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Haven't gone over the SEC Q yet....
This is the PR....
-- Quarterly revenue increased 157.8% YoY to $44.21 million --
-- EV parts sales grew 107.9% to $35.81 million from previous quarter --
-- GAAP net income increased 274.3% YoY to $13.53 Million with EPS of $0.31 --
-- Non-GAAP adjusted net income surged to $5.37 million with EPS of $0.12 --
JINHUA, China, Nov. 10, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), today announced its financial results for the third quarter ended September 30, 2014.
Financial Highlights:
Revenue for the third quarter grew 157.78% to $44.21 million from $17.15 million in the third quarter last year;
Electric Vehicle ("EV") Parts sales increased by107.9% to $35.81 million as compared to $17.22 million in the second quarter of 2014;
Gross profit for the third quarter of 2014 increased 33.9% to $5,51 million, compared to $4.11 million for the same period last year;
The quarterly sales for the JV Company* was $46.8 million and net income was $4.4 million. Based on Kandi's 50% equity ownership in the JV Company, Kandi recorded $2.04 million net income (after tax and intra-entity elimination) in the third quarter of 2014;
The JV Company sold 1,950 EV products during the third quarter of 2014;
GAAP net income for the third quarter was $13.53 million, or $0.31 per fully diluted share, an increase of 274.3% from a net loss of $7.76 million, or ($0.21) per fully diluted share, from the third quarter of 2013;
Third quarter Non-GAAP adjusted net income** , which excludes stock award expense and change in the fair value of financial derivatives, was $5.37 million, or approximately $0.12 per fully diluted shares, a 716.5% increase from net loss of $0.87 million for the same period of 2013;
Working capital surplus was $108.1 million as of September 30, 2014, compared to a working capital deficit of $24.0 million as of September 30, 2013;
Cash, cash equivalents and restricted cash totaled $62.5 million as of September 30, 2014 compared to $12.8 million as of December 31, 2013.
*Kandi Electric Vehicles Group Co., Ltd., a joint venture company established by the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. with Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple"), a 99%-owned subsidiary of Geely Automobile Holdings Ltd. ("Geely Auto")
**Non-GAAP measures, including the Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of the fair value of financial derivatives and the effects of the stock award expense. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measures should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with GAAP.
"Our third quarter was another exciting quarter with strong top-line growth, improved financial condition and new strategic developments," commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. "In particular, our EV manufacturing joint venture with Geely Auto, or the 'JV Company' achieved great quarterly net profit and net margin, despite the fact that the quarter was back-end loaded because the new EV purchase tax exemption did not become effective until September 1."
Mr. Hu continued: "During the quarter, we also made numerous business initiatives, including the initial delivery of Kandi brand EVs to Shanghai public pure EV sharing program, the unveiling of our new 4-seat pure EV model KD17 'Cyclone', and the successful completion of our $71 million registered direct offering. Given the increasing opportunities and demand for electric cars in China, as well as Kandi's solid foundation and financial strength, we believe we are in a great position to continue executing our current business strategy."
"Looking forward to the fourth quarter, we are confident that our business model is beginning to gain traction in both top-line and bottom-line growth," concluded Mr. Hu. "The Car-Share Program has been highly recognized and well received by the customers, we believe our EV business model will be expanded to more EV pilot cities in China. We are also thrilled with our recent partnership with Ant Financial Services Group to launch Alipay, including Alipay Wallet services and technology platform, to Kandi's EV end users. We hope to raise the market awareness of the Kandi brand through the 300 million registered Alipay users."
About the Car-Share Program
Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY") is the first in market to initiate the public pure EV sharing program (the "Car-Share" Program). Kandi, through its 50% ownership interest in Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), indirectly holds a 9.5% interest in ZZY.
Individually driven pure EVs are widely used in the Car-Share Program. The charging/parking stations which provide a variety of services, such as charging, maintenance, battery recycling, are located at airports, train stations, hotels, business centers, selected residential areas and other places that are typically congested. A network system provides EV rental service to individual drivers in and around the city. It also provides EV maintenance and battery charging to self-service users. Lastly, a tracking system allows the Car-Share Program management to keep a close watch at the status and precise location of each vehicle.
