Kandi Technologies

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Kandi Technologies Group, Inc.
Public
Traded as NASDAQKNDI
Industry Automotive
Founder Hu Xiaoming
Headquarters Jinhua, Zhejiang, China
Area served
Hainan, Hangzhou, Shanghai
Products Automobiles, electric vehicles
Subsidiaries Zhejiang Kandi Electric Vehicles (50%)
Website http://www.gleagleev.com/

Kandi Technologies Group, Inc. is an electric vehicles manufacturing company in China. It specializes in the production and sales of GLEagle electric vehicles in partnership with Geely Auto. Its legacy business includes all-terrain vehicles and go-karts.

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

History[edit]

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.

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.

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.

EX3 rollout (previously K26)[edit]

EX3 debuted on November 1, 2017. The EX3 is Kandi's first SUV. Top range of 300KM (186 Miles) and top speed of 110KM/H (68 Miles/H) on a single charge. Exhibited at launch event in March 26, 2018.[9][10]

EX3 is the electric version of the Geely Vision X3. [11]

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

Kandi EV[edit]

The Geely Panda based Kandi EV.

The Kandi EV fleet of K23 and EX3 is an electric vehicle with a range of 300 km (190 mi), and a top speed of 100 km/h (62 mph).[12]

Kandi EV CarShare[edit]

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.[12]

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.[12]

Kandi Partnership with Geely[edit]

Kandi partnered up with Geely to sell EVs under the Gleagle brand. [13]

Sales[edit]

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.[14] 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.[15]

Kandi secured US $105.8 million financing through the National Economic and Technological Development Zone of Rugao City in May 2017.[16]

Quarter K12
sales
K17
sales
K23
sales
EX3
sales
Total
sales
Source
Q3 2017 4,018 2,747 6,765 [17]


Q4 2017 3,398 1,192 4,590[a] [18]
Q1 2018 3,295[b] [19]
Q2 2018 1,802[c] [20]


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

K17A rollout[edit]

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[edit]

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. [21]

Management[edit]

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

References[edit]

  1. ^ "Kandi Technologies Group Inc". Bloomberg Businessweek. Retrieved 1 April 2013. 
  2. ^ "Kandi Technologies Bags Largest Single Electric Vehicle Order Ever". Forbes. 11 July 2012. Retrieved 30 March 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. ^ "GL Eagle EX3 Product Launch". Kandi Technologies Group and Geely Auto. 
  7. ^ "Electric vehicles will grow from 3 million to 125 million by 2030, International Energy Agency forecasts". CNBC. 
  8. ^ "Kandi Technologies Acquires Sportsman Country, LLC". Yahoo. 
  9. ^ "Kandi Technologies Announces EX3 SUV". 2018-03-26. Retrieved 2018-03-26. 
  10. ^ "Kandi Technologies Unveils All-Electric SUV Geely Global Hawk EX3 in Hangzhou". 2018-03-28. Retrieved 2018-03-28. 
  11. ^ "Geely Vision X3". 2018-03-29. Retrieved 2018-03-29. 
  12. ^ a b c Mark Rogowsky (2013-12-28). "Kandi Crush: An Electric-Car Vending Machine From China Could Upend The Auto Industry". Forbes. Retrieved 2014-08-02. 
  13. ^ "Kandi teams up with Geely Group for the Global Eagle Brand". 2018-03-30. Retrieved 2018-03-30. 
  14. ^ 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. 
  15. ^ "Kandi (KNDI) Receives Third 2015 Government Subsidy Payment for EV Sales". Street Insider. 2017-04-24. Retrieved 2017-04-24. 
  16. ^ "Kandi Technologies Announces Initial Launch of RMB 730 Million Supply Chain Finance Program". Nasdaq Globe Newswire. 2017-05-02. Retrieved 2017-05-02. 
  17. ^ 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.
  18. ^ 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.
  19. ^ 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.
  20. ^ 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.
  21. ^ "Kandi Model K23 Production Launched by Kandi Electric Vehicles (Hainan) Co., Ltd". 2018-03-30. Retrieved 2018-03-30. 

External links[edit]