Kandi(US:KNDI)2021-11-09 16:37Financial Data and Key Metrics Changes - The company reported impressive revenue growth in the electric scooter and electric self-balancing scooter segments, which accounted for nearly 40% of total quarterly sales, growing approximately 600% year-over-year [7][12] - The company achieved a working capital of about $289 million, marking the best liquidity status in its history [12] Business Line Data and Key Metrics Changes - Sales of electric vehicle parts decreased due to supply chain tensions and restructuring of the pure EV business, while vehicle sales declined compared to last year but increased by 25% sequentially, accounting for over 40% of total revenue [11][12] - Consumer demand for off-road vehicles, including ATVs and UTVs, is increasing, with plans to formally launch the K32 model soon [11][12] Market Data and Key Metrics Changes - The micro mobility market, including e-scooters, is projected to reach annual sales of $200 to $300 billion in the U.S. by 2030, driven by the COVID-19 pandemic which accelerated demand for such vehicles [9][10] Company Strategy and Development Direction - The company is focusing on the electric vehicle market while also expanding into the micro mobility segment as a supplemental business [25] - Plans include entering the electronic UTV and ATV market, leveraging technology to meet upcoming emission standards [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the EV market and the strong growth potential of e-scooters and off-road vehicles, indicating excitement about future opportunities [12][28] - The company is working on meeting U.S. safety standards for its EV models, with expectations to begin mass production by March or April 2022 [18][26] Other Important Information - The company is considering a share buyback based on market conditions, although specific details on timing and pricing were not disclosed [20][21] Q&A Session Summary Question: Is the factory on Hainan Island currently active and making cars? - The production of EV products is still being adjusted, and the company is seeking new partnerships for production after withdrawing from cooperation with Geely [17] Question: When do you expect the K23 and K27 models to be approved for highway travel in the U.S.? - The regular models have not yet met DOT safety standards, and the company is working on improvements without a specific timeline for completion [18] Question: Are you still contemplating a share buyback? - The company is considering a share buyback based on market conditions and will execute it at the appropriate moment [21] Question: What steps are being taken to address competition in the EV market? - The company is focusing on the car hailing platform and entering the electronic UTV and ATV market to remain competitive [25][26]