All those EVs feature our battery swapping technology, which is recognized by the central government as one of the three approved charging methods in China. Kandi Technologies Group, Inc. (Kandi) is a China-based company principally engaged in the development, production and distribution of the electric vehicle (EV) products, EV parts and off … KNDI 5.60 0.33 (5.57%). The company was founded on … Kandi and Tianjin Sinopoly Enter Sales Contract for 1,900 Pure Electric Vehicles for RMB75.62 Millio JINHUA, China -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') , today announced that its wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') has signed a … © 2021 Verizon Media. The China Association of Automobile Manufacturers (CAAM) reported the sale of 16,376 Kandi EVs in 2015. We also booked a $14.2 million gain on disposal of long-lived assets, which was related to the real estate repurchase agreement. The greater net loss was primarily attributable to the absence of gains on the sales of equity that were present in 2019. Reserve Today. On the positive side, this challenge resulted in relentless effort and commitment from our management and employees to explore other market opportunities that leverage our expertise. For example, we signed an agreement with the Zhejiang State Grid Electric Vehicle Service Company in October 2020 to strategically incorporate battery exchange into pure EVs. Kandi Technologies shares were trading down 8.05% at $13.25 at publication time. The local government agreed to pay us approximately RMB525 million, or $80 million, in three installments. 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(NASDAQ:KNDI) has a beta value of 2.09 and has seen 1,772,322 shares traded in the last trading session. Ethics applies to all directors, officers and employees of Kandi Technologies Group, Inc., a Delaware corporation with its securities listed on Nasdaq Global Select Market under ticker symbol “KNDI” (the “Company”). In June 2020, 73,333 square meters of land use rights were transferred to the local government, and the related gain was recognized. The decrease was due primarily to reduced sales of EV parts, a result of production interruptions caused by the COVID-19 pandemic and the overall demand of EV parts from customers was significantly affected during 2020. The company's filing status is listed as Inactive - Surrender Of Authority (Aug 13, 2013) and its File Number is 4015959. There are currently no items in this Watchlist. The final payment of RMB 162 million, or $25 million, will be received when we demolish all the current factory buildings on this land and move to our new facility. Net Loss 20202019Y-o-Y%Net Loss (US$mln)($10.4)($7.2)44.6%Loss per Weighted Average Common Share($0.19)($0.14)-Loss per Weighted Average Diluted Share($0.19)($0.14)- Net loss was $10.4 million, compared with a net loss of $7.2 million in 2019. Discover new investment ideas by accessing unbiased, in-depth investment research, NasdaqGS - NasdaqGS Real Time Price. Get Federal Tax Credit. Create a list of the investments you want to track. Going through the last 3-months fiscal report unveiled on the 9/29/2008, it has been observed that the corporation posted $0.05 earnings per share (EPS) during the time that … Furthermore, our recent exit from the Fengsheng affiliation through the transfer of the remaining equity interest eliminates the non-compete restrictions, thus enabling us to pursue the EV market more aggressively in China. Insight into Kandi Technologies Group Inc. You may not be allowed on board without a COVID-19 vaccination, Strong Tesla sales are a ‘drop the mic’ moment, analyst says, ‘It could take more than a year to dig out of the total jobs shortfall’, CDC issues new travel guidance for people who are fully vaccinated, First-Quarter Roundup: Boom for Small Stocks, Bust for Treasury Market, Biden pledges U.S. backing of Ukraine’s sovereignty in phone call with Zelensky, John Taft: A Fiery Endorsement of Values-Based Investing, Weekend reads: Investments to help you profit from Biden’s infrastructure plan, Ride-Sharing Deal Powers Small-Cap EV Stock Higher. About Kandi Technologies Group, Inc. 