The company reported Q3 revenue up 14% year over year to $50.5 million, with net income of 13 cents a share, up a penny. It forecast revenue of $54 million to $56 million for the current quarter. It sees 8,000 to 10,000 electric vehicle product deliveries for the quarter, and 20,000 to 22,000 for the full year.
Based south of Shanghai in Jinhua, China, Kandi produces off-road vehicles and pure-EV cars and parts. The company recently said that it will start using the trademark "Global Hawk" for its EVs. The Kandi Electric Vehicles Group joint venture with Geely Automobile Holdings sold 6,004 EV products in the quarter, up 208%. Half went into "micro public transportation" programs.
"The third-quarter performance underscores our tremendous growth in EV parts and EV sales as we became China's top seller for EV products in September," Kandi CEO Hu Xiaoming said in the earnings release. "During the third quarter, we obtained the approval for a vehicle purchase tax exemption for Kandi Cyclone ('K17') while launching a successful promotion in Beijing and Shanghai. The initial market response has been extremely positive, and we believe K17 will become the company's key driver for growth over the next year."
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