Kandi Technologies Explained

Kandi Technologies Group, Inc.
Type:Public
Traded As:NASDAQ:
Foundation:[1]
in Jinhua, Zhejiang
Founder:Hu Xiaoming
Location:Jinhua, Zhejiang
Area Served:China, United States
Industry:Automotive
Products:Automobiles, electric vehicles
Subsid:Zhejiang Kandi Electric Vehicles (50%)
SC Autosports LLC[2]

Kandi Technologies Group, Inc. (Chinese: 康迪) is a Chinese manufacturer of batteries and electric vehicles. The company is listed on the NASDAQ stock exchange under the ticker symbol KNDI.[3] It was founded in 2002 in Jinhua, Zhejiang[4] by Hu Xiaoming.

History

Kandi partnership with Geely

In February 2013, Kandi and Geely subsidiary Shanghai Maple announced the Zhejiang Kandi Electric Vehicles Investment, an EV joint venture (50:50), with an initial registered capital of 1 billion yuan (US$160 million).[5] The joint venture (JV) focused on research and development, production, marketing, and sale of electric vehicles on the Chinese mainland.[5] The joint venture agreement was signed on 22 March 2013.[6] Li Shufu, Chairman of Geely Auto, will be appointed as the first Chairman of the JV company and Xiaoming Hu, Chairman & CEO of Kandi, will be appointed as the first General Manager.[7]

In 2016, Geely Auto sold its half-ownership of the JV to Geely Holding Group, controlled by Li Shufu.[8] [9]

Kandi has partnered with Geely to sell EVs under the Gleagle brand.[10] Kandi remains one of Geely Auto's strategic partners in China focused on pure electric vehicle manufacturing. The strategic partnership has resulted in the EX3 model program. Under the agreement, Geely provides EV design input for the EX3 and Kandi provides the 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.[11]

In 2014, Kandi announced Kandi EV Car Share, 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 work similar to vending machines. The rental price is per hour. Leasing is available from to 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 under one-to-three-year contracts. Kandi planned to make 100,000 cars available to Hangzhou residences over two years.[12]

The Kandi public EV CarShare concept is based on Hangzhou's bikeshare, the largest in the world and the first of its kind in China. The bike-share has since spread from Hangzhou to 19 Chinese cities including Shanghai and Beijing. To date, Kandi has delivered over 40,000 car-share EVs, making it the world's largest car-sharing 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.

In 2019, Kandi signed a non-binding agreement to act as the electric vehicle supplier for ride-sharing platform Cao Cao Zhuan Che.[13] In 2020, Kandi, together with Zhejiang Ruibo New Energy Vehicle Service Company Ltd. and Jiangsu Jinpeng Group Ltd., founded the ridesharing company Zhejiang Ruiheng Technology Company (aka "Ruiheng").[14]

United States expansion

In 2019, the company announced plans to expand its market to the United States,[15] as the U.S. National Highway Traffic Safety Administration approved its Model EX3 and Model K22 cars to be exported into the United States.

The company shipped 50–100 EVs to the United States at the 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.[2]

Other developments

In November 2020, Hindenburg Research, a short-selling group, released a report accusing Kandi of faking at least 55% of its sales.[16]

On December 7, Kandi's chairman released a response addressing Hindenburg's short seller report.[17] Kandi replied to the report with a statement claiming that: "Kandi believes that the report contains numerous errors, misstatements of historical facts, inaccurate conclusions, and superfluous opinions."[18]

Kandi has acquired the 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 models 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. [19]

In 2018, Kandi transitioned into longer-range electric vehicles with the K23 and EX3 models.[20] The company claims that its SUV crossover hybrids have more storage capacity than its other offerings.

Kandi acquired Sportsman Country LLC for $10 million in June 2018.[21] Sportsman Country will facilitate the dealer relationships for Kandi's EX3 electric vehicles.

Jiangsu Development and Reform Commission approved Kandi with one of three EV manufacturing licenses. The applicant pool consisted of EV enterprises from nationwide.[22] 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 EV sales in the first quarter of 2019 due to the 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 five years.

Products

Coco (KD08E/A)

The Coco was a small vehicle first available in the US in 2009.[23] There was an electric (KD08E) and gas (KD08A) version of the vehicle available.

