Kandi Technologies' Board Approves Several Major Initiatives and New Management's 2025-2029 Projected Growth Plan

Core Viewpoint - Kandi Technologies Group, Inc. is undergoing significant leadership changes and strategic expansions, focusing on the smart mobility solutions market and enhancing its production capabilities in electric vehicles and lithium batteries [1][2][3]. Leadership Changes - Mr. Xiaoming Hu resigned as Chairman of the Board, with Dr. Xueqin Dong appointed as his successor. Dr. Dong also stepped down as CEO, and Mr. Feng Chen has been appointed as the new CEO [1]. Strategic Expansion Plans - Kandi plans to acquire Hangzhou Honghu Zhixing Technology Co., Ltd. to strengthen its position in the smart mobility solutions industry [2]. - The Board has approved a potential Initial Public Offering (IPO) for Kandi America, its U.S. subsidiary, in compliance with SEC requirements [2]. - The strategic plan for 2025-2029 focuses on expanding all-electric off-road vehicles and lithium battery production across North America, Europe, and Southeast Asia [3]. Production and Sales Projections - Expected production and sales of off-road electric vehicles are projected to increase from 36,000 units in 2025 to 77,472 units by 2029, generating annual revenues from $185 million to $526 million with gross margins exceeding 30% [4]. - Kandi plans to invest $100 million in a lithium battery manufacturing facility in the U.S. with an initial capacity of 1 GWh, projected to generate $230 million in annual revenue upon reaching full capacity [5]. - An additional investment of $30 million is planned for a production line for all-terrain vehicles in the U.S., with an annual capacity of 50,000 units [6]. Revenue Projections for Smart Mobility Solutions - Projected annual revenue from the smart mobility solutions business is expected to grow from $24.37 million in 2025 to $69.61 million by 2029, with corresponding net profits increasing from $3.9 million to $11.13 million [6]. Battery Swapping Equipment and Operations - Kandi anticipates production of battery swapping equipment to grow from 100 units in 2025 to 500 units by 2029, generating revenue from $20 million to $100 million [7]. - Revenue from battery swapping operations is projected to increase from $1 million in 2025 to $17 million by 2029 [7]. Other Product Lines - Revenue from other product lines, including motors and batteries, is projected to reach $18 million with gross margins around 25% [8].