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. The stock has a 52-week high of $17.40 and a 52-week low of $2.17. For the best MarketWatch.com experience, please update to a modern browser. Kewa Luo+1 (212) 551-3610IR@kandigroup.com The Blueshirt GroupMr. Gary Dvorchak, CFAgary@blueshirtgroup.com - Tables Below - KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS December 31, 2020 December 31, 2019 Current assets Cash and cash equivalents $142,078,190 $5,490,557 Restricted cash 442,445 11,022,078 Accounts receivable (net of allowance for doubtful accounts of $110,269 and $254,665 as of December 31, 2020 and December 31, 2019, respectively) 38,547,137 61,181,849 Inventories 19,697,383 27,736,566 Notes receivable 31,404,630 42,487,225 Other receivables 1,875,245 5,023,327 Prepayments and prepaid expense 13,708,149 10,615,063 Advances to suppliers 36,733,182 685,008 Amount due from the Affiliate Company 21,742,226 31,330,763 Amount due from related party 886,989 - TOTAL CURRENT ASSETS 307,115,576 195,572,436 NON-CURRENT ASSETS Property, plant and equipment, net 65,402,680 74,407,858 Intangible assets, net 3,232,753 3,654,772 Land use rights, net 3,257,760 11,272,815 Construction in progress 16,317,662 71,247 Deferred taxes assets 8,964,946 726,182 Long term investment 45,958 - Investment in the Affiliate Company 28,892,638 47,228,614 Goodwill 29,712,383 28,270,400 Other long term assets 32,307,484 10,014,072 TOTAL NON-CURRENT ASSETS 188,134,264 175,645,960 TOTAL ASSETS $495,249,840 $371,218,396 CURRENT LIABILITIES Accounts payable $34,257,935 $72,093,940 Other payables and accrued expenses 7,218,395 6,078,041 Short-term loans - 25,980,364 Notes payable 92,445 10,765,344 Income tax payable 1,313,754 1,796,601 Advance receipts 38,229,242 - Long term loans - current portion - 13,779,641 Amount due to related party 500,000 - Other current liabilities 2,185,654 1,379,808 TOTAL CURRENT LIABILITIES 83,797,425 131,873,739 NON-CURRENT LIABILITIES Long term loans - 14,353,792 Deferred taxes liability 3,483,171 1,362,786 Contingent consideration liability 3,743,000 5,197,000 Other long-term liabilities 459,580 574,152 TOTAL NON-CURRENT LIABILITIES 7,685,751 21,487,730 TOTAL LIABILITIES 91,483,176 153,361,469 STOCKHOLDER’S EQUITY Common stock, $0.001 par value; 100,000,000 shares authorized; 77,298,499 and 56,263,102 shares issued and 75,377,555 and 52,839,441 outstanding at December 31,2020 and December 31,2019, respectively 75,377 52,839 Less: Treasury stock (nil and 487,155 shares with average price of $5.09 at December 31,2020 and December 31,2019, respectively) - (2,477,965)Additional paid-in capital 439,549,338 259,691,370 Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at December 31,2020 and December 31,2019, respectively) (27,079,900) (16,685,736)Accumulated other comprehensive loss (8,778,151) (22,723,581)TOTAL STOCKHOLDERS’ EQUITY 403,766,664 217,856,927 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $495,249,840 $371,218,396 KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE INCOME (LOSS)FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 Years Ended December 31, 2020 December 31, 2019 REVENUES FROM UNRELATED PARTIES, NET $76,176,609 $119,879,895 REVENUES FROM THE AFFILIATE COMPANY AND RELATED PARTIES, NET 743,904 15,861,441 REVENUES, NET 76,920,513 135,741,336 COST OF GOODS SOLD (63,432,580) (110,310,427) GROSS PROFIT 13,487,933 25,430,909 OPERATING EXPENSES: Research and development (7,246,312) (6,207,747)Selling and marketing (6,619,355) (4,070,001)General and administrative (13,042,103) (14,243,625)Gain on disposal of long-lived assets 14,174,233 - TOTAL OPERATING EXPENSES (12,733,537) (24,521,373) INCOME FROM OPERATIONS 754,396 909,536 OTHER INCOME (EXPENSE): Interest income 2,190,678 791,888 Interest expense (3,750,233) (4,822,734)Change in fair value of contingent consideration (565,000) (1,107,427)Government grants 1,130,262 792,628 Gain from equity dilution in the Affiliate Company - 4,263,764 Gain from sale of equity in the Affiliate Company - 20,438,986 Share of loss after tax of the Affiliate Company (17,252,662) (30,716,938)Other income, net 2,051,226 1,569,311 TOTAL OTHER EXPENSE, NET (16,195,729) (8,790,522) LOSS BEFORE INCOME TAXES (15,441,333) (7,880,986) INCOME TAX BENEFIT 5,047,169 692,259 NET LOSS (10,394,164) (7,188,727) OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment 13,945,430 (2,802,323) COMPREHENSIVE INCOME (LOSS) $3,551,266 $(9,991,050) WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED 55,960,010 52,337,308 NET LOSS PER SHARE, BASIC AND DILUTED $(0.19) $(0.14) KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITYFOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 Number of Outstanding Shares Common Stock Treasury Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income Total BALANCE AT DECEMBER 31, 2018 51,484,444 $51,484 $- $254,989,657 $(9,497,009) $(19,921,258) $225,622,874 Stock issuance and award 1,354,997 1,355 - 4,716,328 - - 4,717,683 Stock buyback - - (2,477,965) - - - (2,477,965) Commission in stock buyback - - - (14,615) - - (14,615) Net loss - - - - (7,188,727) - (7,188,727) Foreign currency translation - - - - - (2,802,323) (2,802,323) BALANCE AT DECEMBER 31, 2019 52,839,441 $52,839 $(2,477,965) $259,691,370 $(16,685,736) $(22,723,581) $217,856,927 Stock issuance and award 1,771,317 1,771 - 4,058,052 - - 4,059,823 Cancellation of the Treasury Stock (487,155) (487) 2,477,965 (2,477,478) - - - Registered Direct Offering 18,253,952 18,254 - 151,904,993 - - 151,923,247 Stock option exercise 3,000,000 3,000 - 29,157,000 - - 29,160,000 Net loss - - - - (10,394,164) - (10,394,164) Foreign currency translation - - - - 13,945,430 13,945,430 Reduction in the Affiliate Company’s equity (net off tax effect of $491,400) - - - (2,784,599) - - (2,784,599) BALANCE AT DECEMBER 31, 2020 75,377,555 $75,377 $- $439,549,338 $(27,079,900) $(8,778,151) $403,766,664 KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 Years Ended December 31, 2020 December 31, 2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(10,394,164) $(7,188,727)Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 8,222,984 8,202,869 Impairments - 398,790 (Reversal) provision of allowance for doubtful accounts (152,809) 137,387 Deferred taxes (5,349,722) (1,066,536)Share of loss after tax of the Affiliate Company 17,252,662 30,716,938 Gain from equity dilution in the Affiliate Company - (4,263,764)Gain from equity sale in the Affiliate Company - (20,438,986)Gain on disposal of long-live assets (14,174,233) - Change in fair value of contingent consideration 565,000 1,107,427 Stock based compensation expense 902,666 1,360,258 Changes in operating assets and liabilities: Accounts receivable 19,247,519 (40,123,966)Notes receivable - 246,120 Notes receivable from the Affiliate Company and related party - 434,329 Inventories 9,246,455 (6,458,104)Other receivables and other assets 2,008,612 (8,208,931)Advances to supplier and prepayments and prepaid expenses (36,330,634) 4,379,925 Amount due from the Affiliate Company 4,237,103 8,803,542 Due from related party (339,118) - Increase (Decrease) In: Accounts payable (30,993,717) 10,440,338 Other payables and accrued liabilities (173,806) 5,998,106 Notes payable (13,912,842) (12,743,628)Income tax payable (745,208) (1,619,659)Net cash used in operating activities $(50,883,252) $(29,886,272) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment, net (7,483,743) (526,336)Purchases of land use rights and other intangible assets (3,281,115) - Payment for construction in progress (7,419,644) (71,862)Proceeds from disposal of long-lived assets 52,579,492 - Loan to third party (26,097,991) - Cash received from sales of equity in the Affiliate Company 42,897,929 31,850,822 Long Term Investment (43,478) - Net cash provided by investing activities $51,151,450 $31,252,624 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from short-term loans 24,642,399 34,746,352 Repayments of short-term loans (50,873,903) (38,944,869)Repayments of long-term loans (28,799,501) (289,553)Proceeds from long-term loans 394,116 - Fund raising through issuing common stock and warrants 151,923,247 - Stock buyback with commission - (2,492,579)Option exercise, stock awards & other financing 29,160,000 - Net cash provided by (used in) financing activities $126,446,358 $(6,980,649) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH $126,714,556 $(5,614,297)Effect of exchange rate changes $(706,556) $(226,139)CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR $16,512,635 $22,353,071 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $142,520,635 $16,512,635 -CASH AND CASH EQUIVALENTS AT END OF PERIOD 142,078,190 5,490,557 -RESTRICTED CASH AT END OF PERIOD 442,445 11,022,078 SUPPLEMENTARY CASH FLOW INFORMATION Income taxes paid $1,046,127 1,994,526 Interest paid $653,507 1,738,656 SUPPLEMENTAL NON-CASH DISCLOSURES: Decrease in investment in the Affiliate Company due to change in its equity $3,099,193 - Notes receivable from unrelated parties for equity transfer payment $- 42,853,834 Purchase of construction in progress in accounts payable and other payable 7,945,414 - Common stock issued from settlement of payables to KSBS Shareholders and former members of SC Autosports $3,166,427 3,357,425. Off-road vehicles sales increased by 31.1% to $29.8 million, compared to $22.7 million in 2019. Two registered direct offerings were completed with $160 million raised in November 2020. Its products include electric cars, tricycles, and tractors. The company, currently valued at $366.99 Million, closed the last trade at $6.72 per share which meant it gained $0.46 … We are dedicated to building our business in the U.S., and we are pursuing third and fourth-tier city government-accredited EV online ride-share service businesses. We received the first two installments, totaling RMB 363 million, or $55 million. Full Year 2020 Conference Call Details The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on Tuesday, March 30, 2021. Kandi Technologies Group Inc. (NASDAQ:KNDI) went down by -7.22% from its latest closing price compared to the recent 1-year high of $17.45. 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