Tag: KNDI

Kandi Technologies Group, Inc. (KNDI) – Kandi gets major order for crossover golf carts

Posted on by cpereira@noblefcm.com


Tuesday, December 20, 2022

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, 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 Zhejiang Kandi Smart Battery Swap Technology 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 electric vehicle parts and off-road vehicles.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Kandi received a letter of intent from Coleman Powersports to purchase 4,800 electric golf carts for a value of $27.6 million. Coleman Powersports, a division of Newell Brands (a distributor of various camping and outdoor living gear) began purchasing the Kandi golf carts in April for sales through Lowes stores and has increased the order volume steadily up to a rate of 1,000 in September. The sales to Coleman are expected to occur in the 2023 first quarter and thus represent an 60% increase in orders for Coleman over September sales.

What does this mean for Kandi? The Off-road vehicle segment is the fastest growing division of  Kandi growing more than 400% year over year in the September quarter. What’s more, it is the most profitable division for the company with operating margins in excess of 25%. The company has shifted attention away from electric cars and towards off-road vehicles and the shift has clearly paid off. The fact that the sales are going to established brand names such as Coleman and Lowes is significant and lends credence of future sales growth.


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Kandi Technologies Group, Inc. (KNDI) – Kandi results move to the positive on shift to off-road vehicles

Posted on by cpereira@noblefcm.com


Wednesday, November 09, 2022

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, 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 Zhejiang Kandi Smart Battery Swap Technology 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 electric vehicle parts and off-road vehicles.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Kandi reports positive earnings. 2022-3Q net income was $1.1 million or $0.01 per share up from ($7.9 million) or ($0.10) and surpassing our ($2.4 million) or ($0.03) estimate. Positive results reflect improved results for off-road vehicles (UTVs, Golf Carts, etc.). Off-road vehicles reported revenues of $21.7 million versus $6.8 million last year and our $7.5 million estimate. Kandi began emphasizing off-road vehicles last spring. Kandi golf carts can now be found at Lowes Corporation in addition to licensed dealers. The company continues to develop new models including cross over UTV-golf cart vehicles.

Positive net income comes despite operating income losses. Operating income for the third quarter was ($2.2 million) versus ($9.0 million). The difference between operating income and net income can be explained by positive interest and other income as well as negative tax expense. The company reported $210 million in cash or approximately $2.75 per share at the end of the quarter positively contributing to interest income. The company believes it is prudent to maintain a large cash position to fund research and development as markets develop. That said, it has authorized a share repurchase program which we believe it will utilize if its share price drops below $2.50 per share.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.