Kandi Technologies (KNDI) 18 Nov 242024 Q3 Earnings call transcript

Greetings, and welcome to Kandi Technologies Third Quarter 2024 Financial Results Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host Kewa Luo, Investor Relations Manager for Kandi Technologies. Thank you, you may begin.

Thank you, operator. Hello, everyone. joining for today's the for discuss call all results Kandi's third you us conference on to Thank quarter XXXX. issued we today, a covering release Earlier those press results.

well on find Act discussion today's of Litigation of forward-looking the company's press the can under contain newswire release XXXX. made harbor You website note the will as Reform safe as statements that, U.S. from services. Please Securities the provisions Private

and uncertainties. Forward-looking involve inherent risks statements

today. public different such, information the is results actual and obligation the any statement, risks regarding company Further As the to expressed other may be these law. forward-looking any The except from included expectations materially not in filings company's and required SEC. as assume applicable update does uncertainties the with company's under

figures call stated, the during dollars. otherwise are U.S. unless conference Additionally, all in mentioned

introduce I we on call. continue, Before like today's would team me joining the to

Xueqin us Financial translate prepared Board; our Chinese, will Feng afterward. Chen, the are newly Alan which remarks Joining our of Executive Mr. Dr. appointed deliver Chairman I his Mr. Chen and will Lim, Chief Dong, new in our Officer; Officer. Mr. Chief

call that, to Feng will Mr. Following where also the participate. With CEO, Q&A our our that, we let session, Chen. turn now Go Dong, Dr. Mr. me Chairman, have ahead, will Chen. over

] Feng Interpreted for Chen, day, of you Good Technologies I'm [ Group. everyone, the us. CEO joining thank and Kandi newly appointed

QX year, result model off-road changes our challenges of recognize to as company Kandi It declined into in I the as to board is electric my want and our a lead positioned we efforts of dive results, a this of and whose temporarily have opportunities to unlock dedication for the and Before our ahead. fully the their growth. This processors new we revenue trust together navigate thank our our vehicles. the for team sales for work leadership privilege

from $XX.X million, quarter was the decreased period of $XX.X XXXX. in Third million revenue same

new associated prior quarter, and the slipped decrease primary source of parts this million, the for million, from the for team all with positioned in X% revenue approved and execution, vehicles revenue With X.X% that a $XX.X X-month QX, year-over-year, Board, for $XX.X this recently year off-road totaled a well to while $XX.X X-months the by to our from plan detailed XXXX we aligns contributing XXXX, address million. To remained revenue first are While segment growth growth which current challenges, the are these developed X.X% business management position. has down stronger new opportunities. planned segments confident

tremendous all potential For holds for off-road vehicle electric Kandi. segment

we product have advancing established strong strengthening the our technology, a few years, our Over expanding presence. foundation, past offerings, and market

carts, and NFL received golf further carts by elevated competitive, the are all fostered branded golf key launch our clients reach. of highly exclusively Lowe's brand. Lowe's, recent teams our well not Kandi also NFL Our but and sold like only have the with consumers. Partnerships models And XX at other featuring has

pressures from technological today's Looking the enhancing distribution mindful landscape, of expand global trade ahead, our leveraging strengthening share. Amid tensions. product economic we and the portfolio, will market our continue we to complexity our our network remain of innovation,

a continue for parallel, and plan Europe, support, after-sales to Southeast targeting faster portfolio. production growth regions, product East, and closer American key to other XXXX-XXXX North deliveries, will facilities golf U.S.-based markets. In will competitive and Our Asia, in Middle measures, proximity we by the expand incorporates These enable improved growth vehicles, establishing diversified internationally, supported including batteries. utility lithium lines and proactive carts,

to top will support battery swapping battery China. Chinese manufacturing of on Even China. consumers. is strong equipment running we build growing to targeting use markets, we the And really adapt our we smart To in operations are presence in with taking and to focused aiming in in as fast-growing changes which a international there. On mobility start, expertise swapping are we we sector, that, major providers are off

market, position and with in position operator to a is swapping on provides needed China's restricted future battery and way supplier Kandi short-term million strong ahead, goal stability for the cash for top the the and resources $XXX in even certificates growth, of paving investments, financial opportunities cash, Our our cash, as more growth. Building equivalents, deposit.

September of strategic well-positioned XX, As we are our XXXX, to objectives. pursue

X,XXX,XXX the repurchase has program, share an company's confidence underscores in future. which average price at Our seen our already shares $X.XX, of repurchased

execution support navigate forward, and shareholder challenges to plan As steady stay and goals. are we prepared towards and foundation, make progress sound move to a and clear growth our effective focused will we value. solid on With strategies we

Dr. will Lim move Kewa Alan will ask Together the session. answer provide and will I Q&A ahead Now, Xueqin on your we Thank go questions. Operator, Please and please translation. you. ahead. Mr. Dr. to Dong, Ms. with go Chairman your questions.