EX3 (previously K26)

The EX3 debuted on November 1, 2017, as Kandi's first SUV. It has a top range of and a top speed of on a single charge. It was first exhibited at a launch event on March 26, 2018.[24] [25] Being the electric version of the Geely Vision X3,[26] it is approved for China's tax exemption on new energy vehicles.[27]

The EX3 SUV qualifies for the full $7,500 U.S. Federal Tax Credit, with its starting price being $29,995.[28] [29]

K17A

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 gives it a top range of 302km (188miles). It can be fully charged in 7.5 hours at a standard Level 2 240-volt, 32-amp charging station. Its top speed is theoretically 112km/h, but artificially restricted to just in the US market, depending upon the state in which it is sold.[30] [31]

K27

The K27 is a minimal compact four-door BEV with four seats. Its 17.69-kWh Lithium battery gives it a top range of 161km (100miles). It can be fully charged in seven hours at a standard Level 2 240-volt, 16-amp charging station. Despite a theoretical top speed of 100km/h, it is artificially restricted to just depending upon the state in which it is sold. This makes it illegal for use on American highways and usable only off public roads or for low-speed, exclusively city/residential transport.[32]

The K27 is marketed by Kandi as being the least expensive EV available in the US, and after incentives available in some states, it can potentially cost less than $10,000.[33] With a list price of $17,499[34] ($15,499 after federal tax credits), however, prior to state rebates, it is still significantly more expensive than the cheapest car sold in the US market, the Chevrolet Spark, which lists for $14,395.[35]

K32

The Kandi K32 is based on the same vehicle body as the Foday Lion F22 pickup truck and was marketed as an all-electric dual motor 4-wheel drive UTV, which is not legal for use on public roads.[36] The K32 was introduced in November 2021. The base standard range trim model is available with a 20.7-kWh battery capable of of range, while the long-range variant comes with a 50-kWh pack for up to of range. Top speed is claimed to be .[37] Both models are equipped with a dual-motor, all-wheel-drive powertrain with an output of according to Kandi.[38]

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 the first half of 2014.[39] 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 strategy is to have five million electric and hybrid vehicles on the roads in China by 2020.2015 sales revenue relied heavily on government subsidies. The Chinese government chose to not issue subsidies to Kandi in 2015, and its third 2015 subsidy payment completed on April 21, 2017.[40]

Kandi secured US$105.8 million (754438745.80 Chinese Yuan) financing through the National Economic and Technological Development Zone of Rugao City in May 2017.[41]

2018 sales were projected to focus exclusively on the EX3 SUV with a range of .[42]

Quarter K12
sales 		K17
sales		K23
sales		EX3
sales 		Total
sales 		Source
Q3 2017 4,018 2,7476,765 [43]
Q4 2017 3,398 1,1924,590 [44]
Q1 2018 3,295 [45]
Q2 2018 1,802 [46]
Q3 2018 1,502 [47]
Q4 2018 3,660 [48]

