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Hot Stocks
Kandi Technologies receives first real estate repurchase payment » 09:10
05/26/20
05/26
09:10
05/26/20
09:10
KNDI

Kandi Technologies

$3.00 /

-0.105 (-3.38%)

Kandi Technologies Group…

Kandi Technologies Group announced that it received the first payment of $34.2 million on May 22nd, 2020 under the real estate repurchase agreement announced on March 9th, 2020. Under the agreement, Kandi is entitled to receive additional payments based on achieving certain milestones: A second payment of $16.7 million is due within 10 days of "restoration" of the land. "Restoration" is defined as full legal cancellation of the land use rights; transfer of the ownership rights to the factory buildings and other fixtures on the land; and the return of undeveloped parcels. A final payment of $22.7 million will be due within 10 days of "return" of the land. "Return" is defined as completely vacating the land, factory buildings, and real estate and returning the factory and other real property to the Jinhua Economic and Technological Development Zone.

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KNDI Kandi Technologies
$3.00 /

-0.105 (-3.38%)

KNDI Kandi Technologies
$3.00 /

-0.105 (-3.38%)

Hot Stocks
Kandi Technologies appoints Jehn Ming Lim as CFO » 09:05
05/21/20
05/21
09:05
05/21/20
09:05
KNDI

Kandi Technologies

$3.15 /

-0.04 (-1.25%)

, TKAT

Takung Art

$1.46 /

+ (+0.00%)

Kandi Technologies Group…

Kandi Technologies Group (KNDI) announced the appointment of Jehn Ming Lim as CFO, effective on May 15, 2020. Ms. Zhu Xiaoying had completed her responsibilities as the Company's interim CFO. Prior to joining Kandi, he served as CFO of Takung Art (TKAT) from February 2019 to May 2020.

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KNDI Kandi Technologies
$3.15 /

-0.04 (-1.25%)

KNDI Kandi Technologies
$3.15 /

-0.04 (-1.25%)

Hot Stocks
Kandi Technologies to delay 10-Q filing » 09:37
05/11/20
05/11
09:37
05/11/20
09:37
KNDI

Kandi Technologies

$3.44 /

+0.31 (+9.90%)

Kandi Technologies…

Kandi Technologies announced that it would delay the filing of its 2020 Quarterly Report on Form 10-Q, which was originally due on May 11 as the impact in China of the current outbreak of COVID-19 "has presented significant challenges and undue hardship and expense for the company to file on a timely basis." The company has elected to rely on the SEC order and will endeavor to file the quarterly report no later than June 25, 2020, which is 45 days after the original due date. "The company also reiterated its caution regarding potential impacts from the ongoing virus crisis. The current outbreak of COVID-19 has had a significant impact on the global economy and many industries, including the automobile and parts industry. Affected by COVID-19, we expect the first quarter of 2020 will see large revenue decrease on EV parts sales comparing to the corresponding quarter in 2019. We are actively monitoring the recent coronavirus outbreak and its potential impact on our supply chain and operations. Due to current and potential future port closures and other restrictions resulting from the outbreak, global supply may become constrained, which may cause the negative impact on our sale of off-road vehicles to the U.S. While we do not expect that the virus will have a material adverse effect on our business or financial results at this time, we are unable to accurately predict the impact that COVID-19 will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and effectiveness of the actions that may be taken by governmental authorities. The management has been closely monitoring the impact caused by COVID-19 and we will continue to operate our business as steadily and safely as we can," Kandi added.

Over a month ago
Earnings
Kandi Technologies reports FY19 EPS 14c vs. 11c last year » 07:53
04/28/20
04/28
07:53
04/28/20
07:53
KNDI

Kandi Technologies

$4.00 /

+0.03 (+0.76%)

