Kandi Delivers Thousands Of Electric Cars In China; Signs Multiple Deals

1 year ago by Mark Kane 20

Kandi Panda EV sales in China – November 2015

Kandi Panda EV sales in China – November 2015

Kandi Panda EV

Kandi Panda EV

Kandi Technologies Group, or simply Kandi, is one of those Chinese companies that sells/leases/rents EVs in the thousands of units per month.

Their Kandi Panda EV model, launched earlier this year in China, is now in the Top 3 of all New Energy Vehicles with nearly 16,000 sold though the end of November.

Kandi Panda EV or K11 (the fruit of partnership with Geely) is equipped with LiFePO4 batteries and can go up to 80 km (specs at ChinaAutoWeb).

Interesting is that in the last couple of weeks, Kandi has bombarded the net with new project announcements.

On November 23, the automaker announced sales of up to 3,000 Kandi Global Hawk K17 to Micro Public Transportation Program in Nanjing. Initial 500 to be delivered this year.

On November 24, Kandi announced an initial order of 1,000 Kandi-brand model K10 for an EV-sharing program in Tianjin (deliveries to be completed this year).

Another 2,000 Kandi EVs (probably different models) – also this year – will be delivered to Haikou for the new Micro Public Transportation (“MPT”) Program.

In mid-December, Kandi announced a production facility to be built in Haikou for 100,000 EVs annually (previous plan was for Wanning City).

“Kandi Technologies Group, Inc. (NASDAQ:KNDI) (the “Company” or “Kandi”), today announced that its wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”) signed a cooperation agreement (the “Agreement”) with the Haikou municipal government (“Haikou Government”) and the Haikou National Hi-Tech Industrial Development Zone (“Haikou Hi-Tech Zone”) on December 11, 2015 to establish a production facility in Haikou (“Haikou Facility”) with an annual capacity of 100,000 electric vehicle (EV) products (the “Project”). The Haikou Facility will include equipment transferred from Kandi Vehicles’ facility that was previously under construction in Wanning City due to strategic changes in Wanning’s urban planning. The Agreement marks Hainan’s strategic effort to accelerate adjustment in the industrial planning process.

Key terms of the Agreement are as follows:

  • As a relocation of Kandi Vehicles’ facility in Wanning City, Hainan province, the Haikou Facility will have an annual capacity of 100,000 EV products after completion, with a preliminary expectation of starting production in 15 months.
  • Haikou Government and Haikou Hi-Tech Zone are committed to:
    • Supporting the facility as a key project in Hainan province with favorable policies and financial incentives;
    • Actively seeking the Hainan provincial government’s approval to launch the Micro Public Transportation Program (“MPT Program”) in the entire Hainan province; and
    • Achieving local subsidies and all levels of the government’s preferential treatment for the Kandi Brand EV products used in the MPT Program.”

Another positive is that Kandi Technologies’ financial results sees net income through the end of September of $13.9 million with sales of $142.2 million. In Q3, EV sales exceeded 6,000 units and Q4 result will surely be even better:

“The Company also expects the JV Company to deliver 8,000 to 10,000 EV products in the fourth quarter and a total of 20,000-22,000 EV products in the full year of 2015.”

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20 responses to "Kandi Delivers Thousands Of Electric Cars In China; Signs Multiple Deals"

  1. mhpr262 says:

    A bit too sugary sweet and cute for my taste, but for once the Chinese designers have created a truly good looking, original design.

  2. Pete Bauer says:

    This small car may be good for many small families, fleets and also micro public transportation.

    Keep up the good work and may the Year 2016 be a brighter with much higher sales.

  3. Ken says:

    It weighs as much as an imiev 2600 lbs but only has a maximum 26 horsepower (13 nominal) It tops out at 50 mph and can go 50 miles on a charge. This isn’t a car like we are used to in the states. This thing is a Neighborhood Electric Vehicle or golf cart. Good thing it only sells for the equivalent of USD $8471. We cant compare numbers if how many this sells compared to Leafs, Volts, and Teslas. Maybe compare sales to the gem car.

    1. Dan says:

      Yes on it being a different kind of car, but I think the golf cart analogy is too extreme. I live in Boston and I haven’t driven my car more than 50mph or driven more than 50 miles roundtrip in over 2 years – and that’s with an Audi ICE that has more than 200hp! I would call a 50 miles range as a metro area vehicle rather than a neighborhodd vehicle.

      1. Ken says:

        I agree that it would also work for me as my Leaf rarely exceeds 55 mph even though i drive it 25,000 miles a year. I didn’t mean nev or golf cart as an insult. NEV is the official term for vehicles that arent allowed on the highway. I didnt make it up, they have been using this term for years. They are legally limited to 25 or 35 mph and certain roads even though many of them are capable of 40-50 mph with a software tweak. My imiev only goes 80 mph and my Leaf 93 mph and ive had people on this site tell me that they arent real cars and wouldnt work for them because they drive so much faster than that. There must be autobahns in these other states. Here in South Jersey, the highest speed limits are 55 mph and im lucky to get to 45mph when there is traffic. I know 65 and 70mph and even higher roads exist but they are arent here. Im on your side, but i do need 55mph not just 50 mph. My Geo Metro that i converted only goes 50 mph and its a pain on longer trips.

      2. Ken says:

        Btw, you are the perfect candidate for an electric car. Instead of driving the ice audi, you could be driving an iMiev for $7-$8k like i bought. For a little more, maybe $9-$10k you can get a low miles Leaf in great condition. The lack of maintenance needed is my favorite part, nevermind the gas savings.