This Car-Share Program model has been implemented in Hangzhou since the second half of 2013, and has now begun to expand into other major cities in China.
The Group Long-term Lease Program is a lease model that uses enterprise, community or village as lease units and each unit leases a minimum of 100 EVs with a group lease term at a minimum of three years.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as the one of the world's largest manufacturers of pure electric vehicle ("EV") products, Go-Kart vehicles, three-wheel motorcycles and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com. Kandi routinely posts important information on its website.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
China's EV output rises fivefold in first 10 months
Automotive News China | 2014/11/11
Automakers in China produced 47,000 electric vehicles and plug-in hybrids in the first 10 months, nearly five times the output in the same period last year, reflecting government subsidies.
Approximately 22,200 electric passenger vehicles were produced during the period, a sevenfold increase. Plug-in hybrid passenger vehicle output totaled 11,100 units, 20 times the number a year earlier.
Automakers also built four fuel-cell powered passenger vehicles, according to the Ministry of Industry and Information Technology, which regulates China's auto industry. No fuel-cell vehicles were built in the same period last year.
Production of electric commercial vehicles jumped 133 percent to 5,723 units, while output of plug-in hybrid commercial vehicles rose 181 percent to 7,972 units.
While production is up sharply, the China's auto industry remains well short of production and sales goals announced by the central government. Beijing wants to have 5 million EVs and plug-ins on the road by 2020.
In China, only pure electric vehicles, plug-in hybrids and fuel cell vehicles qualify for government subsidies. Conventional hybrids do not.
Still more reflection.....TECO
TECO reflection 2....
Some TECO history.
http://ih.advfn.com/videos/stock-research/my-movie-2-teco_oZ5RFQkEb-w
BULL
It sure would....
And what about having certain "members" in that group...
BULL
There could be several reasons.....
What if they went short?
BULL
Andrew Reid is not in control of TREATY...
Period
BULL
Bruce Gwen is not in control of TREATY...
Period....
BULL
Blackburn is not in control of TREATY...
PERIOD....
BULL
We will continue to move up as I respond to these false allegations.
Get Ready..
BULL
I don't make 8k's....
Are you in contact with the CEO?
BULL
Still a member of Bobs TECO group...
BULL
Blackburn is not in control of TREATY...
BULL
That is not a TECO filing....
BULL
I mean MACK...
BULL
It reads Mack to me...
Care to elaborate?
BULL
Again, the mythical blackburn appears...
He is not working the CEO, Period!
BULL
That would be Great for TECO...
I don't know....
Yes 2011 to 2015
That's years and years....
I can count...
BULL
That's incorrect, show me the 8k...
TIA
BULL
Mack is in Belize?
What Rig is Maxes?
BULL
Who are the accountants?
TIA
BULL
Ford is on track to become 3rd-largest foreign carmaker in China
Yang Jian
SHANGHAI -- Ford Motor Co. launched output at its third assembly plant in China this week and the occasion offered a timely reminder of the company's progress. Just five years ago, Ford was merely a footnote in China's automotive market -- an also-ran with mediocre products, a modest dealership network and limited production capacity. Not anymore. Pictured: Yang Jian is managing editor of Automotive News China.
>> More
GM sales edge up 3% as market turns soft
Bloomberg
General Motors, which counts China as its largest market, posted the slowest pace of sales growth in 20 months after deliveries of Wuling microvans declined. The carmaker's China sales in October rose 3 percent to 291,371 vehicles, the company said in a statement.
>> More
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At IAC, it's what's inside that really drives us. We have over 160 years of expertise crafting beautiful interiors that help to differentiate vehicles in the marketplace. Leveraging in-house materials expertise, engineering excellence and ongoing innovation, we create solutions that truly connect consumer to car-sight to sound to touch. Visit iacgroup.com for more information. And be inspired.
