Kandi Technologies

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Kandi Technologies Group, Inc.
FounderHu Xiaoming, Li Shufu
Area served
Shanghai, Guangzhou, Shenzhen, Wuhan, Chengdu, Chongqing, Hangzhou
ProductsAutomobiles, electric vehicles
SubsidiariesZhejiang Kandi Electric Vehicles (50%)

Kandi Technologies Group, Inc. is an electric vehicle parts manufacturing company in China. It owns 50% of Kandi Electric Vehicles Group Co., Ltd., an equally held joint venture by Kandi and Geely Group, Ltd.

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


Kandi partnership with Geely[edit]

In February 2013, Kandi and Shanghai Maple (a 99% subsidiary of Geely Auto) 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).[2] The joint venture is planned to focus on the research and development, production, marketing and sale of electric vehicles in the Chinese mainland.[2] The joint venture agreement was signed on 22 March 2013.[3] 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.[4]

In 2016, Geely Auto sold its half of the JV to Geely Holding Group, controlled by Li Shufu.[5][6]

Kandi has partnered up with Geely to sell EVs under the Gleagle brand.[7] 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.

Kandi partnership with Hangzhou[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.[8]

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.

Other developments[edit]

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 380 km (240 miles).

In 2018, Kandi transitioned into longer range electric vehicles with the K23 and EX3 models.[9] 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.[10]

Kandi acquired Sportsman Country LLC for $10 million in June 2018.[11] Sportsman Country will facilitate the dealer relationships for Kandi's EX3 electric vehicles.

US website KandiEV launched to promote EX3 SUV.[12] Texas distribution center Sportsman Country will be working with local dealers to retail the EX3 SUV.

Kandi received its 3rd subsidy payment of RMB 100 million from the Hainan Provincial Government.[13]

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.

American auto makers will be watching EVs imported from China closely in a competitive electric vehicles landscape. The U.S. National Highway Traffic Safety Administration (NHTSA) in 2019 approved Kandi to import its Model EX3 and Model K22 cars into the U.S.[15]


EX3 rollout (previously K26)[edit]

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.[16][17]

The EX3 is the electric version of the Geely Vision X3,[18] and is approved for China's tax exemption on new energy vehicles.[19]

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

NIO's ES8 SUV with a 355 km (220 miles) range competes in the same category of EVs as the Kandi EX3 with a range of 380 km (236 Miles).[20] Kandi strongly believes that owning and driving EVs is a lifestyle change. Kandi is a technology company with a lifestyle focus towards improving the lives of EV owners.

The EX3 SUV qualifies for the full $7,500 U.S. Federal Tax Credit.[21] Starting MSRP $29,995.[22]

The EX3 is one of the first Chinese SUV EVs approved for import to the US by the NHTSA.

Autohome's photo shoot and video feature of the EX3.[23][24]

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 380 km (240 mi), and a top speed of 100 km/h (62 mph).[25]

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.[25]

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.[25]

In 2019, Kandi Technologies signed a framework with a ride-sharing alliance to provide 300,000 EVs within 5 years.[26]

Executing its commitment to ride-sharing, Kandi JV signs agreement with Cao Cao Zhuan Che as the supplier for 20,000 electric vehicles.[27]

K17A rollout[edit]

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[edit]

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

K27 rollout[edit]

Autohome's photo shoot and video feature of the K27.[29][30]


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.[31] 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.[32]

Kandi secured US$105.8 million financing through the National Economic and Technological Development Zone of Rugao City in May 2017.[33]

2018 sales is projected to focus exclusively on the EX3 SUV with a range of 380 km (236 Miles).[34]

Quarter K12
Q3 2017 4,018 2,747 6,765 [35]
Q4 2017 3,398 1,192 4,590[a] [36]
Q1 2018 3,295[b] [37]
Q2 2018 1,802[c] [38]
Q3 2018 1,502[d] [39]
Q4 2018 3,660[e] [40]
  1. ^ Total excludes 82 units of unknown models.
  2. ^ Total did not indicate model types.
  3. ^ Total did not indicate model types.
  4. ^ Total did not indicate model types.
  5. ^ Total did not indicate model types.


