To: 2MAR$ who wrote (57043 ) 5/12/2014 2:32:39 PM From: 2MAR$ Respond to Kandi KNDI shares zoom after quarterly revenue nearly triples Shares of Chinese electric vehicle maker Kandi Technologies (KNDI) are running higher after the company reported first quarter income and revenue that sped past last year's numbers. WHAT'S NEW: Kandi reported first quarter net income of $1.6M, which exceeded the company's net income last year at this time by $0.3M. The company reported first quarter revenue of $40.2M, which was well above last year's revenue of $14.7M. Kandi noted that its electric vehicle products revenues increased significantly, growing by 384.5% to $8.4M from $1.7M in the first quarter of last year. CEO Xiaoming Hu said the company was "satisfied" with the financial results achieved in its slowest quarter of the year. "The Public EV Sharing Project in Hangzhou is making modest progress and several other cities have approached us to discuss implementation of the project in their cities. We are very confident about the continuous high growth of our EV business. Through our partnership with Geely and our advanced production capabilities, we soon expect to become the leading fully integrated provider of pure EVs in China," Hu added. WHAT'S NOTABLE: A competitor to Kandi, Tesla (TSLA), announced its plans to start deliveries of its Model S electric vehicle in China this Spring. Tesla CEO Elon Musk said the company plans to make "substantial investments" in China this year as it adds new stores, service centers and a Supercharger network. PRICE ACTION: During late morning trading, shares of Kandi Technologies rose $1.93 or 16.9%, to $13.36, while Tesla was up 2.5% to $186.93.