Notes and References

  1. Web site: INVESTOR PRESENTATION - MARCH 2022. 22 June 2022. 28 May 2022. https://web.archive.org/web/20220528230721/http://en.kandivehicle.com/upload/20220419/101621478.pdf. live.
  2. Web site: Lambert. Fred. 2020-07-30. Kandi launches cheapest EVs in US, $13,000+ after incentives. 2020-07-31. Electrek. en-US. 2020-07-31. https://web.archive.org/web/20200731180455/https://electrek.co/2020/07/30/kandi-cheapest-electric-cars-us/. live.
  3. Web site: Kandi Technologies Group Inc. https://web.archive.org/web/20140902085603/http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=KNDI. dead. September 2, 2014. 1 April 2013. Bloomberg Businessweek.
  4. News: Smith . Matt . A Tiny Electric Vehicle From China Is on a Wild Ride in the Market . 15 November 2024 . Barron's . 23 November 2020.
  5. News: Geely subsidiary signs joint EV venture deal. 17 February 2013. The China Post. 6 February 2013. 25 December 2013. https://web.archive.org/web/20131225065929/http://www.chinapost.com.tw/business/global-markets/2013/02/06/369773/Geely-subsidiary.htm. live.
  6. News: Kandi Technologies Corp's Zhejiang Kandi Vehicles Co Ltd Enters Into Joint Venture Agreement With Geely Automobile Holdings Ltd's Guorun Automobile Co Ltd. 1 April 2013. Reuters. 25 March 2013. 25 March 2013. https://web.archive.org/web/20130325215111/http://www.reuters.com/finance/stocks/KNDI.O/key-developments/article/2720181. live.
  7. News: 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.
  8. Web site: Geely Auto (00175) sells JVs to Geely Holding. July 26, 2016. AIMPACT 鋒投. March 25, 2019. March 25, 2019. https://web.archive.org/web/20190325013255/http://www.aimpact.com/article/eng/Geely-Auto-00175-sells-JVs-to-Geely-Holding-0376244850. live.
  9. Web site: NEW ENERGY: Geely Dumps EVs, BYD Wins Back Shenzhen. July 28, 2016. Business China : news for investors in China. March 25, 2019. March 25, 2019. https://web.archive.org/web/20190325013252/http://www.youngchinabiz.com/en/new-energy-geely-dumps-evs-byd-wins-back-shenzhen/. live.
  10. News: Kandi teams up with Geely Group for the Global Eagle Brand. 2018-03-30. 2018-03-30. 2018-04-03. https://web.archive.org/web/20180403234730/http://www.gleagleev.com/index.php/introduce#k1. live.
  11. News: Kandi Technologies Bags Largest Single Electric Vehicle Order Ever. 30 March 2013. Forbes. 11 July 2012. 17 January 2013. https://web.archive.org/web/20130117085126/http://www.forbes.com/sites/tomkonrad/2012/07/11/kandi-technologies-bags-largest-single-electric-vehicle-order-ever/. live.
  12. News: Mark Rogowsky . 2013-12-28 . Kandi Crush: An Electric-Car Vending Machine From China Could Upend The Auto Industry . live . https://web.archive.org/web/20140808052639/http://www.forbes.com/sites/markrogowsky/2013/12/28/kandi-crush-an-electric-car-vending-machine-from-china-could-upend-the-auto-industry/ . 2014-08-08 . 2014-08-02 . Forbes.
  13. Web site: Kandi JV Company Signs a Cooperation Agreement with Youxing Technology to Provide 20,000 Electric Vehicles Within 3 Years for "Cao Cao Zhuan Che" Ride-sharing Platform . live . https://web.archive.org/web/20190130053207/https://finance.yahoo.com/news/kandi-jv-company-signs-cooperation-133200262.html . 2019-01-30 . 2019-01-29 . finance.yahoo.com.
  14. Web site: 2020-10-26 . Kandi Announces Establishment of Rideshare Company . 2024-11-13 . AP News . en-US.
  15. News: Chinese Electric Car Manufacturer Set to Crack US Market . 20 November 2024 . Transport Topics . 17 January 2019.
  16. Web site: Kandi: How This China-Based NASDAQ-Listed Company Used Fake Sales, EV Hype to Nab $160 Million From U.S. Investors . Hindenburg Research . 2020-11-30 . https://web.archive.org/web/20201231073233/https://hindenburgresearch.com/kandi/ . 2020-12-31 .
  17. https://www.globenewswire.com/news-release/2020/12/07/2140665/0/en/Kandi-Technologies-Issues-Chairman-s-Letter-to-Shareholders.html Kandi Technologies Issues Chairman’s Letter to Shareholders
