Kandi: An electric car vending machine from China Message Board

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Non-Tech : Kandi: An electric car vending machine from China

KNDI 0.858

+3.8%

Dec 24 12:59 PM EST

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To: Sam who wrote (83)	11/10/2014 6:26:51 PM
From: Sam	of 105

Stock closed today at 14.86, down over 13%. Not a good day in KandiLand.... Kandi closes down 13.1%; EV sales delayed ahead of tax exemption Kandi's (NASDAQ: KNDI) JV with Geely sold 1,950 "EV products" in Q3; the JV sold 4,114 EVs in Q2. Meanwhile, Kandi's own EV products revenue fell to $741K from Q2's $13.2M, as it transitions manufacturing to the JV. In its 10-Q, Kandi states "a number of customers had postponed their purchases until after September 1, 2014," in order to be exempt from a 10% purchase tax. Nonetheless, Kandi's "EV parts" revenue soared to $35.8M from $17.2M in Q2 and nothing a year ago, thanks to growing orders from the JV; 78% of the sales to the JV involved battery packs. Go-Kart revenue fell to $5.1M from $9.9M a year ago, and ATV revenue to $2.3M from $3.5M. Gross margin was 12.4%, and GAAP opex fell 17% Y/Y to $2.9M. Kandi ended Q3 with $62.5M in cash, $22.4M in bank loans, and $13M apiece in notes payable and bonds payable. Q3 results, PR

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