Kandi Technologies: Import Data Suggests Company Greatly Overstated Go-Kart Sales
- Kandi says it sold 177,000 go-karts from 2008 through 2013, representing nearly half its total revenue.
- Import records show that only about 30,000 go-karts were shipped to the U.S. market, which represents the vast majority of international kart sales.
- Industry experts say Kandi's sales figures are impossibly high relative to the overall market and the share held by rival manufacturers.
- Discrepancies between unit sales reported in periodic SEC filings and deliveries recorded in U.S. customs data suggest that the company greatly overstated its numbers.
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