globenewswire.com/news-release/2020/12/07/2140665/0/en/Kandi-Technologies-Issues-Chairman-s-Letter-to-Shareholders.html

In November 30th, 2020 Hindenburg Research a short selling group released a report blaming Kandi of a brazen scheme in which they were faking its sales by at least 55%. https://hindenburgresearch.com/kandi/

Kandi replied to above report with a statement claiming that: "Kandi believes that the report contains numerous errors, misstatements of historical facts, inaccurate conclusions, and superfluous opinions." https://www.globenewswire.com/news-release/2020/12/01/2137311/0/en/Kandi-Responds-to-Inaccurate-Short-Report.html

Kandi has acquired battery technology company Jinhua An Kao. Jinhua An Kao has designed a unique system of pure electric car battery replacement technologies including an intelligent constant-temperature charging station, a 50-100 channel intelligent battery charging system, a car battery replacement tool, and a car washing machine. Jinhua An Kao currently has 22 patents that have either been accepted by the PRC State Intellectual Property Offices for application or are currently in the application process. It has more than 10 utility model and design patents. Additionally, Jinhua An Kao owns three invention patents and 14 utility model patents relating to plug-in and soft-connection PACK technology.[11]

In 2018, Kandi transitioned into longer-range electric vehicles with the K23 and EX3 models.[12] One of the things that the company is claiming is that these SUV crossover hybrids have more cargo room from its other offerings.

Kandi acquired Sportsman Country LLC for $10 million in June 2018.[13] Sportsman Country will facilitate the dealer relationships for Kandi's EX3 electric vehicles.

Jiangsu Development and Reform Commission approved Kandi with 1 of 3 EV manufacturing licenses. The applicants pool consisted of EV enterprises from nationwide.[14] EVs qualify for subsidies offered by China's central and local governments, on an average of $10,000 per vehicle. EVs are waived from Chinese megacities' license plate fees that apply to ICE vehicles, on an average of $14,000 per license plate.

Kandi had low sales of EV in first quarter of 2019 due to delay of government subsidies and restructuring of the JV. They planned to ramp up production for the remaining portion of 2019 and have a non-binding framework agreement with DIDI to deliver 300,000 EVs over the next 5 years.

Products

EX3 (previously K26)

The EX3 debuted on November 1, 2017 as Kandi's first SUV. It has a top range of 380 km (236 Miles) and top speed of 110 km/H (68 Miles/H) on a single charge. It was first exhibited at a launch event on March 26, 2018.[15][16] Being the electric version of the Geely Vision X3,[17] it is approved for China's tax exemption on new energy vehicles.[18]

The EX3 SUV qualifies for the full $7,500 U.S. Federal Tax Credit, with its starting price being $29,995.[19][20]

K17A

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.

K23

K23's production started at the Hainan facility on March 28, 2018. Its 41.4 kWh battery give it a top range of 302 km (188 miles). It can be fully charged in 7.5 hours at a standard Level 2, 240 volt, 32 amp charging station. Its top speed is 112 km/h (70 mph).[21][22]

K27

The K27 is a minimal compact 4 door BEV that seats 4. Its 17.69 kWh Lithium battery gives it a top range is 161 km (100 miles). It can be fully charged in 7 hours at a standard Level 2, 240 volt, 16 amp charging station. With a top speed of 100 km/h (62 mph) it is legal on American highways, but has been designed for city transport.[23] It is being marketed as the least expensive EV available in the US. With federal and some state incentives, it can cost less than $10,000 in the US.[24]

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.[25] Kandi EV city car, had a price tag of 41,517 yuan ($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, while its 3rd 2015 subsidy payment completed on April 21, 2017.[26]

Kandi secured US$105.8 million financing through the National Economic and Technological Development Zone of Rugao City in May 2017.[27]

2018 sales were projected to focus exclusively on the EX3 SUV with a range of 380 km (236 Miles).[28]

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.[29]

Kandi Technologies plans on making 100,000 cars available to the residents of Hangzhou over the two years. It is also planning to expand into 2–3 other Chinese cities during 2014.[29]

In 2019, Kandi Technologies signed a non-binding framework with a ride-sharing alliance to provide 300,000 EVs within 5 years.[30]

Executing its commitment to ride-sharing, Kandi JV signs a non-binding agreement with Cao Cao Zhuan Che as the supplier for 20,000 electric vehicles.[31]


Quarter K12
sales 		K17
sales 		K23
sales 		EX3
sales		 Total
sales		 Source
Q3 2017 4,018 2,747 6,765 [32]
Q4 2017 3,398 1,192 4,590[a] [33]
Q1 2018 3,295[b] [34]
Q2 2018 1,802[c] [35]
Q3 2018 1,502[d] [36]
Q4 2018 3,660[e] [37]
  1. ^ Total excludes 82 units of unknown models.
  2. ^ Total EV Parts, zero EVs.
  3. ^ Total EV Parts, zero EVs.
  4. ^ Total EV Parts, zero EVs.
  5. ^ Total EV Parts, zero EVs.