Instructions] Company. [Operator & Oppenheimer Our from line Michael the question first of with Pfeffer comes

of And to ago Directors. of titled A new C-suite weeks the one several the growth projected few and restructuring press on Board XXXX you the back-to-back the board announcing and had generational releases same 'XX Kandi management was Technologies plan. Kandi day initiatives approved the major second

surprise. additional analysts. with unknown a I'll X asking and accredited X-year both For accept giving company the dozen of profit hopes as was longer-term could detailed as you stock The and the management particularly if of majorities companies, a well U.S., disclosure any of the years translate norm has integral guidance Maybe of pleasant continue, vast begin forecasts, centers, that shareholders to the NASDAQ-listed have previously been please. a forecast, attracting

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has translate retail financings single brokers. The a prior banking Regarding Kandi raise most mainly registered can X take were make by a stock their due They to X that warrants to of analyst transactional accounts, that, sell-side that Transactional X analysts, purchase for original brokers is analyst's in market. sell The their sales just clients. money. covering of cases inception who Maybe ideas the discount stocks usually newly done retained used blocks sell-side please. they a to banker prior investment buy to chunk using short for investment large since support, stock primarily independent having money the to group use. the that brokers and X-plus-year stock short, as difference they work had never to broker a never and cover you

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the X-year the too is this a you The analysts, clients, to its comforting year. out to background, look and guidance if doesn't, fact savvy concerned misses a forecasts forward that X-year year, few company brokers, put are With investors, investors the compared first only and questions. to next not analyst

start your question. Please ahead. Go

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full-year full giving the full-year So intention it in XXXX that you is pure subsequently and quarter-to-quarter revenues earnings guidance, it guess. Is company's guidance put give X-year XXXX and full-year forecast just suspicion guidance and without that year? to the and this QX the longer-term out creates for for

discussions as 'XX [ and the investors and with of it in ] the plans, demonstrates 'XX short-term advantages, multiple plan questions. of company's the and well and company's as rounds edges, try plan our your 'XX of direction, actually market, the to careful Thank confidence plan and prepared various taking strategic existing possible. our the such by we the long-term plan present Interpreted environment was to the understand growth into to growth the the projected to management for management team's goals and developed consideration we research The in as 'XX the own factors, the transparent economy helps done and resources. This you and internally, plan new trends, external as as

guidance, As our company's for and and the disclose the course development whole based the plan the year assessment. in own QX'XX then and we due will on

announce to information off-road Anyway, addition guidance, and wealth in add, earnings break historically would in in unit to and like at sales for unit just That vehicle each quarter published I'd usually delivery X-Ks a receive guidance, would investors announcement. was company or earnings your also least time. XX-Ks. thanks revenue the out of

development also timely information Thanks questions. [ And assessment. manner on will such a company's we Interpreted ] the based your disclose for and in

next the comes line Our of Incorporated. Porcari Corporate Arthur with question Strategies, from

leadership also Before to quasi-retirement to new of business. my and and for XX-year a the Board executive Mr. service electric premier and a Kandi, of years want and Hu vehicles current Chairman to XX China. On from I the true all thank in of also questions, management welcome

XXXX. Shareholders' will past Next month, Kandi the for have Meeting its Annual

materials now In fact, the have XXXX started arrive. to proxy

a are of asking XXXX particular in performance to good to Management prior its for XX-year usually bit stock reload plan as had new company, that are While issued option In a shareholders appreciation. the XX active allow the stock boilerplate, finally options and one is to been million curious. is shareholders activated. Employee stock of be fully do as public authorized not outstanding I'm boilerplate. a with plan to has vote issues most performance. by authorized rewards to shares

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comes of Blatterman, investor. line private Our from next question Frank the

joint and from That's contract now Kandi car in the that Yes. that my My Geely question. venture business in dissolves is, is Kandi electric the entering question between future? or the the there anything prohibits

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from of comes Our line Steve private question investor. Miller, next the

of deal significant my you growth. to with In way market work China's release, X projected releases, your your press and questions. I'll and with bulk those sort of October to experience questions The made expected my driving ride-hailing technologies autonomous through press that is reference October

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releases those press also technologies ride-hailing, said releases et and reference that they X cetera. basically autonomous in They issued driving by Hangzhou press And you You October. made facilitated be of to in acquisition would Honghu. your

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press provided In and call by Solutions releases, from revenue you annual those higher your XXXX. business, number went for million to XXXX a Smart what in projections Mobility projected of it you $XX.XX