Reports FY19 revenue…

Reports FY19 revenue $135.7M vs. $112.4M last year. Mr. Hu Xiaoming, Chairman and CEO of Kandi commented: "Despite challenging market conditions, we delivered solid revenue growth of 20.7% year-over-year and improved gross margin to 18.7%. During the year, we achieve two major strategic milestones that position us for strong growth in the years ahead. First, we completed the restructuring of the Affiliate Company, formerly defined as the JV Company by transferring 21.47% of its equity interests in the Affiliate Company to Geely for a total amount of RMB 516 million, or approximately $72.3 million. As a result of the completion of the equity transfer, Kandi's 100% owned subsidiary Kandi Vehicles owns 22% of the Affiliate Company. The restructuring yielded us over $70 million, which will fund our other growth opportunities. The second achievement was finalizing our transaction with Jinhua Economic and Technological Development Zone. Where Kandi's Jinhua facility is located is required to be rebuilt into a central innovation District according to the Jinhua City Construction Plan, which resulted in relocation of the Company's Jinhua facility. After two years of negotiation, we signed a real estate repurchase agreement with Jinhua Economic and Technological Development Zone in the first quarter of 2020. The Jinhua local government agreed to pay RMB 525 million, or approximately $75.6 million to purchase the land and facility. In addition, within the next eight years, the Jinhua local government will offer subsidies of no less than RMB 500 million, or approximately $71.9 million, based on Kandi Vehicle's financial contribution to the local department of finance. This deal will yield significant cash, both currently and in future years, while enabling us to transfer production to a new, more modern and efficient facility. This deal frees up our old land for other development, and so is a win-win both for us and the local authorities. Coming off such a strong finish to 2019, we looked forward to more success in 2020, but the COVID-19 crisis has put the global economy on pause. Our foremost concern is the health and safety of our employees, customers, and business partners. As the pandemic unfolded, we immediately took action, such as closing our facilities and going to remote work when possible. Now, the pandemic appears under control in China, and we fully resumed production in the beginning of March.The Chinese government has supported the EV industry during these turbulent times. Most importantly, state subsidies and tax breaks for new energy vehicles have been extended until the end of 2022, two years longer than the original expiration at the end of this year. This extension will encourage a more-rapid resumption of demand, and gives the whole industry more time to fully recover. We applaud the wisdom of the authorities in taking this long-term view. As an EV leader in China, we believe Kandi will benefit from this more supportive policy environment. Even as we focus in the near-term on business recovery, we are planning for strong growth over the long-term. In particular, our focus this year will be to make real progress on our smaller-city EV online ride-share operating platform with government-accredited ride-share vehicle service. Our partnership with Jinpeng is critical to this effort, and our collaboration is off to a good start. We look forward to building a compelling service that can drive high volume vehicles sales in the years ahead."

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Hot Stocks
Kandi Technologies to delay filing Annual Report on Form 10-K » 09:36
03/16/20
03/16
09:36
03/16/20
09:36
KNDI

Kandi Technologies

$2.81 /

+0.17 (+6.44%)

Kandi Technologies…

Kandi Technologies announced that it would delay the filing of its 2019 Annual Report on Form 10-K, which was originally due on March 16. The impact in China of the current outbreak of COVID-19 has presented significant challenges and undue hardship and expense for the company to file on a timely basis. The company has elected to rely on the order recently issued by the U.S. SEC on March 4 providing conditional relief to public companies that are unable to timely comply with their filing obligations as a result of the novel coronavirus. In response to the Chinese central government's call to contain COVID-19 and to protect employee health, Kandi's offices had been closed since January and operations did not restart until late February. The accounting team and independent auditor were also not able to conduct on-site accounting and auditing work until March. Considering the lack of time for the compilation, dissemination and review of the information required to be presented, the company decided to rely on the SEC Order and will endeavor to file the Annual Report no later than April 30, which is 45 days after the Original Due Date.

Hot Stocks
Kandi enters real estate repurchase agreement with Jinhua Development Zone » 09:14
03/09/20
03/09
09:14
03/09/20
09:14
KNDI

Kandi Technologies

$3.00 /

-0.245 (-7.55%)

Kandi Technologies…

Kandi Technologies announced that the company signed a real estate repurchase agreement between Zhejiang Kandi Vehicles Co., its wholly-owned subsidiary in China, and the Jinhua Economic and Technological Development Zone that will enable Kandi Vehicles to optimize its production efficiency, lower operating costs, and generate a substantial cash inflow of over RMB1B by monetizing one of its largest assets. Under the terms of the agreement signed on March 6, 2020, Kandi Vehicles will move its current production to a new facility in the New Energy Automotive Zone. The new EV Zone is located five kilometers from Kandi Vehicles' current facility. Kandi Vehicles will relocate to the new EV Zone when it is ready to accept new occupants, currently expected toward the end of 2020. Kandi Vehicles intends to occupy approximately 16.5 acres of land in the new EV Zone, and will construct a compact, multi-story and highly efficient 100,000 square meter new factory. The new factory will enable the Company to significantly lower operating costs due to more efficient manufacturing and logistics. Kandi Vehicles will continue to produce in its current facility until the new factory is completed and operating. Kandi will purchase the land use rights for approximately 16.5 acres for RMB25M. It expects to spend an additional RMB100M to construct and outfit the new facility. As part of the transaction, the local government will repurchase Kandi Vehicle's existing land, factory buildings, and real estate for RMB525M. Payments totaling RMB525M to Kandi Vehicles will be made as follows: The first payment of RMB 244M is due within 20 days of signing the Agreement. The second payment of RMB119M is due within 10 days of "restoration" of the land. "Restoration" is defined as full legal cancellation of the land use rights, and the ownership rights over the factory buildings and other affixtures on the land, and return the undeveloped part of the land. The final payment of RMB162M will be paid within 10 days of "return" of the land. "Return" is defined as completely vacating the land, factory buildings, and real estate and returning the factory and other real property to the Jinhua local government. Kandi intends to use the proceeds from the land repurchase to fund the land use acquisition and factory construction in the new EV Zone, as well as to fund growth initiatives and general corporate purposes. The transaction includes additional financial incentives. Within the next eight years, the Jinhua local government will offer subsidies of no less than RMB500M based on Kandi Vehicle's financial contribution to the local department of finance.

