Core Viewpoint - Kandi Technologies Group, Inc. has successfully launched its latest models of golf carts and other vehicles at the Thailand Golf & Dive Expo, marking a significant step in expanding its presence in the Southeast Asian market [1][2][3] Group 1: Company Overview - Kandi Technologies Group, Inc. is headquartered in Jinhua, Zhejiang Province, and focuses on the research, development, manufacturing, and sales of electric vehicles and parts [4][5] - The company operates primarily through its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd., which is recognized as a leading manufacturer of pure electric vehicle parts and off-road vehicles in China [5] Group 2: Market Expansion - The Thailand Golf & Dive Expo served as a platform for Kandi to showcase its products, attracting significant attention from professionals and enthusiasts in the region [2] - The company has commenced large-scale distribution of its golf carts in Thailand, indicating a strategic move to penetrate the Southeast Asian market [1][3] - Kandi plans to participate in more international exhibitions and expand into additional global markets to promote its brand [3]

Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was approximately $20.7 million, with a net income of around $0.8 million, indicating a solid start to the year despite fluctuations in sales due to adjustments in sales strategy [7][8] - The company repurchased 564,302 shares in the quarter, reflecting confidence in future growth [8] Business Line Data and Key Metrics Changes - The company is actively refining its product portfolio, having begun the rollout of rechargeable AA batteries and planning to introduce starter batteries and a competitive lineup of all-electric off-road vehicles and electric water sports products [8] - The introduction of a limited edition golf cart collection in partnership with the NFL and Lowe's is expected to significantly drive sales revenue [8] Market Data and Key Metrics Changes - Expansion in the North American market is progressing through collaboration with large nationwide chains, with ongoing efforts in Southeast Asia and Europe [7][8] - The company aims to increase its retail presence with Lowe's, currently working with approximately 500 stores, with plans to expand to 600-900 stores by the end of the year [17][18] Company Strategy and Development Direction - The company is focusing on strategic adjustments to enhance its market position, particularly in the golf cart and electric vehicle sectors [8][9] - Future product launches and collaborations, such as the NFL golf cart initiative, are seen as key to driving brand visibility and sales [26][27] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future growth and the effectiveness of strategic adjustments, anticipating better overall sales for the fiscal year 2024 compared to the previous year [37][38] - The target for 2025 remains ambitious at $500 million in sales, with ongoing efforts to achieve this goal [38] Other Important Information - The company is exploring opportunities in the water sports market, focusing on developing electric products that are quieter and more environmentally friendly compared to traditional gas-powered options [61][63] - Management clarified that the consultant hired for the proposed spin-off is still involved in the process, and they are optimistic about completing the spin-off by the end of the year if everything goes smoothly [30][31] Q&A Session All Questions and Answers Question: Clarification on Lowe's partnership and store access - Management clarified that they do not have access to all 2,500 Lowe's stores but are currently working with about 500, with plans to expand further [16][17] Question: Status of the Lowe's NFL golf cart offering - Management confirmed that the NFL-branded golf carts are a significant initiative and that website adjustments are being made to promote this collaboration [26][27] Question: Impact of tariffs on EVs and lithium batteries - Management indicated that the golf cart products are not affected by the EV tariffs, while the tariff on lithium batteries has increased, prompting cost-cutting measures to maintain competitiveness [33] Question: Update on international sales and guidance for 2024 - Management is expanding sales in Southeast Asia and Europe through trading companies, and they expect better overall sales in 2024 compared to last year, maintaining a target of $500 million for 2025 [37][38] Question: Future product developments and shareholder communication - Management acknowledged the need for improved communication regarding new products and plans to enhance their investor relations approach moving forward [41][42]

Solid Start to the Year with Net Income of $0.8 million, up 27.6% YoY Significant Return of Capital to Shareholders via 564,302 Shares Repurchased JINHUA, CHINA, May 16, 2024 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company", "we" or "Kandi") (NASDAQ GS: KNDI), today announced its financial results for the first quarter of 2024. First Quarter Highlights Continued expansion of sales channels, with the Company's products available in a greater number of large chains and distributors across the ...

Solid Start to the Year with Net Income of $0.8 million, up 27.6% YoY Significant Return of Capital to Shareholders via 564,302 Shares Repurchased JINHUA, CHINA, May 16, 2024 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the first quarter of 2024. First Quarter Highlights Continued expansion of sales channels, with the Company’s products available in a greater number of large chains and distributors across the ...

