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Kandi Technologies: 'Boots On The Ground' At Kandi
- My trip to Kandi in China.
- Meeting with Chairman of the Board.
- Q&A Session.
- My take.
Kandi Technologies - Highlights Of The Second U.S. Investor And Analyst Conference
- Three new pure electric cars will be introduced in 2015, K12 “City Beauty”, K13 “City Cowboy”, and KD17 “Cyclone.”.
- The new electric cars to utilize advanced batteries with a driving range of 300 miles, greater than Tesla Model S.
- The new batteries are safer, last twice as long as the current batteries, yet cost about half.
- The new cars will likely be sold directly to consumers, and possibly overseas.
- Central government subsidy check of $32.6 million for the quarter ending June, 2014 has been received by the local government.
Kandi Technologies - Rising Revenues, Earnings, And Short Interest
- Kandi reported revenues of $44.2 million for Q3, 2014, an increase of 158% YoY, and its second biggest quarterly revenue ever.
- Record GAAP earnings continue, raising net income for the first nine months of 2014 to $10.6 million.
- Cash totaled $62.5 million, mitigating the need for additional financing in the near future.
- Mr. Hu Xiaoming was nominated as Chairman of the JV Company to succeed Mr. Li Shufu, dispelling any rumors about the JV’s continuation.
- JV Company management is actively pursuing Car-Share deals with many pilot cities such as Zhengzhou, Beijing, Wuhan, Guangzhou, and Shenzhen.
Kandi Technology's Shrinking Margin (And Why It Doesn't Really Matter)
- The gradual transition over to EV parts sales was planned in April 2013, and mentioned in recent quarterly filings.
- Revenue grew 257% vs. Q3 of last year. Kandi is on pace to record $200 million in revenue for 2014.
- EV Parts are manufactured and sold at a reasonable margin.
- The rapidly improving financials of the JV are improving Kandi's bottom line.
- Kandi has high short interest despite convincing revenue and earnings growth.
- Because of this short float, a spike or a steady rise in the company's stock price could occur.
- Kandi's future growth prospects are bright. Short sellers are wrong.
Kandi Technologies Thrives In The Fast Growing Electric Car Market
- The USA, China, Japan, and Norway lead the world in new energy vehicle sales during the first nine months of 2014.
- With new energy vehicle sales growth rates projected at 500% and 300% for 2014 and 2015, respectively, China could take the lead as early as 2015.
- New energy vehicle worldwide sales grow steadily at a healthy rate, while ICE vehicle sales slow substantially.
- Tesla and Kandi, along with Nissan and BMW, are the only PEV companies among top ten in NEV sales this year.
- Long or short term, TSLA and KNDI have outperformed top car manufacturers.
- Kandi short interest at all-time high - 7.6 million shares.
- Kandi remains on the Reg SHO Threshold List since 10/22/14.
- Improving company, market, and regulatory fundamentals portend sharp revenue growth for the remainder of 2014 and for 2015.
- Kandi to host investor and analyst meeting in San Francisco 11/12/14.
Kandi Technologies Continues To Dominate China Electric Car Market
- Kandi continues its dominance, to date producing more than half of total PEVs, and one-third of the total NEVs produced in China. Through Q3, Kandi produced 15,764 PEVs.
- In September China produced 22,000 NEVs, producing more cars in one month than all of 2013. The target for 2014 has been raised from 35,000 to over 80,000.
- Kandi JV on October 2nd announced it’s launching the Car-Share program in Nanjing, making Nanjing the fourth city where Kandi supplies PEVs, after Hangzhou, Shanghai and Jinhua.
- Kandi announced its new PEV model KD17 "Cyclone", one of several projects jointly developed by Kandi and Geely, will be available for sale by year end.
- Many companies like Alibaba, ICBC etc. have proactively approached Kandi regarding EV group lease cooperation. Also half of 86 pilot cities are seeking Kandi's Car-Share expertise.
- The efforts from the Chinese government to reduce the carbon footprint should bode well for Kandi.
- Increased focus on cleaner environment will result in higher demand for EVs.