Hot Stocks
Kandi Technologies resumes full operations at company, subsidiaries » 09:22
03/03/20
03/03
09:22
03/03/20
09:22
KNDI

Kandi Technologies

$3.11 /

-0.625 (-16.73%)

Kandi Technologies…

Kandi Technologies announced that full operations have resumed at the Company and its subsidiaries and affiliates. Affiliate Fengsheng Automotive Technology, which produces the Maple Model 30X, resumed production at the end of February. The Company's Hainan facility, which produces the Kandi K23, also resumed production at the end of February. In addition, the Jinhua facility has fully resumed production of battery PACK smart swapping equipment and all-terrain vehicles. The Company is enthusiastic about the prospects for its product line. Fengsheng is rapidly expanding distribution of the new Maple Model 30X, which has been well-received by a large number of dealers. Fengsheng has signed distribution agreements with more than 190 dealers, of which 105 have paid the security deposit. Fengsheng targets sales of over 30,000 units of the Maple Model 30X in 2020. Prospects for the Kandi K23 are also strong. In January, Kandi dispatched shipment to the U.S of the first batch of 200 Kandi K23s. The Company intends to export over 2,000 cars to the U.S. in 2020. Based on current order rates for all-terrain vehicles, production and sales from Jinhua facility are anticipated to grow 50% in 2020. Finally, Kandi is making solid progress in its ride-sharing initiative, a cooperative program initiated jointly by Kandi Vehicle, Jiangsu Jinpeng Group, and Zhejiang Ruibo. This is the first compliant ride-sharing vehicle program to use a two-shift smart battery swap model. The first program is underway in Yongkang City in Zhejiang Province, utilizing the Kandi K23.

Over a quarter ago
Hot Stocks
Kandi Technologies says SC Autosports accepting dealer applications for EVs » 09:07
02/04/20
02/04
09:07
02/04/20
09:07
KNDI

Kandi Technologies

$3.98 /

-0.01 (-0.25%)

Kandi Technologies Group…

Kandi Technologies Group announced that its subsidiary SC Autosports, the exclusive distributor of Kandi electric cars in the U.S., has begun taking dealer applications to sell Kandi electric cars in the U.S..

Hot Stocks
Kandi Technologies says Fengsheng releases first production EV model » 09:09
01/15/20
01/15
09:09
01/15/20
09:09
KNDI

Kandi Technologies

$4.68 /

-0.015 (-0.32%)

Kandi Technologies Group…

Kandi Technologies Group announced that Fengsheng Automotive Technology Group hosted a launch ceremony on January 13th to celebrate the release of its first production electric vehicle, the Maple Model 30X at its Jiangsu subsidiary. Government officials from the Jiangsu Development and Reform Commission, Ministry of Industry and Information Technology, Nantong City Mayor's Office, and Rugao City Mayor's Office attended the ceremony. By releasing the Maple 30X, Fengsheng hopes to become the new force driving China's renewable energy vehicle industry. The Maple Model 30X is scheduled to be launched after the Chinese Spring Festival with production and sales target of 30,000 vehicles for 2020.

Hot Stocks
Kandi announces strategic cooperation agreement with Jinpeng for EV market » 08:37
12/30/19
12/30
08:37
12/30/19
08:37
KNDI

Kandi Technologies

$4.71 /

-0.04 (-0.84%)

Kandi Technologies Group…

Kandi Technologies Group announced that on December 25, 2019, the Company entered into a Strategic Cooperation Agreement with Jiangsu Jinpeng Group, whereby Kandi and Jinpeng have agreed to jointly develop the Chinese pure electric vehicles market. Pursuant to the Agreement, the two parties will begin strategic cooperation in the following three areas: Kandi Electric Vehicle, Kandi's wholly-owned subsidiary, will exchange a certain percentage of its equity interests with Jiangsu Jimai New Energy Automobile Co., Ltd., a subsidiary of Jinpeng. The specific terms of such equity exchange will be set forth in the Equity Exchange Agreement the parties are to sign separately. The two parties will jointly establish a Compliant Ride-sharing Vehicle Operating Company with Zhejiang Ruibo New Energy Vehicle Service Company, one of the largest ride-sharing vehicle operators that use a battery exchange model in China. With the goal of becoming the leading Chinese ride-sharing operator in China's third and fourth tier cities, the Operating Company aims to promote 300,000 government-accredited vehicles within five years. The cooperation will be carried out in accordance with the specific terms in a separate cooperation agreement regarding Operating Company.Both parties will use their respective advantages to jointly create several pure EV models that meet China's ride-sharing market demands, as well as consumers' needs from the United States and other overseas markets. In 2020, both parties plan to deliver Kandi's model K23 to satisfy China's ride-sharing market as well as the U.S. demand for Kandi models K23 and K27 in batches. The details of each party's responsibilities will be specified in a separate agreement.

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