References

  1. ^ Lambert, Fred (2020-07-30). "Kandi launches cheapest EVs in US, $13,000+ after incentives". Electrek. Retrieved 2020-07-31.
  2. ^ "Kandi Technologies Group Inc". Bloomberg Businessweek. Retrieved 1 April 2013.
  3. ^ a b "Geely subsidiary signs joint EV venture deal". The China Post. 6 February 2013. 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. 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.
  6. ^ http://www.aimpact.com/article/eng/Geely-Auto-00175-sells-JVs-to-Geely-Holding-0376244850
  7. ^ http://www.youngchinabiz.com/en/new-energy-geely-dumps-evs-byd-wins-back-shenzhen/
  8. ^ "Kandi teams up with Geely Group for the Global Eagle Brand". 2018-03-30. Retrieved 2018-03-30.
  9. ^ "Kandi Technologies Bags Largest Single Electric Vehicle Order Ever". Forbes. 11 July 2012. Retrieved 30 March 2013.
  10. ^ Lambert, Fred (2020-07-30). "Kandi launches cheapest EVs in US, $13,000+ after incentives". Electrek. Retrieved 2020-07-31.
  11. ^ https://www.globenewswire.com/news-release/2017/12/18/1263448/0/en/Kandi-Vehicles-to-Acquire-Jinhua-An-Kao-Power-Technology-Co-Ltd.html
  12. ^ "GL Eagle EX3 Product Launch". Kandi Technologies Group and Geely Auto.
  13. ^ "Kandi Technologies Acquires Sportsman Country, LLC". Yahoo.
  14. ^ https://finance.yahoo.com/news/kandi-pure-electric-vehicle-project-133700081.html
  15. ^ "Kandi Technologies Announces EX3 SUV". 2018-03-26. Retrieved 2018-03-26.
  16. ^ "Kandi Technologies Unveils All-Electric SUV Geely Global Hawk EX3 in Hangzhou". 2018-03-28. Retrieved 2018-03-28.
  17. ^ "Geely Vision X3". 2018-03-29. Retrieved 2018-03-29.
  18. ^ "Kandi Pure EV Model EX3, K23 Included In China's Approved Directory Of Purchase Tax Exemption For New Energy Vehicles".
  19. ^ "Kandi Pure EV Models EX3 and K22 Qualify for Full $7,500 U.S. Federal Tax Credit".
  20. ^ "Kandi EX3".
  21. ^ "Kandi Model K23 Production Launched by Kandi Electric Vehicles (Hainan) Co., Ltd". 2018-03-30. Retrieved 2018-03-30.
  22. ^ "Model K23 | Kandi". www.kandiamerica.com. Retrieved 2020-08-23.
  23. ^ "Model K27 | Kandi". www.kandiamerica.com. Retrieved 2020-08-23.
  24. ^ Lambert, Fred (2020-07-30). "Kandi launches cheapest EVs in US, $13,000+ after incentives". Electrek. Retrieved 2020-08-23.
  25. ^ Jon C. Ogg (2014-07-14). "The Electric Vehicle Maker in China That Grew Over 200% Sequentially". 24/7 Wall Street. Retrieved 2014-08-02.
  26. ^ "Kandi (KNDI) Receives Third 2015 Government Subsidy Payment for EV Sales". Street Insider. 2017-04-24. Retrieved 2017-04-24.
  27. ^ "Kandi Technologies Announces Initial Launch of RMB 730 Million Supply Chain Finance Program". Nasdaq Globe Newswire. 2017-05-02. Retrieved 2017-05-02.
  28. ^ "First Batch of Kandi's EX3 Model Pure EV Launch on Market".
  29. ^ a b Mark Rogowsky (2013-12-28). "Kandi Crush: An Electric-Car Vending Machine From China Could Upend The Auto Industry". Forbes. Retrieved 2014-08-02.
  30. ^ https://finance.yahoo.com/news/kandi-signs-framework-agreement-zhejiang-133300591.html
  31. ^ https://finance.yahoo.com/news/kandi-jv-company-signs-cooperation-133200262.html
  32. ^ Kandi Technologies (2017-11-09). "Kandi Technologies Third Quarter 2017 Financial Results". Kandi Technologies. Retrieved 2017-11-09. A total of 6,765 electric cars were delivered during the third quarter of 2017.
  33. ^ Kandi Technologies (2018-03-16). "Kandi Technologies Reports Full Year 2017 Financial Results". Globe Newswire. Retrieved 2018-03-16. A total of 4,590 electric cars were delivered during the fourth quarter of 2017.
  34. ^ Kandi Technologies (2018-05-10). "Kandi Technologies Reports First Quarter 2018 Financial Results". Globe Newswire. Retrieved 2018-05-10. JV sold 3,295 EVs in 2018 Q1.
  35. ^ Kandi Technologies (2018-08-09). "Kandi Technologies Reports Second Quarter 2018 Financial Results". Globe Newswire. Retrieved 2018-08-09. JV sold 1,802 EVs in 2018 Q2.
  36. ^ Kandi Technologies (2018-08-09). "Kandi Technologies Reports Third Quarter 2018 Financial Results". Globe Newswire. Retrieved 2018-08-09. JV sold 1,502 EVs in 2018 Q3.
  37. ^ Kandi Technologies. "Kandi Technologies Reports Full Year 2018 Financial Results". Globe Newswire. JV sold 3,660 EVs in 2018 Q4.
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