Boston, MA 05/13/2014 (wallstreetpr) – Kandi Technologies Group Inc. (NASDAQ:KNDI) continues to experience massive growth in its electronic vehicle segment seen by first quarter results that beat estimates. Impressive sales for the quarter came at the back of a slow quarter with further growth expected in the subsequent quarters.
Public Electronic Vehicle Sharing project in Hangzhou continues to receive massive approval with other cities approaching the company to initiate similar projects in their cities. Electronic vehicle industry continues to enjoy massive growth at the back of improved government support. Kandi Technologies is now forging forward with a view of becoming the leading fully integrator provider of pure EV’s in China.
Electronic Vehicle Segment Driving Growth
Kandi Technologies Group Inc. (NASDAQ:KNDI) partnership with Geely is expected to drive further growth on the Electronic vehicle segment complimented by advanced production capabilities. Revenue for the first quarter grew by 174% to $40.2 million from $14.7 million, demonstrating the impressive strides that the company is making in the industry. It awaits to be seen how the company will be affected with the expected roll out of Tesla Vehicles in the Chinese Markets.
Entry of Tesla is expected to further increase competition considering the company is backed by a huge financial muscle. So far it has been good business for Kandi Technologies Group Inc. (NASDAQ:KNDI) seen by a 384.5% growth in revenue for electronic vehicles to $8.4 million from $1.7 million. Gross profit as a result of an impressive increase in sales and revenue for the quarter grew by 44.1% to $4.9 million, from $3.9 million reported last year.
Changes related to fair value of financial derivatives resulting from high stock value in the quarter caused the company’s GAAP net expand to $14.1 million, up from $2.2 million reported last year. Cash and cash equivalent as of the end of the first quarter increased by 60-.2% from levels reported in December to $20.5 million.
Kandi Technologies Board of Directors under Investigation
Glancy Binkow & Goldberg LLP has launched investigations as to whether Kandi Technologies Group Inc. (NASDAQ:KNDI) Board of directors breached any fiduciary duties to its shareholders. This is in relation to the approval of issuance of additional 350,000 shares of the company to Lockhart and Tazbaz.
