Boston, MA 08/12/2014 (wallstreetpr) – Kandi Technologies Group Inc. (NASDAQ:KNDI) has recently announced the financial results for Q2 2014. According to reports, the company has managed to earn excellent revenues in the second quarter.
Financial Results of Q2 2014:
Previous year proved to be a decent year for Kandi Technologies Group Inc. (NASDAQ:KNDI), and it managed to post revenue figure of $12.16 in Q2, but over the past twelve months, the company has grown at a good rate. According to reports made public by the company, Q2 2014 revenue is $32.96 million, which means that the exact growth rate of company in terms of revenue is 171.1% on YOY basis. The company has also registered eye-popping growth in other areas like ‘Electric Vehicle’ revenue. The growth rate of company in terms of EV over a period of twelve months is 552.1%. The EV figure was just $2.03 million in Q2 2013, whereas it was $13.25 million in Q2 2014.
The operating income of Kandi Technologies Group Inc. (NASDAQ:KNDI) has grown with a significant rate of 261.0% over last twelve months. It was $0.73 million in Q2 2013; while in Q2 2014 OE was $2.64 million. The company reported a GAAP net income of $11.16 million ($0.27 per share) in Q2 2014 in comparison with a net loss of $1.04 million ($0.03 per share) in Q2 2013. KNDI has grown with an excellent rate of 1168.4% in terms of GAAP income.
Reasons Behind Excellent Market Performance:
According to reports, the main reason behind the excellent growth of Kandi Technologies Group Inc. (NASDAQ:KNDI) over past twelve months is but the increment in demand of Group Long-Term Leasing Program and Hangzhou Public EV Sharing System. The areas where the company recorded most demand increment are China and other Asian countries. The Car-Share’ Project or Hangzhou Public EV Sharing System has become one of the most-preferred business models in entire China over the past few months, and soon other countries will also start exploring it.
