Business
Kandi Technologies Reports Third Quarter 2020 Financial Results
- Off-road vehicles sales increased 51.6% to $8.9 million - Gross margin of 20.9% up versus 16.7% year-ago JINHUA, CHINA, Nov. 09, 2020 (GLOBE NEWSWIRE) --
About this update from Kandi Technologies Group, Inc.
[{"type":"text","content":" - Off-road vehicles sales increased 51.6% to $8.9 million - Gross margin of 20.9% up versus 16.7% year-ago\n JINHUA, CHINA, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the third quarter of 2020. Operating Highlights During the third quarter, Kandi achieved: In September, established China Battery Exchange Technology Company, a wholly-owned subsidiary for its battery swapping services.On August 18, Kandi America held a successful virtual launch event to introduce its K23 and K27 EVs into the U.S. market.In August, delivered its fully automatic intelligent battery exchange system to the rideshare operator in Haikou City, Hainan.In July, the Affiliate Company Fengsheng Automotive launched sales of the Maple 30X, its first pure electric SUV.Fengsheng Automative’s Maple 60V all-electric multi-purpose vehicle) was approved for purchase subsidies by China’s Ministry of Industry and Information Technology. More recently, Kandi also announced: A strategic cooperation agreement with the Zhejiang State Grid Electric Vehicle Service Company in the area of battery exchange for pure electric vehicles.The establishment of Zhejiang Ruiheng Technology Company, which intends to operate a ridesharing service across China.Initiated the IPO process for its wholly owned subsidiary, Zhejiang Kandi Smart Battery Swap Technology, to list on the Shanghai Stock Exchange STAR market.Kandi America, the U.S. subsidiary has received the required clearance from the United States Environmental Protection Agency (EPA) for its two electric vehicle models – the K23 and K27 – via Certificates of Conformity. Financial Highlights All figures refer to the third quarter of 2020 unless noted otherwise. All comparisons are with the third quarter of 2019, unless noted otherwise. Total revenues were down 40.9% to $18.7 million.Electric Vehicle (“EV”) parts sales decreased by 67.4% to $8.4 million.Off-road vehicle sales increased by 51.6% to $8.9 million.Gross margin of 20.9% increased 42 basis points versus the year-ago period.Net loss was $1.5 million, or $0.03 per fully diluted share. This compares to net income of $12.1 million, or $0.23 last year.As of September 30, 2020, working capital was $79.8 million. Cash, cash equivalents and restricted cash was $2...