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that And a Okay. currently you go until purchase relationship there's other and forward, Kandi contractual then Honghu. indicate does did between no

your ] Interpreted understanding Yes, [ is correct.

lithium batteries, Okay. confidence especially Kandi with production with battery develop lithium you production will in said what development? you From you changing. is Southeast new believe that October I've one of Asia. you battery companies read X about releases, on the compete can lithium be I greater others North and larger you Europe, the then can technology, the and What America, have electric lines, focusing -- in technology resources that business press quickly said gives that research on with vehicles expanding and off-road main And

big Interpreted [ because be We a believe issue from X will perspectives. to us ] don't that

in proper ensure supply our order. production that One progressed in of have China being a them can we chain is excellent

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issue. believe will large and So that sales go our production any without be we smoothly

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ahead. Go Okay. [ Foreign Language ]

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updates, any for tuned stay further any please developments. So

business a of wide is for swap in the vehicles? stay customizable will be manufactured to different China? for the units battery variety And And going Okay. other

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So model that's battery swap. the our business for

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projections U.S? those electric in the worldwide those and that only I is assume And Okay. vehicles, off-road not for

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for establish $XX lease that Okay. you plan plan vehicles, XXXX line off-road production do to And then et invest build you Do to or plan million release, the October indicated you U.S. to then to it? customize that press scratch from facility in from had finally, again, the you various a and in your cetera.

such on preliminary be selected will local [ et So the labor the as Interpreted be government, region the plan based policy considerations the cetera. multiple in site report the But of Texas. cost, then for the Dallas setup whole basically location will ] around our infrastructure,

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[ Interpreted Hartford rest flow by basically care the now, done is ] the for China including our it's Kandi, right process is the facilities. then So around taken and at XX%

my that pending those won't can factor a in the investors additional tariffs are to-date shareholders facility that forward? is that in fact you've that with the in So be guess Hartford have the U.S. making are I tariffs arrangement negative done Taiwan business significant that is, basic it's question you assure not the and completion is going planning to to potential going imposed that a significant this your if that or of

in that then we and to And U.S. Is to issue. this will in U.S. In work products production tariff, address Yes. [ of out Taiwan well. with the when Interpreted will in true order to facilities in carry the our the set ] we large side be Hartford up in future, mitigate production then order that the have for more it's your by those, the impact as line together the concern, have

can you basically, lessen impact. the So

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me try again. Let

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product the you shipment other particular products So ] that inventory. our along underway the is now actually sales is mentioned, the of right still Interpreted [ of with

don't I sorry, understand. I'm

is Interpreted Basically sales underway. that of the [ shipment ]

moment? inventory had you that fairly kind of know reported. on update are Can inventory us speaking any of your where you I an give high year, the at levels a existing And inventory, last Okay. you

statements refer Interpreted inventory the have the They for So you'll give information. to in financial we you the think I can X-K. [ of accurate release ] most be you included earnings the best levels, can if the the

update America spin-off sort Kandi us, can And you Okay. the keeping happen? What Can a proposed what basically of it status tell today? needs give the on us to forward are IPO? that going you factors from are

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NASDAQ trading? and about one say more wait FINRA Wait, about time

with NASDAQ regard of Has to trading any the filed FINRA with company its Yes. stock? the SEC, or complaint the

that trying the SEC We're NASDAQ? [Foreign why you a file should understand and Okay. to complaint Language ] think to company FINRA,

how or color in know waters if you're I EU in odd terms know. me much every lot international guidance is done. and could And you expansion don't if in the don't when more your And seems expansion usually Africa $X.XX one I expand as trade were rather couple some Hu other earning course, other the on have when a I what just products. just X other past In be of business different on of or your I life, as a any, approaching noticed the service but at you're locations. activity Southeast about off-road reply in the in the and in is I he to day Asia, for basically going question of Anyway, sitting shareholders guess, in ask other days, questions or let provide stock as the stock and expansion? asked noticed guess, last I be I Thailand, more watch -- the South you were past for calls, you have Mr. we've I'll I'm and would testing wondered just plan U.K. international your your when talking I replied, just locations. Could of we or well

the believe year. [ sales in as Interpreted the next a and believe part actually that some also U.K., trial Austria, We certain are Romania ] sales Netherlands. such Montenegro, will in be Switzerland, brought We that up to have the European Germany, be Asia. there volume started the We regions Slovakia, Southeast some

enough $X that that now low Kandi that insiders to the What no interest call to There is $X.XX I of $X.XX? not you shares BVI make to sends purchases officers listening and entice call, any including is an kind to Company you finally, shareholders insider folks buy as in buying report a you're as Kandi several years, under that any or directors as year. this Kandi this that understand to last message low there And to do of is think insider have stock buy? seem no on past low of requirement week that indication as To $X.XX this The no Okay. shares. for traded the

are planned ] on Interpreted another still up underway. company and upcoming working we The it's program, [ is still buyback setting program then actually is the stock the but as process

I'm I'm Yes, company the this not insider about company. buying. talking Alan, about talking I'm talking not about buyback program.

