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Kandi Technologies

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Kandi Technologies Group, Inc.
Company typePublic
Nasdaq: KNDI
IndustryAutomotive
Founded2002; 22 years ago (2002)[1]
in Jinhua, Zhejiang
FounderHu Xiaoming
HeadquartersJinhua, Zhejiang
Area served
China, United States
ProductsAutomobiles, electric vehicles
SubsidiariesZhejiang Kandi Electric Vehicles (50%)
SC Autosports LLC[2]
WebsiteOfficial website Edit this at Wikidata

Kandi Technologies Group, Inc. (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

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Kandi partnership with Geely

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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 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 Mr. 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

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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 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 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.[citation needed]

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.[citation needed]

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

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In 2019, the company announced plans to expand its market to the United States[15], 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 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

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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 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

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Coco (KD08E/A)

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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)

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The EX3 debuted on November 1, 2017, as Kandi's first SUV. It has a top range of 380 km (240 mi) and a top speed of 110 km/h (68 mph) 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

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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

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K23's production started at the Hainan facility on March 28, 2018. Its 41.4-kWh battery gives 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 theoretically 112 km/h (70 mph), but artificially restricted to just 25–35 mph (40–56 km/h) in the US market, depending upon the state in which it is sold.[30][31]

K27

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The K27 is a minimal compact four-door BEV with four seats. Its 17.69-kWh Lithium battery gives it a top range of 161 km (100 miles). 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 100 km/h (62 mph), it is artificially restricted to just 25–35 mph (40–56 km/h) 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),[32] 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

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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 60 miles (97 km) of range, while the long-range variant comes with a 50-kWh pack for up to 150 miles (240 km) of range. Top speed is claimed to be 65 mph (105 km/h).[37] Both models are equipped with a dual-motor, all-wheel-drive powertrain with an output of 21 kW (28 hp) according to Kandi.[38]

  • Kandi K17A
    Kandi K17A
  • Kandi Coco
    Kandi Coco
  • Kandi Panda EV
    Kandi Panda EV

Sales

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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 380 km (240 mi).[42]

Quarter K12
sales 		K17
sales 		K23
sales 		EX3
sales		 Total
sales		 Source
Q3 2017 4,018 2,747 6,765 [43]
Q4 2017 3,398 1,192 4,590[a] [44]
Q1 2018 3,295[b] [45]
Q2 2018 1,802[c] [46]
Q3 2018 1,502[d] [47]
Q4 2018 3,660[e] [48]
  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