Nissan China sales fall 9% in October; company trims forecast for year
Reuters
Deliveries in China by Nissan Motor Corp.'s Chinese joint venture tumbled 9 percent last month from a year earlier to 104,400 vehicles, the Japanese carmaker said on Tuesday. That follows a 20 percent year-on-year decrease in September and a 1 percent dip in August. Nissan, which operates Dongfeng Nissan Passenger Vehicle Co. with Dongfeng Motor Corp., lowered its China sales forecast for the year to 1.3 million vehicles from 1.4 million.
>> More
Volvo China sales jump 36% in October
Automotive News China
GOTHENBURG, Sweden -- Volvo Car Corp. says its China sales jumped 36 percent year on year in October to 6,917 units, as demand remained strong for its sedans and crossovers. The Swedish automaker's top-selling model in China last month was the S60L sedan, followed by the XC60 crossover.
>> More
China to test gray-market car imports in Shanghai
Bloomberg
China said it will step up preparation of a trial program for gray-market car imports into Shanghai's free-trade zone, a move that could lead to lower prices for foreign brands in China. The government will adjust rules and accelerate work on carrying out a direct-import test program in the zone, the State Council said in a statement dated Oct. 23, which was posted on the central government's website Thursday.
>> More
VW begins output at 2nd direct-shift gearbox plant
Automotive News China
Volkswagen Group launched production of direct-shift gearboxes at a new plant in the north China city of Tianjin to supply its ever-expanding fleet in China. The 265 million euro (2 billion yuan) factory, the second of its kind that VW has opened in China, can build up to 450,000 units of VW's redesigned gearbox annually. The plant's annual production capacity will increase to 1.2 million units by 2016, the German automaker said.
>> More
Beijing to end limits on foreign-owned EV component suppliers
Automotive News China
The Chinese government is poised to reverse restrictions on foreign investment in companies making key components for electric cars and hybrids. The National Development and Reform Commission, China's central economic planning agency, this week published a revised version of its Catalog of Industries for Guidance on Foreign Investment for public comments. Under the updated catalog, the industry of key components for alternative energy vehicles has been placed in the category of industries where foreign investment is encouraged.
>> More
conflict of interest....
BULL
He should mention as he is in my group....
BULL
This is highly interesting to me.....
I spoke to Sticker a couple of weeks ago and he didn't
even mention this.
BULL
I certainly disagree and this will show TECO working with both landowners and the TRRC...
Just look...... It's a brief short history...
http://ih.advfn.com/videos/stock-research/some-treaty-history_wcpD_tNoPEA
BULL
I've spoken to Bob, maybe 50 times over the years.
He's been incommunicado recently.
I hope and pray all is well as I heard he's in ICU.
BULL
He's Bruce's friend. He used to call everyone and tell them how much money Bruce had made for him.
Now he runs a TECO trading group.
BULL
None of this is true.......
I'm not worried either......
We have to work through it....
BULL
Let me remind you, last time we heard vapor,
The stock jumped to over 4 cents from under a penny.
Is that correct?
