Kandi Technologies Group Inc. (KNDI) shares soared 9.96% in after-market on Thursday, June 3, 2021, and closed at $6.18 per share. Earlier, KNDI’s stock lost 2.26% in the morning session and declined to $5.62 per share. KNDI shares have risen 63.37% over the last 12 months, and they have moved up 3.12% in the past week. Over the past three months, the stock has lost 9.79%, while over the past six months, it has slumped 34.42%.
Let’s discuss KNDI recent news and developments.
New K32 utility terrain vehicle
On May 24, 2021, Kandi Technologies Group, Inc unveiled five prototypes of its new K32 utility terrain vehicle (UTV), produced at its factory in Hainan, China. The K32 is pure electric four-wheel-drive propulsion and has a fully enclosed cockpit with air conditioning. Kandi intends to begin sales of the K32 in the U.S. in 2021.
The company did its best to make K32 UTV comfortable for the rider. The K32 length is 18 feet, with 6 feet width and 7 feet height. the powerful battery system can support a driving range of over60 miles, based on the NEDC working conditions method.
Recent financial results
On May 10, 2021, Kandi Technologies Group, Inc reported its financial results for the first quarter of 2021.
Q1 2021 financial highlights
- Kandi Technologies reported revenue of $16.0 million for the first quarter of 2021 compared with $6.4 million in the same period of 2020.
- In Q1 2021, the Gross margin was 27.3% and gross profit was $4.4 million, compared to 18.3% gross margin and $6.4 million gross profit in Q1 2020.
- Operating expenses were $27.2 million in Q1 2021 compared to $4.6 million inQ1 2020.
- The company suffered a net loss of $6.4 million, or $0.08 loss per fully diluted share in Q1 2021 compared to a net loss of $1.6 million, or $0.03 loss per fully diluted share in Q1 2020.
- The company had working capital of $244.1 million; cash, cash equivalents, restricted cash, and certificate of deposit totaled $162.5 million on March 31, 2021.
Completion of Jinhua Manufacturing exit inspection
On April 20, 2021, Kandi Technologies Group, Inc announced the completion of all necessary work to vacate the property associated with its legacy manufacturing plant in the Jinhua Economic and Technological Development Zone. The completion has been acknowledged by the Development Zone and all required documents necessary to close the transaction has been delivered to Kandi.
The KNDI stock is surging in the last few days due to the recent announcement about its new K32 utility terrain vehicle. KNDI can continue its surging on the last trading day of the week as well.