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  1. ^ "INVESTOR PRESENTATION - MARCH 2022" (PDF). Archived (PDF) from the original on 28 May 2022. Retrieved 22 June 2022.
  2. ^ a b Lambert, Fred (2020-07-30). "Kandi launches cheapest EVs in US, $13,000+ after incentives". Electrek. Archived from the original on 2020-07-31. Retrieved 2020-07-31.
  3. ^ "Kandi Technologies Group Inc". Bloomberg Businessweek. Archived from the original on September 2, 2014. Retrieved 1 April 2013.
  4. ^ Smith, Matt (23 November 2020). "A Tiny Electric Vehicle From China Is on a Wild Ride in the Market". Barron's. Retrieved 15 November 2024.
  5. ^ a b "Geely subsidiary signs joint EV venture deal". The China Post. 6 February 2013. Archived from the original on 25 December 2013. Retrieved 17 February 2013.
  6. ^ "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. Archived from the original on 25 March 2013. Retrieved 1 April 2013.
  7. ^ "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.[permanent dead link‍]
  8. ^ "Geely Auto (00175) sells JVs to Geely Holding". AIMPACT 鋒投. July 26, 2016. Archived from the original on March 25, 2019. Retrieved March 25, 2019.
  9. ^ "NEW ENERGY: Geely Dumps EVs, BYD Wins Back Shenzhen". Business China : news for investors in China. July 28, 2016. Archived from the original on March 25, 2019. Retrieved March 25, 2019.
  10. ^ "Kandi teams up with Geely Group for the Global Eagle Brand". 2018-03-30. Archived from the original on 2018-04-03. Retrieved 2018-03-30.
  11. ^ "Kandi Technologies Bags Largest Single Electric Vehicle Order Ever". Forbes. 11 July 2012. Archived from the original on 17 January 2013. Retrieved 30 March 2013.
  12. ^ Mark Rogowsky (2013-12-28). "Kandi Crush: An Electric-Car Vending Machine From China Could Upend The Auto Industry". Forbes. Archived from the original on 2014-08-08. Retrieved 2014-08-02.
  13. ^ "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". finance.yahoo.com. Archived from the original on 2019-01-30. Retrieved 2019-01-29.
  14. ^ "Kandi Announces Establishment of Rideshare Company". AP News. 2020-10-26. Retrieved 2024-11-13.
  15. ^ "Chinese Electric Car Manufacturer Set to Crack US Market". Transport Topics. 17 January 2019. Retrieved 20 November 2024.
  16. ^ "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. Archived from the original on 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 Archived 2020-12-10 at the Wayback Machine 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 Archived 2020-12-01 at the Wayback Machine Kandi Responds to Inaccurate Short Report
  19. ^ "Kandi Vehicles to Acquire Jinhua An Kao Power Technology Co., Ltd" (Press release). Kandi Technologies Group, Inc. December 18, 2017. Archived from the original on 2021-11-13 – via GlobeNewswire News Room.
  20. ^ "GL Eagle EX3 Product Launch". Kandi Technologies Group and Geely Auto. Archived from the original on 2018-05-11. Retrieved 2018-05-11.
  21. ^ "Kandi Technologies Acquires Sportsman Country, LLC". Yahoo. Archived from the original on 2018-06-12. Retrieved 2018-06-05.
  22. ^ "Kandi Pure Electric Vehicle Project Received Approval". finance.yahoo.com. Archived from the original on 2019-01-10. Retrieved 2019-01-09.
  23. ^ Patrascu, Daniel (2009-12-23). "Kandi Coco, the Cheapest Car in the World: $865". autoevolution. Retrieved 2023-11-02.
  24. ^ "Kandi Technologies Announces EX3 SUV". 2018-03-26. Archived from the original on 2018-03-27. Retrieved 2018-03-26.
  25. ^ "Kandi Technologies Unveils All-Electric SUV Geely Global Hawk EX3 in Hangzhou". 2018-03-28. Archived from the original on 2018-03-29. Retrieved 2018-03-28.
  26. ^ "Geely Vision X3". 2018-03-29. Archived from the original on 2018-03-30. Retrieved 2018-03-29.
  27. ^ "Kandi Pure EV Model EX3, K23 Included In China's Approved Directory Of Purchase Tax Exemption For New Energy Vehicles". Archived from the original on 2018-09-20. Retrieved 2018-09-20.
  28. ^ "Kandi Pure EV Models EX3 and K22 Qualify for Full $7,500 U.S. Federal Tax Credit". finance.yahoo.com. Archived from the original on 2018-10-03. Retrieved 2018-10-03.
  29. ^ "Kandi EX3". Archived from the original on 2018-10-20. Retrieved 2018-10-19.
  30. ^ "Kandi Model K23 Production Launched by Kandi Electric Vehicles (Hainan) Co., Ltd". 2018-03-30. Archived from the original on 2018-03-31. Retrieved 2018-03-30.
  31. ^ "Kandi Electric Vehicle - NEV K23". www.kandiamerica.com. Archived from the original on 2021-11-14. Retrieved 2021-11-14.
  32. ^ a b "Kandi Electric Vehicle - NEV K27". www.kandiamerica.com. Archived from the original on 2021-11-14. Retrieved 2021-11-14.
  33. ^ Lambert, Fred (2020-07-30). "Kandi launches cheapest EVs in US, $13,000+ after incentives". Electrek. Archived from the original on 2020-08-16. Retrieved 2020-08-23.
  34. ^ Doll, Scooter (2021-10-20). "The cheapest electric vehicles available in 2021-2022". Electrek. Archived from the original on 2021-11-14. Retrieved 2021-11-14.
  35. ^ "The 10 Cheapest Cars on Sale in the U.S. in 2020". MotorTrend. 2020-06-19. Archived from the original on 2021-11-14. Retrieved 2021-11-14.
  36. ^ "Kandi reveals vehicle looking like a pickup". electrive.com. 2021-11-11. Archived from the original on 2021-11-14. Retrieved 2021-11-14.
  37. ^ "Model K32". www.kandiamerica.com. Archived from the original on 2021-11-14. Retrieved 2021-11-14.
  38. ^ Mihalascu, Dan (29 Feb 2016). "Kandi K32 AWD Electric UTV Offers 60-Mile Range For $27,699". paultan.org. Archived from the original on 11 November 2021. Retrieved 11 November 2021.
  39. ^ Jon C. Ogg (2014-07-14). "The Electric Vehicle Maker in China That Grew Over 200% Sequentially". 24/7 Wall Street. Archived from the original on 2014-07-21. Retrieved 2014-08-02.
  40. ^ "Kandi (KNDI) Receives Third 2015 Government Subsidy Payment for EV Sales". Street Insider. 2017-04-24. Archived from the original on 2018-01-27. Retrieved 2017-04-24.
  41. ^ "Kandi Technologies Announces Initial Launch of RMB 730 Million Supply Chain Finance Program". Nasdaq Globe Newswire. 2017-05-02. Archived from the original on 2017-05-23. Retrieved 2017-05-02.
  42. ^ "First Batch of Kandi's EX3 Model Pure EV Launch on Market". Archived from the original on 2018-09-27. Retrieved 2018-09-27.
  43. ^ Kandi Technologies (2017-11-09). "Kandi Technologies Third Quarter 2017 Financial Results". Kandi Technologies. Archived from the original on 2017-12-04. Retrieved 2017-11-09. A total of 6,765 electric cars were delivered during the third quarter of 2017.
  44. ^ Kandi Technologies (2018-03-16). "Kandi Technologies Reports Full Year 2017 Financial Results". Globe Newswire. Archived from the original on 2018-03-20. Retrieved 2018-03-16. A total of 4,590 electric cars were delivered during the fourth quarter of 2017.
  45. ^ Kandi Technologies (2018-05-10). "Kandi Technologies Reports First Quarter 2018 Financial Results". Globe Newswire. Archived from the original on 2018-05-11. Retrieved 2018-05-10. JV sold 3,295 EVs in 2018 Q1.
  46. ^ Kandi Technologies (2018-08-09). "Kandi Technologies Reports Second Quarter 2018 Financial Results". Globe Newswire. Archived from the original on 2018-08-10. Retrieved 2018-08-09. JV sold 1,802 EVs in 2018 Q2.
  47. ^ Kandi Technologies (2018-08-09). "Kandi Technologies Reports Third Quarter 2018 Financial Results". Globe Newswire. Archived from the original on 2018-11-15. Retrieved 2018-08-09. JV sold 1,502 EVs in 2018 Q3.
  48. ^ Kandi Technologies. "Kandi Technologies Reports Full Year 2018 Financial Results". Globe Newswire. Archived from the original on 2019-06-13. Retrieved 2019-03-15. JV sold 3,660 EVs in 2018 Q4.
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