Jinhua, China, May 13, 2024 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company" or "Kandi") announced today that it will report its first quarter 2024 financial results on Thursday, May 16, 2024. The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on Thursday, May 16, 2024. Management will deliver prepared remarks to be followed by a question and answer session. The dial-in details fo ...

Jinhua, China, April 16, 2024 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) ("Kandi" or the "Company"), a leading distributor of all-electric personal transportation and utility vehicles, today announced that the reincorporation merger to redomicile the Company as a British Virgin Islands company (the "Merger") has been completed on April 16, 2024. Pursuant to the Merger, each outstanding share of the common stock of the Company is converted into the right to receive one ordinary shar ...

Financial Data and Key Metrics Changes - In 2023, Kandi Technologies achieved a revenue increase, reaching its highest level in the past three years, with gross profit rising by 112% to $40.4 million and a net profit of $1.7 million, a significant recovery from a net loss of $12.9 million in 2022 [4][5]. Business Line Data and Key Metrics Changes - The company successfully pivoted to off-road electric vehicles, launching new products such as electric UTVs and mini golf karts, and expanded sales channels through the acquisition of Northern Group and partnerships with Lowe's [4][5]. Market Data and Key Metrics Changes - Kandi Technologies is expanding its retail presence, having added over a dozen retail chains and aiming to increase dealership partnerships from 300 to over 1,000 in 2024 [13][104]. Company Strategy and Development Direction - The company is focusing on research and development to introduce more competitive electric off-road vehicle products, reflecting confidence in future growth and a commitment to enhancing shareholder value [5]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the electric off-road vehicle market and indicated that the strategic shifts made in recent years are expected to yield significant growth in 2024 [5][25]. Other Important Information - The company is considering potential acquisitions and the establishment of manufacturing facilities in North America, particularly in response to potential political changes affecting tariffs on goods from China [90][92]. Q&A Session Summary Question: How big can the Lowe's relationship evolve? - Management indicated that the cooperation with Lowe's is expected to expand beyond golf carts to include other products [9]. Question: What are the payment terms with Lowe's and Walmart? - Payment terms are confidential, but they follow agreed-upon terms between the parties [11]. Question: How many more superstore chains will Kandi add in the next 12 months? - Kandi is working with over a dozen retail chains and aims to expand dealership partnerships significantly [13]. Question: What is the status of the Kandi Cowboy side-by-side sales in Texas? - Sales plans are based on agreements with partners, and the products are selling according to the sales plan [15]. Question: What new products will be introduced this year and next year? - Kandi plans to launch a competitive electric off-road vehicle series and lithium batteries for various uses [17]. Question: Is the company still considering a Dutch auction for share buybacks? - Currently, a Dutch auction is not being adopted, but the company is undergoing a share buyback process [53]. Question: What are the plans for reintroducing electric cars? - Due to a competitive market in China, the focus has shifted to electric off-road vehicles, but the company is assessing the EV market for future opportunities [55]. Question: How is Kandi managing its inventory levels? - The increase in inventory is aligned with sales plans to meet the demands of partners like Lowe's [84]. Question: What is the company's strategy for international distributorships? - Kandi is utilizing foreign trading companies to ship products to regions like the UK and EU, with plans for expansion [86]. Question: How will revenues be booked if Kandi spins off its U.S. subsidiary? - Intercompany transactions will be managed to avoid double counting, and Kandi will likely remain the controlling shareholder of the subsidiary [110].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 90-0363723 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock KNDI NASDAQ Global Select Market FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT UNDER SECTION 13 OR ...

Exhibit 99.1 Kandi Technologies Reports 2023 Financial Results - $123.6 million net revenue hits a three-year high, marking a return to profitability JINHUA, China, March 14, 2024 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company", "we" or "Kandi") (NASDAQ GS: KNDI), today announced its financial results for the full year ended December 31, 2023. Full Year 2023 Highlights ● Total net revenues increased by 4.9% to $123.6 million, from $117.8 million in 2022. ● As the primary driver of total re ...

JINHUA, China--(BUSINESS WIRE)--Kandi America (“Kandi” or “the Company”), a leading distributor of all-electric personal transportation and utility vehicles, announces its participation in the 2024 PGA show, organized by Reed Exhibitions in collaboration with the PGA of America. This annual event, scheduled for January 23-26 in Orlando, Florida, offers Kandi a prime opportunity to exhibit its latest innovations and engage with industry professionals on a global scale. Kandi America is the trade name for SC ...