- Kandi's expansion in Nanjing will also result in increased use of its products as the region has been active in helping the country achieve a better environment.
- Kandi's stock price has more than doubled over the last twelve months, and the stock has recorded gains of over 127%.
- Clever business model will allow Kandi to further grow its market share in the domestic as well as the global markets.
- Development of infrastructure will be key for the growth of the industry as well as the company - Kandi's efforts in this area will strengthen its grip on the local market.
- Support from the government and the local bodies is another plus point for the company, and these partnerships should enhance its sales.
- The stock is currently trading at a premium compared to the industry average like many other growth stocks in the high-growth stage of their business cycle.
- Kandi has been the PEV production leader for the first eight months of 2014, accounted for 50% of China's total PEV production.
- Shanghai and Beijing reported up to 200% surge in NEV orders right after tax exemption went into effect on September 1st.
- Kandi JV delivered 208 PEVs to four towns in Jinshan District of Shanghai. Shanghai subsidies are already in place, facilitating the quick expansion of Kandi’s Car-Share and group leasing programs.
- Kandi’s growth began to accelerate this year. It anticipates to deliver 20,000 PEVs in 2014, nearly forty percent higher than the original analysts’ forecast of 12,500.
- Express News reported a Hangzhou Government’s official quoted that the NEV subsidy plan has been finalized and submitted to the city government for final approval.
- An SA article uses momentum-based price-to-sales valuation to predict 9-bagger.
- 66 months into a bull market, the valuation game is likely to change.
- A more traditional earnings-based model gives vastly different results.
- YOY - Q2 revenues up 171%, EV product sales up 552%, operating income up 261%.
- Improving company, market, and government EV fundamentals portend sharp growth.
- Approximately 70,000 EV shipments will generate $1 billion in future sales.
- Current annual capacity for 300,000 EVs, capability to expand to 500,000.
- Short interest remains near record level, (6,494,655 shares at end of July).
- China is one of the top three electric car markets in the world, and the third fastest growing market, according to the Global Electric Vehicle Forecast.
- Roland Berger study suggests China’s car sharing market will quadruple between 2014 and 2017 due to governmental subsidies, tax reduction, free parking and positive customer sentiment towards car sharing.
- Today there are fifty Car-Share stations in Hangzhou. Xinhua reported on August 3rd that Kandi JV plans to build 40 Smart garages and 100 flat sites in Hangzhou this year.
- Group leasing is adding enterprises. To date, more than 2,000 cars have been delivered to various communities and corporations, with a waiting list of more than 1,400 customers and growing.
- Kandi’s stock shows positive performance for both short and long term holders, despite Cramer's “hurry sell” advice, attack articles, momentum stock sell-off and market correction.
Kandi Technologies: A Call For More Clarity In Financial Reporting
- The claim that the new business of resale of EV parts is a management tactic to pump up the top-line figure could be inappropriate.
- Queries over the sales, government grants and R&D expenses of the joint venture.
- Looking for clearer disclosures on the accounting of the joint venture.
- KNDI is not creating an “illusion” of rapid company sales via increased EV Parts sales.
- EV Parts sales in Q1 was a natural precursor to increased electric vehicle sales from their JV in Q2.
- The Carshare program is not an inventory buildup vehicle. It is a customer that provides economic benefit to KNDI.
- JV sales in Q2 of 4,114 electric vehicles implies strong sales growth with their customers, including the Carshare project.
- KNDI is not gaming the system to maximize government subsidies. The Company receives subsidies because they provide EVs to consumers which helps alleviate China's air pollution problem.
Kandi Technologies' 10-Q Reveals Phantom Sales Growth And Other Serious Concerns
- Most KNDI electric vehicle sales are to KNDI subsidiaries, not to the end-user.
- The new EV parts business launched in Q1 resells battery packs at a loss to create the illusion of rapid company sales growth.
- KNDI EV and parts sales appear to be related to inventory buildup for the Carshare project and may not be reflective of end-user demand.
- KNDI appears to only have a 9.5% economic interest in the Carshare project.
