Reports Q3 revenue $29.9M vs. $36.4M last year. Feng Chen, Kandi’s newly appointed CEO, stated, “Revenue temporarily declined this year due to changes in the sales model for our fully-electric off-road vehicles. In response, the new management team has developed a comprehensive 2025-2029 growth plan, tailored to our current position and approved by the Board. With disciplined execution of our strategic and operational plans, we are confident that each business segment is positioned to reach new height.” “We see significant growth potential in the all-electric off-road vehicle segment. Over the past few years, we’ve built a solid foundation in technology, product offerings, and market presence. Our golf carts and other models are highly competitive, well-regarded by consumers, and supported by strong partnerships with key clients like Lowe’s. Notably, the recent launch of our NFL-branded golf carts, featuring all 32 NFL teams and available exclusively at Lowe’s, has further strengthened the Kandi brand. Moving forward, we will build on our advantages in technological innovation, product enhancement, and distribution to grow our market share. In today’s complex global economic environment, we are mindful of concerns about trade tensions. To address these challenges, our 2025-2029 growth plan includes targeted measures. We intend to set up U.S.-based production lines for golf carts, utility vehicles, and lithium batteries to better serve the North American market. These local facilities will bring our products closer to key markets, significantly enhancing delivery times and after-sales support. At the same time, we will continue expanding our global presence, targeting new markets in Southeast Asia, the Middle East, Europe, and beyond with a competitive product portfolio. Even as we navigate shifts in international markets, we are implementing a strategy for growth in China. Our initial focus will be on expanding into smart mobility, a high-growth sector gaining traction with Chinese consumers, where we aim to establish a strong position. Additionally, we will leverage our expertise in manufacturing battery swapping equipment and our experience in battery swapping operations to support major providers in China with advanced technology and services, striving to position Kandi as a leading supplier and operator in China’s battery-swapping market to drive further growth for the company.”
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