2013/06/25 0.037 0.041 0.022 0.030 7,970,142 0.030
2013/06/24 0.036 0.040 0.035 0.040 6,849,097 0.040
2013/06/21 0.028 0.034 0.028 0.034 3,170,548 0.034
2013/06/20 0.024 0.028 0.023 0.028 2,089,425 0.028
2013/06/19 0.019 0.025 0.019 0.024 1,784,908 0.024
2013/06/18 0.021 0.021 0.019 0.020 1,200,102 0.020
2013/06/17 0.020 0.021 0.019 0.021 2,558,144 0.021
2013/06/14 0.020 0.020 0.019 0.020 2,007,593 0.020
2013/06/13 0.018 0.019 0.018 0.019 1,233,224 0.019
2013/06/12 0.017 0.018 0.016 0.017 516,538 0.017
2013/06/11 0.019 0.020 0.017 0.018 1,376,475 0.018
2013/06/10 0.018 0.019 0.018 0.019 2,331,517 0.019
2013/06/07 0.017 0.018 0.016 0.018 2,013,047 0.018
2013/06/06 0.017 0.018 0.016 0.018 2,071,644 0.018
2013/06/05 0.016 0.017 0.016 0.017 980,311 0.017
2013/06/04 0.018 0.018 0.014 0.015 545,204 0.015
2013/06/03 0.017 0.018 0.016 0.016 900,830 0.016
2013/05/31 0.016 0.017 0.016 0.017 1,536,692 0.017
2013/05/30 0.016 0.016 0.016 0.016 228,000 0.016
2013/05/29 0.016 0.016 0.015 0.016 3,919,236 0.016
2013/05/28 0.016 0.016 0.015 0.016 871,283 0.016
2013/05/27 - 0.016 0.014 - - -
2013/05/24 0.014 0.016 0.014 0.016 1,544,567 0.016
2013/05/23 0.014 0.015 0.014 0.014 457,080 0.014
2013/05/22 0.015 0.016 0.014 0.014 1,143,400 0.014
2013/05/21 0.015 0.015 0.014 0.015 537,000 0.015
2013/05/20 0.015 0.015 0.014 0.014 1,242,600 0.014
2013/05/17 0.016 0.016 0.014 0.015 737,319 0.015
2013/05/16 0.015 0.016 0.014 0.015 879,008 0.015
2013/05/15 0.015 0.015 0.013 0.014 684,317 0.014
2013/05/14 0.015 0.015 0.013 0.015 454,495 0.015
2013/05/13 0.017 0.017 0.015 0.015 1,348,000 0.015
2013/05/10 0.014 0.016 0.014 0.016 1,590,667 0.016
2013/05/09 0.013 0.015 0.013 0.014 1,485,623 0.014
2013/05/08 0.013 0.013 0.012 0.013 1,108,917 0.013
2013/05/07 0.013 0.013 0.010 0.012 830,521 0.012
2013/05/06 0.011 0.013 0.010 0.012 1,689,251 0.012
2013/05/03 0.0085 0.011 0.0085 0.011 913,099 0.011
2013/05/02 0.0095 0.011 0.0095 0.010 630,865 0.010
2013/05/01 0.0099 0.010 0.0090 0.0090 763,700 0.0090
2013/04/30 0.0099 0.010 0.0095 0.0097 1,664,320 0.0097
2013/04/29 0.0085 0.011 0.0080 0.010 2,125,793 0.010
BULL
Yea there is.....
Kandi Technologies Thrives In The Fast Growing Electric Car Market
Nov. 4, 2014 3:00 PM ET | 9 comments | About: Kandi Technologies, Corp (KNDI), Includes: TSLA
http://seekingalpha.com/article/2637745-kandi-technologies-thrives-in-the-fast-growing-electric-car-market
Disclosure: The author is long TSLA, KNDI. (More...)
Summary
The USA, China, Japan, and Norway lead the world in new energy vehicle sales during the first nine months of 2014.
With new energy vehicle sales growth rates projected at 500% and 300% for 2014 and 2015, respectively, China could take the lead as early as 2015.
New energy vehicle worldwide sales grow steadily at a healthy rate, while ICE vehicle sales slow substantially.
Tesla and Kandi, along with Nissan and BMW, are the only PEV companies among top ten in NEV sales this year.
Long or short term, TSLA and KNDI have outperformed top car manufacturers.
"Suppose Elon Musk and team began with a play for the masses - and did so in the world's most populous nation. Kandi Technologies is doing just that. I'm intrigued by this little disruptor" - Rick Munarriz, The Rule Breakers.
Abstract
Electric car technology is one of the most disruptive technologies of our time, if not the most. This green technology is changing the social landscape in many countries. Slowly but surely it is gradually reducing dependency on Middle East oil consumption, while improving air quality in major cities.
China has been pushing the new energy vehicle (NEV), to alleviate pollution in many cities like Shanghai, Beijing and Hangzhou, among others. It is also seizing the opportunity to become the world's leader in NEV production and sales. China uses the term new energy vehicle to denote pure electric vehicle (PEV), plug-in hybrid vehicle (PHEV), or fuel cell vehicle.