- There is no official company data to show how the Carshare project is doing financially.
Kandi Technologies Dominates China's Electric Car Market
- Chinese car companies sold a record 20,477 NEV in H1 2014, already exceeded last year sales of 17,642 NEV. Q2 sales of 13,624, doubled Q1 sales of 6,853.
- Kandi JV ended Q2 2014 with record 4,115 EV produced and 4,114 EV sold, its biggest quarter ever. Sales were 1,215 units in Q1, and 4,694 in all of 2013.
- Mini EV sales to hit 30,000 mark this year, accounted for 40% of China's NEV sales. Kandi is the leader in this market. It's just unveiled the new "Urban Beauty."
- Cash flow has increased substantially. Kandi received $31.8 million subsidy check from the Central government. Another Central subsidy check of $33.5 million is coming, plus a subsidy payment from Hangzhou.
- The China Central Government has just released NEV procurement mandate, just a few days after announcing 10% tax exemption for NEV purchased between September 1, 2014 through 2017.
There are no Transcripts on KNDI.
Mon, Nov. 17, 11:42 AM
- Kandi (NASDAQ:KNDI) has delivered an initial order of 64 EVs to the Chinese city of Wuhan. Wuhan is the fifth city EV-sharing services firm ZZY - Kandi owns a 9.5% indirect stake - has promoted its services in.
- Altogether, Kandi expects to deliver 500 to 1,000 EVs (eligible for national and local subsidies) to Wuhan by year's end. Last month, Kandi said it expects to deliver 1K EVs to Chengdu in 2014 to support a local EV-sharing program.
Mon, Nov. 10, 5:56 PM
- Kandi's (NASDAQ:KNDI) JV with Geely sold 1,950 "EV products" in Q3; the JV sold 4,114 EVs in Q2. Meanwhile, Kandi's own EV products revenue fell to $741K from Q2's $13.2M, as it transitions manufacturing to the JV.
- In its 10-Q, Kandi states "a number of customers had postponed their purchases until after September 1, 2014," in order to be exempt from a 10% purchase tax.
- Nonetheless, Kandi's "EV parts" revenue soared to $35.8M from $17.2M in Q2 and nothing a year ago, thanks to growing orders from the JV; 78% of the sales to the JV involved battery packs. Go-Kart revenue fell to $5.1M from $9.9M a year ago, and ATV revenue to $2.3M from $3.5M.
- Gross margin was 12.4%, and GAAP opex fell 17% Y/Y to $2.9M. Kandi ended Q3 with $62.5M in cash, $22.4M in bank loans, and $13M apiece in notes payable and bonds payable.
- Q3 results, PR
Mon, Nov. 10, 9:34 AM
Mon, Nov. 3, 9:44 AM
- Kandi Electric Vehicles, a 50/50 JV between Kandi (KNDI +3%) and a Geely subsidiary, has struck a "framework agreement" with Alipay parent Ant Financial to have the Alipay Wallet mobile payments platform support the JV's EV ride-sharing program.
- The agreement also covers the co-development of other services, including "customer credit system, online booking, and membership management." Alipay Wallet has 190M+ active users, up from just 100M in late 2013.
- Last month, Ant/Alipay announced Alipay Wallet would support a car rental service allowing users with good credit to rent cars without down payments, and that the service would initially launch in Hangzhou, Kandi's first EV ride-sharing market. Kandi later confirmed it's talking with Ant to "discuss opportunities for cooperation."
Thu, Oct. 30, 9:18 AM
Thu, Oct. 30, 9:12 AM
- Kandi (NASDAQ:KNDI) expects to deliver 1K EVs to the Chinese city of Chengdu by year's end in support of a local car-sharing program. As is the case elsewhere, car buyers are eligible to receive an RMB47.5K ($7,738) national subsidy, and a local subsidy of equal size.
- Kandi's JV with Geely sold 4,114 EVs in Q2. In addition to Chengdu, the company has targeted ride-sharing programs in Shanghai, Beijing, and Nanjing, to go with its original program in Hangzhou.