[ being is insider. buyback by the the Interpreted addressing ] we the and Okay. And plan let me mentioned rephrase. The management plan actually

plan is a such underway. so And

John [ the comes next of investor. private from Our line ], Ritter question

statement into a Kewa, I'll questions, translate then to and and make you then couple of a many. not have get can I

stock been and by cash in far trading Yet the potential is been $X.XX the cash aware, it XX new the has X quarters. condition has is overall sales virtually day a under low, growth ever The it's value at year financial been at stock new and hitting been. last is strongest position, low. management the every both and As trading fundamental for it's

XX% XX% equity. Now, cash and it's at than shareholder less value

As facilities alone, Go China discussed team, has the on a the $X $XXX a announcement Kandi's million though if would which over Since $XX value book million, liquidated share. Kewa. books be depreciated on the of ahead, only new raise last conference about another to management call, the carried multiple of would stock XX%. dropped value replacement at the the in a

Go [Foreign ahead. Language ]

just do net year opinion? especially ago? weeks XX has management's forces. is Why don't incredibly bullish X-year as X it's market is low, your trading think what stock the So low? the at to And why forecast me today now an is you What opinion please stock dropped published tell so such since just another you

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those sort to called the trade the that And market, are in result example, see effect. that some For we Election the uncertainties, led the pricing of friction international of increased may can they so the markets. capital that U.S. see you

they have already pricing stock are included and price pessimistic. the in they in rather their sometimes So

price So at underestimated that's the why company's moment. seriously is the stock

of morale relatively Has stock who U.S. ignorant buying clear the the Since Hu the and plus because report it that Mr. of quite not of certainly share U.S. and watches the closely, really they're multimillion someone company. would have rig holders seems sales, to being there selling positions stocks only reported So destroyed they that stock. enthusiasm seller Investors trade a in this and in for to how share they're Rice X multimillion involved Olen are

there So and Kandi the has decade. has to purchases. large sellers therefore, to any block? their selling million company restriction companies whole between with any Chinese these And under negotiated is no effort bid mainly XXbX shares contact totaling share going program, active who there's $XX an XXbX purchase been since suspected a received from million, acquisitions their of buy single likely a have Because block holders coming back $X through for

based based on not assumption So Interpreted we speculation ] hand. statement those do the [ observation, currently that or on your on information have

that We how are from. about sure not comes

So, wow.

have We course, no in that. there's and to information how of can the any the on try further market, we'll comments in the And about we sure more if development the get market. development also stock be

Okay.

Are think efficient question being even more? Because XX,XXX lower If trading this at at? then range it's could all the be price? repurchase this that program to other the place shares. And purchased get price? waiting the be don't is for to the you $X.XX you with is, some in you trading think your $X capital, does Right then share where there is, to reason to want the be in be management purchasing What do what QX, currently get feel you buying not as you stock ought to not now, possibly you're price go an you stock you better with stock So is it in? insanity. what much it as should should my

believe price Interpreted seriously stock the totally that is We [ ] undervalued.

are price is in comment -- to bid the recurring have not a trading. we minimum we for position However,

no comment So on that.

get you're position certainly that. accelerate buyback. the a But I in to Okay.

real I say. your actions and think this shareholder base some need all seriously got to I've is all start That's you problem. rectify take to demoralized how to taking

] question. Operator, Language we [Foreign take can next

Our from of next with Argus Research. Silver the Steve comes question line

to about On quarter's launch couple excitement the I'm just and given golf lot of whether momentum curious been fact launch, months of a the now it's that was to made the that the as out. feedback there's any the last reception a the market call, about carts through Lowe's. about

have if Lowe's maybe far? sales of Just met expectations the so partnership

this the [ and are pretty As well is reception from -- NFL in customer good on Interpreted the then the working for Lowe's business. ] product, market working we the with

our comments. the any for to that I'll and gentlemen, session. final management concludes Ladies back question-and-answer turn floor

you call. today's joining Thank again for conference

us earnings or contact today. our contact please If consultant, for on forward concludes can to you any have call call. much. look you at, further next very our don't This you gary@blueshirtgroup.co, questions, hesitate We IR Thank updating ir@kandigroup.com. our you to

may You now all disconnect.

you. Thank

[Interpreted] lines. on This today's transcript the call. [Portions this You were of now interpreter may spoken your disconnect an present that marked by call.] concludes are live