Kandi Technologies' (KNDI +25.3%) EV sales soared 193.7% Y/Y in seasonally huge Q4 to $40M on the back of 3,568 "pure" EV unit sales, fueling a 92% increase in total revenue to $50.6M. Gross margin rose to 22.5% from 17.1% a year ago.
For the whole of 2013, EV sales rose 144.9% Y/Y to $46.6M, and units 20% to 4,696. ATV sales rose 62.6% to $10.4M, and UTV sales 262.1% to $1.2M.
G&A spend nearly quadrupled Y/Y in 2013 to $16.1M. R&D spend rose 30% to $3.7M, and sales/marketing fell 12% to a mere $400K.
Kandi ended the year with $12.8M in cash/equivalents, $13.8M in notes receivable, $34M in short-term bank loans, $16.7M in notes payable, and $13.1M in bonds payable.
Q4 results, PR