Why Are Kandi Technologies Shares Plunging Today?

  • Kandi Technologies Group Inc KNDI reported third-quarter FY21 sales of $16.8 million, a decline of 10.3% Y/Y.
  • EV parts sales fell 61.9% Y/Y to $3.2 million, Off-road vehicles sales declined 23.6% to $6.8 million, while Electric Scooters, Electric Self-Balancing Scooters, and associated parts surged to $6.3 million.
  • Gross profit declined 29.7% Y/Y to $2.7 million, with the margin contracting 450 basis points to 16.4%.
  • The company incurred an operating loss of $(9) million versus $(2.4) million last year.
  • The company held $156.77 million in cash and equivalents as of September 30, 2021.
  • EPS was $(0.10) versus $(0.03) the prior year.
  • "We expect the EV-related business recovery to take time. Our restructuring of this business segment resulted in lower sales of EV products and parts," said Hu Xiaoming, Chairman, and CEO.
  • "Within EV parts, battery pack sales were impacted by supply chain constraints hitting the whole industry," Xiaoming added.
  • Price Action: KNDI shares are trading lower by 18.7% at $4.2 on the last check Tuesday.

Posted In: Briefswhy it's movingEarningsNewsPenny StocksSmall CapMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.