  18. https://www.globenewswire.com/news-release/2020/12/01/2137311/0/en/Kandi-Responds-to-Inaccurate-Short-Report.html Kandi Responds to Inaccurate Short Report
  19. Kandi Vehicles to Acquire Jinhua An Kao Power Technology Co., Ltd. . December 18, 2017 . Kandi Technologies Group, Inc. . GlobeNewswire News Room . https://web.archive.org/web/20211113132126/https://www.globenewswire.com/news-release/2017/12/18/1263448/0/en/Kandi-Vehicles-to-Acquire-Jinhua-An-Kao-Power-Technology-Co-Ltd.html . 2021-11-13.
  20. News: GL Eagle EX3 Product Launch. Kandi Technologies Group and Geely Auto. 2018-05-11. 2018-05-11. https://web.archive.org/web/20180511215725/http://www.gleagleev.com/index.php/news/show/3/87. live.
  21. News: Kandi Technologies Acquires Sportsman Country, LLC. Yahoo. 2018-06-05. 2018-06-12. https://web.archive.org/web/20180612142037/https://finance.yahoo.com/news/kandi-technologies-acquires-sportsman-country-123300974.html. live.
  22. Web site: Kandi Pure Electric Vehicle Project Received Approval. finance.yahoo.com. 2019-01-09. 2019-01-10. https://web.archive.org/web/20190110014313/https://finance.yahoo.com/news/kandi-pure-electric-vehicle-project-133700081.html. live.
  23. Web site: Patrascu . Daniel . 2009-12-23 . Kandi Coco, the Cheapest Car in the World: $865 . 2023-11-02 . autoevolution . en.
  24. News: Kandi Technologies Announces EX3 SUV. 2018-03-26. 2018-03-26. 2018-03-27. https://web.archive.org/web/20180327023818/https://m.d1ev.com/news/qiye/65688. live.
  25. News: Kandi Technologies Unveils All-Electric SUV Geely Global Hawk EX3 in Hangzhou. 2018-03-28. 2018-03-28. 2018-03-29. https://web.archive.org/web/20180329184558/https://finance.yahoo.com/news/kandi-technologies-unveils-electric-suv-120200638.html. live.
  26. News: Geely Vision X3. 2018-03-29. 2018-03-29. 2018-03-30. https://web.archive.org/web/20180330012806/http://carsalesbase.com/china-car-sales-data/geely/geely-vision-x3/. live.
  27. Web site: Kandi Pure EV Model EX3, K23 Included In China's Approved Directory Of Purchase Tax Exemption For New Energy Vehicles. 2018-09-20. 2018-09-20. https://web.archive.org/web/20180920200000/https://finance.yahoo.com/news/kandi-pure-ev-model-ex3-130500986.html. live.
  28. Web site: Kandi Pure EV Models EX3 and K22 Qualify for Full $7,500 U.S. Federal Tax Credit. finance.yahoo.com. 2018-10-03. 2018-10-03. https://web.archive.org/web/20181003220834/https://finance.yahoo.com/news/kandi-pure-ev-models-ex3-123300222.html. live.
  29. Web site: Kandi EX3. 2018-10-19. 2018-10-20. https://web.archive.org/web/20181020011824/http://www.kandiev.com/product/index.php?id=23. live.
  30. News: Kandi Model K23 Production Launched by Kandi Electric Vehicles (Hainan) Co., Ltd.. 2018-03-30. 2018-03-30. 2018-03-31. https://web.archive.org/web/20180331035855/http://globenewswire.com/news-release/2018/03/30/1455965/0/en/Kandi-Model-K23-Production-Launched-by-Kandi-Electric-Vehicles-Hainan-Co-Ltd.html. live.
  31. Web site: Kandi Electric Vehicle - NEV K23. 2021-11-14. www.kandiamerica.com. 2021-11-14. https://web.archive.org/web/20211114012739/https://www.kandiamerica.com/NEV-K23/. live.
  32. Web site: Kandi Electric Vehicle - NEV K27. 2021-11-14. www.kandiamerica.com. 2021-11-14. https://web.archive.org/web/20211114012741/https://www.kandiamerica.com/NEV-K27/. live.
  33. Web site: Lambert. Fred. 2020-07-30. Kandi launches cheapest EVs in US, $13,000+ after incentives. 2020-08-23. Electrek. en-US. 2020-08-16. https://web.archive.org/web/20200816231350/https://electrek.co/2020/07/30/kandi-cheapest-electric-cars-us/. live.
  34. Web site: Doll. Scooter. 2021-10-20. The cheapest electric vehicles available in 2021-2022. 2021-11-14. Electrek. en-US. 2021-11-14. https://web.archive.org/web/20211114014347/https://electrek.co/2021/10/20/the-cheapest-electric-vehicles-available-in-2021-2022/. live.