Wed, Oct. 15, 6:40 PM
- Alipay's mobile app (Alipay Wallet) is being updated to support a car rental service that will allow users with good credit (as determined by Alipay's transaction data) to rent cars without a down payment.
- The service will initially launch in Alibaba's (NYSE:BABA) hometown of Hangzhou - EV maker Kandi (NASDAQ:KNDI) supports a local car-sharing program - but will later expand to Shanghai and Beijing.
- Going forward, the Chinese online payments giant sees itself handling many other types of local services payments, including hotel bookings, apartment rentals, and hospital fees. "This car rental service is like a pilot project," says a product manager.
- Separately, Alipay has launched ePass, a service that handles payments for Western merchants looking to sell to Chinese consumers. Fashion retailer Gilt Groupe is among the initial supporters.
- Alipay argues ePass can handle thorny currency, customs, and logistics issues that can prevent Western merchants from selling into China. U.S. chief Jingming Li: "We’ve been there for 14 years: we know the customers, know their marketing channels."
- Ahead of its IPO, Alibaba restructured its deal with Alipay parent Small & Micro to give it a 37.5% stake in the event of an IPO involving a $25B+ valuation, and to obtain 37.5% of Small & Micro's pre-tax income until them. Alipay had 800M+ registered users as of June 2013.
- Update: Kandi says its management recently met with Alipay's parent company to "discuss opportunities for cooperation," while adding there's nothing to announce yet.
Thu, Oct. 2, 12:45 PM
Thu, Oct. 2, 9:32 AM
- Kandi's (NASDAQ:KNDI) SMA7001BEV EV has passed inspections carried out by the city of Nanjing, and a subsidiary of ride-sharing firm ZZY (Kandi has a 9.5% indirect stake through its JV) has been cleared to create a Nanjing subsidiary.
- The company notes its EVs are eligible to receive both a national subsidy of RMB47.5K ($7,738), and (in Nanjing) a subsidy of equal size from municipal and provincial authorities.
- Kandi has already made efforts to support EV ride-sharing programs to Shanghai, Beijing, and Chengdu. Its first supported program launched in the city of Huangzhou last year.
Fri, Aug. 29, 9:38 AM
- Kandi Technologies (KNDI -8.5%) announces it entered into an agreement with select institutional investors for a $71M registered placement of common stock at a price of $17.20 per share.The company says the proceeds from the offering will be used for general working corporate purposes.
- Previous: Kandi Technologies higher after report of China gas tax
Fri, Aug. 29, 9:01 AM| 2 Comments
Tue, Aug. 26, 8:11 AM| 8 Comments
Mon, Aug. 18, 12:44 PM
- Kandi (NASDAQ:KNDI) has delivered 208 EVs for the launch of a Shanghai car-sharing program. The cars were sent to rental stations within Shanghai's Jinshan district for immediate use.
- Kandi previously announced plans to offer EVs for car-sharing programs in Shanghai, Beijing, and Chengdu, to go with its existing efforts in Hangzhou. The company owns an indirect 9.5% stake in ZZY, the operator of the Shanghai program.
Mon, Aug. 11, 10:51 AM
- Kandi's (NASDAQ:KNDI) EV products revenue (40% of total revenue) rose 58% Q/Q and 522% Y/Y in Q2 to $13.25M. As previously announced, 4,114 EVs were sold by the Kandi/Geely JV, +238% Q/Q.
- Gross margin was 21.9%, up from 12.1% in Q1 and down from 23.1% a year ago. GAAP opex rose 121% Y/Y to $4.58M; R&D spend was only $972K.
- Kandi ended Q2 with $11.3M in cash/equivalents, down from $20.5M at the end of Q1.
- Q2 results, PR
Mon, Aug. 11, 9:10 AM
Fri, Aug. 8, 6:02 PM| 43 Comments
KNDI vs. ETF Alternatives
Kandi Technologies Group Inc is engaged in designing, developing, manufacturing and commercializing pure electric vehicles , all-terrain vehicles, go-karts, three-wheeled motorcycles and other specialized vehicles.
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