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.[41]


  1. ^ "Kandi Technologies Group Inc". Bloomberg Businessweek. Retrieved 1 April 2013.
  2. ^ a b "Geely subsidiary signs joint EV venture deal". The China Post. 6 February 2013. Retrieved 17 February 2013.
  3. ^ "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.
  4. ^ "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.
  5. ^ http://www.aimpact.com/article/eng/Geely-Auto-00175-sells-JVs-to-Geely-Holding-0376244850
  6. ^ http://www.youngchinabiz.com/en/new-energy-geely-dumps-evs-byd-wins-back-shenzhen/
  7. ^ "Kandi teams up with Geely Group for the Global Eagle Brand". 2018-03-30. Retrieved 2018-03-30.
  8. ^ "Kandi Technologies Bags Largest Single Electric Vehicle Order Ever". Forbes. 11 July 2012. Retrieved 30 March 2013.
  9. ^ "GL Eagle EX3 Product Launch". Kandi Technologies Group and Geely Auto.
  10. ^ "Electric vehicles will grow from 3 million to 125 million by 2030, International Energy Agency forecasts". CNBC.
  11. ^ "Kandi Technologies Acquires Sportsman Country, LLC". Yahoo.
  12. ^ http://www.kandiev.com/product/ex3.php
  13. ^ https://finance.yahoo.com/news/kandi-technologies-reports-receipt-rmb-133200036.html
  14. ^ https://finance.yahoo.com/news/kandi-pure-electric-vehicle-project-133700081.html
  15. ^ https://electrek.co/2019/02/20/kandi-sell-ex3-k22-us/
  16. ^ "Kandi Technologies Announces EX3 SUV". 2018-03-26. Retrieved 2018-03-26.
  17. ^ "Kandi Technologies Unveils All-Electric SUV Geely Global Hawk EX3 in Hangzhou". 2018-03-28. Retrieved 2018-03-28.
  18. ^ "Geely Vision X3". 2018-03-29. Retrieved 2018-03-29.
  19. ^ "Kandi Pure EV Model EX3, K23 Included In China's Approved Directory Of Purchase Tax Exemption For New Energy Vehicles".
  20. ^ https://electrek.co/2018/04/03/nio-electric-car-service-center-tesla/
  21. ^ "Kandi Pure EV Models EX3 and K22 Qualify for Full $7,500 U.S. Federal Tax Credit".
  22. ^ "Kandi EX3".
  23. ^ https://car.autohome.com.cn/photo/spec/35158/1/
  24. ^ https://v.autohome.com.cn/v_9_2161839.html
  25. ^ 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.
  26. ^ https://finance.yahoo.com/news/kandi-signs-framework-agreement-zhejiang-133300591.html
  27. ^ https://finance.yahoo.com/news/kandi-jv-company-signs-cooperation-133200262.html
  28. ^ "Kandi Model K23 Production Launched by Kandi Electric Vehicles (Hainan) Co., Ltd". 2018-03-30. Retrieved 2018-03-30.
  29. ^ https://car.autohome.com.cn/photo/series/4994/
  30. ^ https://v.autohome.com.cn/v_9_2161754.html
  31. ^ 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.
  32. ^ "Kandi (KNDI) Receives Third 2015 Government Subsidy Payment for EV Sales". Street Insider. 2017-04-24. Retrieved 2017-04-24.
  33. ^ "Kandi Technologies Announces Initial Launch of RMB 730 Million Supply Chain Finance Program". Nasdaq Globe Newswire. 2017-05-02. Retrieved 2017-05-02.
  34. ^ "First Batch of Kandi's EX3 Model Pure EV Launch on Market".
  35. ^ 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.
  36. ^ 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.
  37. ^ 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.
  38. ^ 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.
  39. ^ 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.
  40. ^ Kandi Technologies. "Kandi Technologies Reports Full Year 2018 Financial Results". Globe Newswire. JV sold 3,660 EVs in 2018 Q4.
  41. ^ https://www.sec.gov/Archives/edgar/data/1316517/000121390018010777/f8k080918ex99-1_kanditechno.htm

External links[edit]