  35. Web site: 2020-06-19. The 10 Cheapest Cars on Sale in the U.S. in 2020. 2021-11-14. MotorTrend. en. 2021-11-14. https://web.archive.org/web/20211114014347/https://www.motortrend.com/features/10-cheapest-cars-on-sale-united-states-today/. live.
  36. Web site: 2021-11-11. Kandi reveals vehicle looking like a pickup. 2021-11-14. electrive.com. en-US. 2021-11-14. https://web.archive.org/web/20211114012728/https://www.electrive.com/2021/11/11/kandi-reveals-vehicle-looking-like-a-pickup/. live.
  37. Web site: Model K32. 2021-11-14. www.kandiamerica.com. 2021-11-14. https://web.archive.org/web/20211114012749/https://www.kandiamerica.com/OFFROAD-EV-K32/. live.
  38. News: Kandi K32 AWD Electric UTV Offers 60-Mile Range For $27,699. 29 Feb 2016. paultan.org. Mihalascu. Dan. 11 November 2021. 11 November 2021. https://web.archive.org/web/20211111105743/https://insideevs.com/news/546992/kandi-launches-k32-electric-utv/. live.
  39. News: The Electric Vehicle Maker in China That Grew Over 200% Sequentially. Jon C. Ogg. 24/7 Wall Street. 2014-07-14. 2014-08-02. 2014-07-21. https://web.archive.org/web/20140721185800/http://247wallst.com/autos/2014/07/14/the-electric-vehicle-maker-in-china-that-grew-over-200-sequentially/. live.
  40. News: Kandi (KNDI) Receives Third 2015 Government Subsidy Payment for EV Sales. Street Insider. 2017-04-24. 2017-04-24. 2018-01-27. https://web.archive.org/web/20180127004559/https://www.streetinsider.com/Corporate+News/Kandi+%28KNDI%29+Receives+Third+2015+Government+Subsidy+Payment+for+EV+Sales/12804861.html. live.
  41. News: Kandi Technologies Announces Initial Launch of RMB 730 Million Supply Chain Finance Program. Nasdaq Globe Newswire. 2017-05-02. 2017-05-02. 2017-05-23. https://web.archive.org/web/20170523232249/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. live.
  42. Web site: First Batch of Kandi's EX3 Model Pure EV Launch on Market. 2018-09-27. 2018-09-27. https://web.archive.org/web/20180927165111/https://finance.yahoo.com/news/first-batch-kandi-ex3-model-124700766.html. live.
  43. Web site: Kandi Technologies Third Quarter 2017 Financial Results. Kandi Technologies. Kandi Technologies. 2017-11-09. 2017-11-09. 2017-12-04. https://web.archive.org/web/20171204001509/http://en.kandivehicle.com/NewsDetail.aspx?newsid=240. live. A total of 6,765 electric cars were delivered during the third quarter of 2017.
  44. Web site: Kandi Technologies Reports Full Year 2017 Financial Results. Kandi Technologies. Globe Newswire. 2018-03-16. 2018-03-16. 2018-03-20. https://web.archive.org/web/20180320105443/https://finance.yahoo.com/news/kandi-technologies-reports-full-2017-110300461.html. live. A total of 4,590 electric cars were delivered during the fourth quarter of 2017.
  45. Web site: Kandi Technologies Reports First Quarter 2018 Financial Results. Kandi Technologies. Globe Newswire. 2018-05-10. 2018-05-10. 2018-05-11. https://web.archive.org/web/20180511214833/https://finance.yahoo.com/news/kandi-technologies-reports-first-quarter-110300424.html. live. JV sold 3,295 EVs in 2018 Q1.
  46. Web site: Kandi Technologies Reports Second Quarter 2018 Financial Results. Kandi Technologies. Globe Newswire. 2018-08-09. 2018-08-09. 2018-08-10. https://web.archive.org/web/20180810175256/https://finance.yahoo.com/news/kandi-technologies-reports-second-quarter-110300072.html. live. JV sold 1,802 EVs in 2018 Q2.
  47. Web site: Kandi Technologies Reports Third Quarter 2018 Financial Results. Kandi Technologies. Globe Newswire. 2018-08-09. 2018-08-09. 2018-11-15. https://web.archive.org/web/20181115030608/https://finance.yahoo.com/news/kandi-technologies-reports-third-quarter-120300615.html. live. JV sold 1,502 EVs in 2018 Q3.
  48. Web site: Kandi Technologies Reports Full Year 2018 Financial Results. Kandi Technologies. Globe Newswire. 2019-03-15. 2019-06-13. https://web.archive.org/web/20190613002150/https://finance.yahoo.com/news/kandi-technologies-reports-full-2018-110300605.html. live. JV sold 3,660 EVs in 2018 Q4.

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