Kandi Technologies Group, Inc. (NASDAQ: KNDI) (“Kandi” or the
“Company”), a leader in all-electric personal transportation and
utility vehicles, today announced that on October 6, 2024, its
Board of Directors approved several significant corporate
decisions. During this meeting, the Board accepted the resignation
of Mr. Xiaoming Hu as Chairman of the Board and appointed Dr.
Xueqin Dong as his successor. Additionally, Dr. Dong stepped down
as CEO, and Mr. Feng Chen has been appointed as the new CEO.
As autonomous driving technologies continue to
advance due to increasing demand and desire for more
technologically advanced mobility, China’s ride-hailing market is
expected to experience substantial growth. Kandi seeks to expand
its presence within the smart mobility solutions business industry.
The Board has approved management's proposal to acquire Hangzhou
Honghu Zhixing Technology Co., Ltd. (“Hangzhou Honghu”), a company
with an established position in this industry, at a fair market
value and in accordance with applicable regulations. Furthermore,
the Board has authorized the Company to pursue a potential Initial
Public Offering (IPO) of Kandi America, its subsidiary in the
United States, following SEC requirements. The Board also reviewed
and approved the new management’s growth plan for 2025-2029.
The highlights of Kandi’s 2025-2029 strategic plan
include the Company’s primary focus on expanding its two main
business lines over the next five years: (1) all-electric off-road
vehicles and (2) lithium battery production in North America,
Europe and Southeast Asia. The domestic strategy in China includes
three core areas: (1) Kandi will leverage any future relationship
with Hangzhou Honghu as a foundation to further expand its smart
mobility solutions business; (2) with the rapid growth of China’s
electric vehicle market, Kandi strongly believes that battery
swapping is the most effective way to harness off-peak electricity
for genuine energy savings and environmental benefits. The Company
aims to capitalize on its expertise in battery swapping equipment
by partnering with industry leaders to drive innovation and
expansion in this area; and (3) Kandi will seek to advance
operations in the battery-swapping industry to extend the value
chain.
Projected Annual Production and Sales for
2025-2029:
1. Expected
production and sales of various off-road electric vehicles:
annual units of 36,000, 44,000, 56,300, 65,060, and 77,472 from
2025 to 2029, respectively. These sales are expected to generate
annual revenue of $185 million, $248 million, $357 million, $423
million, and $526 million, with gross margins expected to exceed
30%. Kandi anticipates that approximately two-thirds of these
vehicles will be sold in North America, with the remaining third
distributed across Europe and Southeast Asia.
2. In 2025,
Kandi plans to invest $100 million in the United States to
establish a lithium battery manufacturing and battery pack facility
with an initial annual capacity of 1 GWh. This facility is
projected to take 18 months to complete and is anticipated to
generate approximately $230 million in annual revenue upon reaching
full capacity, with a gross margin expected to be above 30%. The
entire project is designed to achieve a total capacity of 3 GWh,
constructed in three phases. The timing of the second and third
phases will depend on the progress made during the initial
phase.
3.
Additionally, in 2025, the Company plans to invest $30 million to
establish a production line in the United States for all-terrain
vehicles, including golf carts and utility vehicles. The
construction is expected to take 12 months, and once fully
operational, the facility will have an annual production capacity
of 50,000 units, with products for the North American market
transitioning to this U.S.-based facility.
4. The
Company’s smart mobility solutions business projections: annual
revenue of $24.37 million, $31.68 million, $41.93 million, $53.55
million, and $69.61 million from 2025 to 2029, respectively, with
corresponding net profits of $3.9 million, $5.07 million, $6.59
million, $8.56 million, and $11.13 million.
5.
Production and sales of the battery swapping equipment business:
Kandi anticipates 100, 200, 300, 400, and 500 units annually from
2025 to 2029, generating revenue projected to be $20 million, $40
million, $60 million, $80 million, and $100 million, respectively,
with gross margins anticipated to exceed 30%. Kandi aims to
establish itself as a strategic supplier and leading force in this
sector.
6. Battery
swapping operations: projected annual revenue of $1 million, $4
million, $8 million, $13 million, and $17 million, with gross
margins above 20%.
7. Other
product lines, including motors and batteries: projected annual
revenue of $18 million, with approximate gross margins of 25%.
Dr. Xueqin Dong, the newly-appointed Chairman of
Kandi Technologies, stated, “I am deeply honored by the Board's
trust in electing me as Chairman. I extend my heartfelt
gratitude to Mr. Hu for his outstanding leadership, which has laid
a solid foundation for our Company. Although Mr. Hu has stepped
down as Chairman, he will remain an integral member of the Board,
and I am confident he will continue to play an essential role in
the Company’s future. Assuming this role represents both an
exciting new beginning and a significant challenge. I am fully
committed to meeting the expectations of our Board and shareholders
as we work together to advance the Company’s growth. With a united
team and a shared vision, I believe we will reach our goals and
continue to build on Kandi's success.”
Mr. Feng Chen, the newly-appointed CEO, added, “I’m
deeply grateful for the Board’s trust and the opportunity to assume
this significant responsibility. As CEO, I feel a profound sense of
duty. Over the past few days, I have worked closely with the
management team to develop the Company’s 2025-2029 plan, which has
received overwhelming Board approval. While I recognize that
challenges lie ahead, I am confident that, with unity and effective
execution, we will overcome any obstacles and achieve our strategic
objectives.”
About Kandi Technologies Group,
Inc.
Kandi Technologies Group, Inc. (KNDI),
headquartered in Jinhua New Energy Vehicle Town,Zhejiang Province,
is engaged in the research, development, manufacturing, and sales
of various vehicular products. Kandi conducts its primary business
operations through its wholly-owned subsidiary, Zhejiang Kandi
Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”),
formerly, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries
including Kandi Electric Vehicles (Hainan) Co., Ltd. and SC
Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary
of Kandi in the United States, and its wholly-owned subsidiary,
Kandi America Investment, LLC. Zhejiang Kandi Technologies has
established itself as one of China’s leading manufacturers of pure
electricvehicle parts and off-road vehicles.
Safe Harbor Statement
This press release contains certain statements that
may include “forward-looking statements.” All statements other than
statements of historical fact included herein are “forward-looking
statements.” These forward-looking statements are often identified
by the use of forward-looking terminology such as “believes,”
“expects” or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company’s
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company’s
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC’s website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group, Inc.Ms. Kewa Luo+1 (212)
551-3610IR@kandigroup.com
The Blueshirt GroupMr. Gary Dvorchak,
CFAgary@blueshirtgroup.co
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