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INVESTMENT: Kandi Technologies Progress Continues
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Kandi Technologies Progress Continues
By Morgan Brady

BT 201906 INVESTMENT 01It is difficult to talk about the Chinese automobile industry without mentioning Kandi Electric cars, manufactured by the Electric Vehicles Group Co., Ltd. The company is a joint venture owned by both Kandi Technologies Group, Inc., and Geely group. Kandi is listed on Nasdaq exchange with a current market capitalization of USD227.51 million.
 

The two companies (Geely and Kandi technologies) launched the joint venture in 2013, in order to develop, manufacture and sell pure electric vehicle ("EV") products. As of December 31, 2018, each party has invested RMB 1.045 billion in the JV Company, for a total investment of RMB 2.09 billion, with each party (including Geely Group's affiliate) holding a 50% stake.
 

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, also owns Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), SC Autosports, LLC.
 

提及中国汽车工业,很难不提电动汽车集团(康迪科技和吉利集团合资企业)生产的康迪电动汽车。吉利和康迪于2013年成立合资公司,开发,制造和销售纯电动汽车产品。截至2018年12月31日,各方已向合资公司投入了10.45亿元人民币,总投资额人民币20.9亿元。
 

Products by Kandi Technologies

The pure electric cars that the company makes, apart from being environmentally friendly, have a sleek design. The Model EX3 has the appearance of a four-wheel drive, although it is a front-wheel drive. The charging time for the battery (240V/16A) is 7.5 hours. It includes many features and systems, such as warnings for over speed and seatbelt, and the ABS brake system. Its battery’s lifetime is 8 years or 62000 whichever comes first. The Model K22 is a small two-person car that is driven by its rear-wheels. The battery has a charging time of (240V/16A) of 5 hours, and a lifetime of 8 years or 62000 whichever comes first. It also has many systems, such as the battery protection system and the vehicle anti-theft system. It is suitable for couples and daily commuters. The company also manufactures off-road vehicles, such as all-terrain vehicles, and go-karts.
 

Earlier this year, the company’s new pure electric vehicle ("EV") SMA7001BEV77 ("Model K23") was included in the Ministry of Industry and Information Technology's (the "MIIT") Directory of New Products and Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion in the People's Republic of China. The brand is receiving more recognition and adoption with time.

BT 201907 INVESTMENT 01康迪科技的产品

公司生产设计时尚的纯电动汽车和越野车。该公司的新型纯电动汽车(“EV”)SMA7001BEV77(“型号K23”)被纳入工业和信息化部(“MIIT”)新产品目录,被作为节能模型和新型号中华人民共和国能源汽车示范和推广。
 

Partnership with Northpoint

Kandi does not only operate in Chinese local markets, but also aspires to expend abroad. It has recently signed a strategic partnership agreement with Northpoint Commercial Finance LLC, which specializes in inventory financing programs and is a subsidiary of Laurentian Bank of Canada. Kandi will collaborate with Northpoint to utilize Northpoint’s lending services for Kandi’s EV dealerships, who in turn will use the funds to finance their inventories. This partnership will help Kandi in its effort to establish a network of dealerships throughout North America.
 

与Northpoint合作

康迪不仅立足本土还积极开拓海外市场,最近与加拿大劳伦森银行的子公司Northpoint Commercial Finance LLC签署了战略合作协议, Northpoint为康迪的经销商提供贷款服务,帮助康迪建立整个北美经销商网络。
 

The company's results in 2018

Kandi achieved growth on all fronts in 2018, compared with 2017. The company's income before income taxes in 2018 was $2.08 million, compared with loss before income taxes of $31.61 million in 2017. Its total revenues were $112.4 million in 2018, an increase of 9.4% from total revenues of $102.8 million in 2017. EV parts sales increased by 1.8% to $99.1 million in 2018, compared with EV parts sales of $97.4 million in 2017. Off-road vehicles sales increased by 144.8% to $13.3 million in 2018, compared with off-road vehicles sales of $5.4 million in 2017.

BT 201907 INVESTMENT 03BT 201907 INVESTMENT 062018年公司业绩

相比2017年,康迪在2018年实现了全面增长。2018年公司的总收入为1.124亿美元,相比2017年总收入1.028亿美元增长了9.4%。电动汽车零件销售额增长了1.8%,越野车销量增长144.8%。
 

Kandi's stock is offered at a low price

BT 201907 INVESTMENT 04Kandi technologies stock price, (KNDI)

Despite the positive results, the company’s share price remained low. Throughout the recent 5 years, the price has declined from $19.6 to $4.32. In March 2019, the shares of Kandi Technologies declined significantly in value (-22 percent). The plunge took place after news came out that China would reduce its subsidies to EV manufacturers.
 

Kandi announces a stock buyback program

In May 2019, Kandi technologies announced that it would repurchase up to 20$ of common stocks held by shareholders. The decision came because of the belief by the company’s management that the stock price is very undervalued. The Chairman and Chief Executive Officer of Kandi, Mr Hu Xiaoming, said “the Company has made a decision to buy back up to $20 million worth of Kandi shares to return value to our shareholders.” Later, in the same month, Hu Xiaoming bought shares in the value of $579,652.

BT 201907 INVESTMENT 07康迪的股票仍处在低位

尽管取得了积极成果,但该公司的股价仍然很低。 在最近的5年中,价格从19.6美元下降到4.32美元。 2019年3月,康迪科技的股票价值大幅下跌(-22%)。 因有消息称中国将减少对电动汽车制造商的补贴后,发生了暴跌。
 

Conclusion

BT 201907 INVESTMENT 05Kandi technologies is proving to be a successful company in the EV arena. Although many of its car features can be improved further, the progress made thus far is commendable. The results in 2018 prove that the stock price of the company is undervalued. The market for electric vehicles is expanding at rapid rates, as the infrastructure of cities evolves, and people adopt cleaner transportation solutions. If the company is to expand its operations in international markets, it will have to deal with tough competition from other established manufacturers. It remains to be seen what the strategy of Kandi’s technologies on this front will be.

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