Kandi Technologies Group, Inc. (KNDI) is a Chinese manufacturer of electric vehicles (EVs) and batteries, headquartered in Jinhua, Zhejiang Province, China. Founded in 2002 by Hu Xiaoming, the company is publicly traded on the NASDAQ stock exchange under the ticker KNDI.
Kandi specializes in affordable electric cars, battery-swapping technology, and car-sharing services. The company has partnerships with Geely Auto and has expanded into the U.S. market.
History
Formation of Joint Ventures with Geely
- February 2013: Kandi Technologies and Geely’s Shanghai Maple formed a 50-50 joint venture, Zhejiang Kandi Electric Vehicles Investment Co., Ltd., with a ¥1 billion ($160 million) initial investment.
- March 2013: The official agreement was signed, with Li Shufu (Geely Auto Chairman) serving as Chairman and Hu Xiaoming (Kandi CEO) as General Manager.
- 2016: Geely Auto sold its stake in the joint venture to Geely Holding Group, controlled by Li Shufu.
Electric Vehicle Car-Sharing Initiative
- July 2012: Kandi partnered with Hangzhou city to supply 20,000 EVs for a pilot leasing program.
- 2014: Launched the Kandi EV Car Share in Hangzhou, a car-sharing system where Kandi EVs were dispensed from automated garages like vending machines.
- Rental Model:
- Hourly rental: $3.25 per hour
- Long lease (1–3 years): $130–$160 per month (includes insurance, maintenance, and battery swapping).
- Expansion Plans: Kandi planned to build 750 rental stations and deploy 100,000 EVs. However, due to high real estate prices, vertical garages were replaced with horizontal street kiosks.
- 2019: Signed a non-binding agreement to supply EVs for Cao Cao Zhuan Che (a Chinese ride-hailing service).
- 2020: Formed Zhejiang Ruiheng Technology Company (Ruiheng), a ride-sharing service, with Jiangsu Jinpeng Group Ltd. and Zhejiang Ruibo New Energy Vehicle Service Company Ltd.
Expansion into the United States
- 2019: Kandi announced plans to enter the U.S. market after National Highway Traffic Safety Administration (NHTSA) approval for the Kandi EX3 and K22 models.
- May–June 2019: Shipped 50–100 EVs to the U.S.
- July 2020: Announced launch in Dallas-Fort Worth, Texas, with the Kandi K27 and K23 models.
Acquisitions & Strategic Moves
- December 2017: Acquired battery technology company Jinhua An Kao.
- 2018: Shifted focus to longer-range EVs, launching the K23 and EX3 models.
- June 2018: Acquired Sportsman Country LLC for $10 million, strengthening dealer networks for EV distribution.
- 2024: Appointed Bin Yu as CEO of its U.S. subsidiary, SC Autosports, to expand its market presence in North America.
Hindenburg Research Controversy
- November 2020: Hindenburg Research, a short-seller group, accused Kandi of fabricating 55% of its sales.
- December 2020: Kandi’s chairman responded, rejecting the allegations and claiming misrepresentations in the report.
Product Lineup
Current Models
🚗 Kandi Coco (KD08E/A)
✔ First U.S.-market vehicle (2009), available in electric (KD08E) and gas (KD08A) versions.
🚗 Kandi EX3 (formerly K26)
✔ First SUV, launched in November 2017.
✔ 380 km (240 mi) range & 110 km/h (68 mph) top speed.
✔ Based on the Geely Vision X3.
✔ Approved for China’s NEV tax exemption.
✔ Eligible for a $7,500 U.S. Federal Tax Credit.
🚗 Kandi K17A
✔ Launched in August 2016 as Kandi’s first EV.
✔ Used in police fleets in Hangzhou, China.
🚗 Kandi K23
✔ 41.4 kWh battery, 302 km (188 mi) range.
✔ Charge time: 7.5 hours (Level 2, 240V).
✔ Top speed: 112 km/h (70 mph) (artificially restricted to 40–56 km/h in U.S.).
🚗 Kandi K27
✔ 17.69 kWh battery, 161 km (100 mi) range.
✔ Charge time: 7 hours (Level 2, 240V).
✔ Restricted to 40–56 km/h in U.S., making it illegal for highway use.
✔ Marketed as the cheapest EV in the U.S. (~$10,000 after incentives).
🚗 Kandi K32
✔ All-electric dual-motor 4WD UTV (not street legal).
✔ Base model: 20.7 kWh battery, 97 km (60 mi) range.
✔ Long-range variant: 50 kWh battery, 240 km (150 mi) range.
✔ Top speed: 105 km/h (65 mph).
🚗 Kandi Panda EV
✔ Small city EV, launched in China.
🖼️ Images:
🖼️ Kandi EX3
🖼️ Kandi K17A Police Car
🖼️ Kandi Coco
🖼️ Kandi K27
🖼️ Kandi Panda EV
Sales Performance
📊 Quarterly Sales in China (2014–2018)
| Year | Quarter | Total Sales |
|---|---|---|
| 2014 | Q1 & Q2 | 5,329 units |
| 2015 | Full Year | 16,376 units |
| 2017 | Q3 | 6,765 units |
| 2017 | Q4 | 4,590 units |
| 2018 | Q1 | 3,295 units |
| 2018 | Q2 | 1,802 units |
| 2018 | Q3 | 1,502 units |
| 2018 | Q4 | 3,660 units |
📈 Kandi EVs were heavily reliant on Chinese government subsidies, but delays negatively impacted sales in 2019.
📉 Hindenburg’s fraud allegations in 2020 also dented investor confidence.
Future Strategy & Expansion Plans
✔ Strengthening U.S. Market Presence – Kandi appointed a new CEO for SC Autosports and plans to increase U.S. sales.
✔ Expanding Ride-Sharing & Leasing – Kandi EV Car Share, Ruiheng ride-hailing, and partnerships with Cao Cao Zhuan Che.
✔ New Affordable EVs – Focus on long-range and ultra-low-cost models.
✔ Battery Swapping & Infrastructure Growth – Expanding charging networks & battery leasing programs.
Conclusion
Kandi Technologies Group is a pioneer in affordable EVs and battery solutions, with a growing presence in China and the U.S.. Despite fraud allegations, government subsidy delays, and sales struggles, Kandi remains committed to the future of electric mobility through ride-sharing, affordable EVs, and battery-swapping innovations. 🚘⚡
