Kandi(US:KNDI)2020-06-06 01:32Financial Data and Key Metrics Changes - The company experienced a decline in revenue due to the COVID-19 crisis, which reduced production and consumer demand [6][8] - Management expressed optimism about recovery as demand is slowly improving and production is ramping back up [6][8] Business Line Data and Key Metrics Changes - The company is focusing on new market opportunities, particularly in the powertrain for electric scooters and self-balancing hoverboards, which is a growing market of 10 million units annually [9] - The company plans to potentially merge its motor and battery subsidiaries to create a specialized powertrain technology company [9][34] Market Data and Key Metrics Changes - The company is entering the U.S. market with consumer-friendly electric vehicles at competitive prices, which is expected to enhance its market presence [10] - The affiliate company Fengsheng is ramping up its new Maple model, targeting the rideshare market with a focus on high-performance electric vehicles [10][17] Company Strategy and Development Direction - The company is optimistic about government support for battery swapping technology, which it has pioneered [8] - The strategic focus includes leveraging technology expertise to explore new markets and enhance product offerings [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of COVID-19 but remains optimistic about the long-term outlook for electric vehicles [6][10] - The company is confident in its ability to adapt and grow in the evolving market landscape, particularly with the support of government policies [8][10] Other Important Information - The company received a $34 million down payment related to a $76 million payment for Jinhua, which will be reflected in future financial statements [27][30] - The new facility is expected to be completed by July 2020, with a construction area equivalent to the old factory but with a more efficient multi-story design [54] Q&A Session Summary Question: Concerns about U.S. listing and PCAOB compliance - Management reassured shareholders that Kandi is a U.S. company and has changed auditors to one that is PCAOB compliant, reducing delisting concerns [12] Question: Updates on Fengsheng and EV sales - Management confirmed that Fengsheng is expected to sell 30,000 units this year, despite COVID-19 challenges, and the new Maple 60V model is anticipated to be deployed in the rideshare market [21][26] Question: Battery exchange technology and consolidation plans - The quick battery exchange technology will be manufactured in-house, and the consolidation of subsidiaries is still under evaluation [32][34] Question: Off-road vehicle sales and expectations - Off-road vehicle sales are performing exceptionally well, with expectations to double last year's sales [43] Question: EV sales estimates for 2020 - A conservative estimate for Kandi's EV sales in 2020 is around 2,000 units for the K23 model [58]