Kandi Technologies Reports 2024 Financial Performance

Kandi Technologies ( (KNDI) ) has released its Q4 earnings. Here is a breakdown of the information Kandi Technologies presented to its investors.

Kandi Technologies Group, Inc., headquartered in Jinhua, China, is a leading manufacturer of electric vehicle parts and off-road vehicles, operating primarily through its subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. The company is recognized for its innovation in electric off-road vehicles and its strategic efforts to expand its market presence in North America.

Kandi Technologies recently reported its financial results for 2024, highlighting a 3.2% increase in total revenue to $127.6 million, driven by strong sales in its electric off-road vehicle segment. The company also noted significant geographic revenue growth in China, which helped offset declines in the U.S. market.

Key financial metrics revealed an 8.9% year-over-year increase in electric off-road vehicle revenue, accounting for over 91% of total revenue. Despite this growth, the company faced a decrease in gross margin from 33.5% to 30.8%, attributed to regional and product mix changes. Operating expenses nearly doubled, leading to a substantial operating loss of $68.8 million, primarily due to strategic investments and a one-time impairment loss.

Kandi’s strategic initiatives included expanding its distribution network in North America and enhancing supply chain flexibility with upgrades in Taiwan. The company also announced a strategic alliance with CBAK Energy to establish localized lithium battery production in the U.S., aligning with clean energy incentives and supporting long-term growth.

Looking forward, Kandi Technologies remains optimistic about its growth prospects, focusing on industry partnerships, infrastructure expansion, and continued innovation to capture new market opportunities and deliver lasting value to its stakeholders.