        1. Dan says:

          Trust me. I’m searching! It’s not the range I’m worried about but the size. 80-100 is just fine for someone like me but I do have a family. Trying to find a car that is just a smidge bigger than an e-Golf so that I can transport kids and a giant dog at the same time 🙂 I looked at the Soul and don’t like its looks. I think there is going to be enough variety in the 2017 models to get me in.

          1. Mark says:

            Wait another teo years and I am 100% sure your next car eill be an EV. The Range will be 250 KM and the max speed 120 KM. You will be able to drive all lanes at all time and the best thing is, the price for the energy used. Compared to am ICE car it will only be 1/10 at the highest. Most of the people drive about 25-50 KM per day and with a max speed of 80 KM avaradge speed about 35-40. An ICE car is so energy ineficent it only uses 20% of the fuel to go forward. The remaining 80% is just heat, up in the air. China will be 40% of new car sales worldwide by 2020. It is logical, that they set the rules and the goverment there wants to have EVs.

    2. evcarnut says:

      FORGET THE VOLT>>>>It’s A Hybrid Not A Pure EV

      1. Ken says:

        Im not a Volt fan either. I prefer the simplicity of one drivetrain not two. But the Volt works for a lot of people and its a great stepping stone to a pure EV. I know 3 previous Volt owners that are now driving a Model S. Calling it a hybrid is a little extreme, as the 2016 model goes 53 miles before the gas engine fires up which is further than this Kandi Panda goes. The PiP and these other plug in hybrids are a joke though. At least GM put in a 16kwh battery so you could get the whole $7500 tax credit and go 40-53 miles on a charge. Don’t forget 53 miles on a charge is enough to drive 19,345 miles a year.

        1. evcarnut says:

          Ken,Everything Isn’t for everyone, I totally Agree. The Volt Would be a Good Steping Stone To a Pure EV..I came Very Close To buying A Lexus Hybrid.((Glad I Waited)))Btw, the Volt’s ICE Unit Will Drive the front wheels If or when Necessary..They GM keep that Hush Hush …

    3. Paul says:

      Do you have a golf cart that does 50mph for 50 miles?

  4. Jim says:

    This firm is hitting at all cell batteries (instead of all cyclinders). Continued red/yellow alerts, new Microlino business, IPO with the joint venture will propel their stock price to new record highs. All of the new start-up EV companies are 2-3 years behind the curve. It will become the Story of 2016.

  5. Bill Watts says:

    The specification is out of date. Latest Kandi K11 Panda models have a top speed of 100km/hr and range 150km minimum.

    Kandi has 4 models in production. The data above is only for 1 model – its best seller.

    NEV stands for New Energy Vehicle which includes plug-in hybrids and pure EVs. All are intended for highway use. (The earlier definition is incorrect.)

    Kandi is having a record breaking year with massive year end sale numbers. Stock price is 1/5 of conservative valuation. Breakout imminent.

    1. AlphaEdge says:

      Where are you getting info on the K11? All I find is 80Km range and 80 Km/Hr top speed.

  6. jim stack says:

    They will improve as batteries improve and drop in price. Remember the first Datsun and Toyotas that were very weak and not very solid?
    Now they will really be good when they have auto pilot to avoid accidents and a solid frame like a Tesla to be super safe.

  7. ampzilla says:

    volt 50 miles electric only. BULL —- ! not in a NEW YORK UPSTATE WINTER WITH A NICE WARM INTERIOR CABIN COMFORT. HEATING SYSTEM FROM BATTERY ONLY IS — STONE AGE DESIGN — IT IS UNQUESTIONABLE THE MOST INEFFICENT WAY TO HEAT THE INTERIOR CABIN. it wont change either because why invest in updates let the ice kick in and provide heat.

  8. Terry says:

    It is true that EVs do not get the same mileage when the weather is cold. The same is for gas cars. However the majority of the population is in warmer areas where EVs outperform gas vehicles and generate no pollution. I have been to Ximein, China and the pollution was bad. The city outlawed gas motorcycles. However electric cycles were getting popular. I am sure EVs will become really popular and China will have more EVs on the road than the US in the near future. The Chinese understand there is a definite pollution problem and automobiles make the most pollution.

  9. Bill Watts says:

    K11 and K10 range is shown to be 150km on the Kandi JV website:
    http://kandigroup.com.cn/CarStyleDetail.aspx?kid=15
    http://kandigroup.com.cn/CarStyleDetail.aspx?kid=14
    Table is in Chinese but the key values are in English. Tables have not been updated with the revised top speed.

    K11 and K10 were re-approved by MIIT with a revised top speed of 100 km/hr in September. Kandi issued a PR:
    http://www.newsfilecorp.com/release/17320/Kandi-Technologies-Receives-MIIT-Approval-of-JVs-Two-EV-Models-with-Top-Speed-Above-100-kmh#.Vodz609BnQp

  10. Bill Watts says:

    There are only 2 pure-play investments in this explosive growth sector via US markets: Kandi and Tesla (TSLA). Tesla is performing poorly in China with only 3,025 EVs sold in the first three quarters (at a loss) and faces headwinds elsewhere due to falling gas prices. Kandi’s stock price will soon break out.

    Anyone want the full Kandi story, follow me on Seeking Alpha. New very revealing article release is imminent.