The World's Top Ten NEV Markets
Exhibit 1 shows the top ten countries with the highest accumulated NEV sales from 2012 to date. The USA is the undisputed leader with over 238K electric cars sold, though the growth rate has begun to level off a bit. After slow July and August sales that led naysayers to believe that Tesla (NASDAQ:TSLA) domestic sales have peaked, in September Tesla reported record sales of 2,500 Model S, more than twice BMW (OTCPK:BAMXY) i3 sales which carries a lower price of about $50,000. In the first nine months of 2014, Tesla sold approximately 11,000 cars in the U.S.
Norway this year leads Europe in NEV sales with over 15,000 cars sold in the first nine months. Tesla has sold over 3,500 Model S in Norway so far this year, averaging more than 400 cars per month. European EV sales are expected to be up a robust 80% in 2014.
(click to enlarge)
Exhibit 1 - The world's top ten NEV markets
China's current five-year plan, begun in 2011 and ending in 2015, calls for half a million NEVs on the road by the end of 2015. NEV sales progressed slowly during the first three years (see Exhibit 2) but accelerated this year after the government implemented a number of incentives and restrictions. NEV sales in the first nine months of 2014 are about 40,000 cars with over 50,000 cars produced. The annual output estimate has been raised from 35,000 in April to over 80,000 NEVs in October, a 128% increase.
China is currently overtaking Japan's number two position in NEV sales. With astounding growth rates of 500 percent, and 300 percent projected for 2014 and 2015, respectively, next year China is expected to overtake the number one spot currently held by the USA.
Kandi Technologies (NASDAQ:KNDI) is the undisputed PEV production and sales leader in China. For the first nine months of 2014, through a partnership with Geely (OTCPK:GELYY), Kandi has produced more than half of China's total PEVs, and one-third of China's NEVs. The company is on track to deliver 20,000 or more PEVs this year. Geely, or Zhejiang Geely Holding Group, is the largest auto manufacturer in China, who owns Volvo (OTC:VOLAF) Cars.
Tesla's China imports jumped to 1,147 Model S in September, bringing total Tesla imports in the six month period to 3,431 PEVs. Tesla began importing the Model S to China in late April this year.
(click to enlarge)
Exhibit 2 - PRC annual NEV production, 2011-2015
NEV vs. ICE Vehicles
China is the world's largest automobile market. Despite a fivefold increase in NEV sales this year, and a threefold increase projected for 2015, NEV sales results are still meager compared to ICE vehicle sales results. According to the Chinese Association of Automobile Manufacturers (CAAM), almost two million cars were sold in China in September alone, a 2.5 percent increase over last year. In the first nine months of 2014, passenger and commercial vehicles sales growth increased 7%, reaching 17 million.
Though ICE vehicles sales numbers may look intimidating, ICE car sales growth have slowed to a crawl, only 7% growth is expected for 2014, or about half of the original forecast. In 2013, China's domestic car sales were twenty two million, an increase of 14% year over year. Whereas, NEV sales are expected to continue to accelerate in 2015. Benefiting from a number of central and local government policies in favor of NEVs, subsidies and other incentives, China's NEV industry is driving into the fast lane. According to China Securities News, auto experts predict that next year China's new energy automobile production and sales are expected to reach 250,000 units.
Kandi Technologies and Tesla - The Ultimate Beneficiaries
As previously explained, the world is decisively moving toward the adoption of electric car technologies. Traditional car companies like Ford Motors (NYSE:F), GM (NYSE:GM), Fiat Chrysler (NYSE:FCAU), Toyota (NYSE:TM) and Honda (NYSE:HMC) are facing a huge dilemma. On one hand they see orders for their PEVs and/or PHEVs have surged hundreds of percent. On the other hand, sales for their core products, the ICE vehicles, are slowing substantially in many markets like China. Because the percentages of NEV sales are still small compared to ICE vehicle sales, many car companies are facing flat or declining revenues.
Tesla and Kandi are two of a few leading car manufacturers which focus solely on PEV products. Therefore they are riding the fastest growing segment of the auto industry. In China, PEVs garner the most incentives and subsidies from Central and local governments. In some cities like Beijing, PHEVs don't even qualify for local subsidies. Tesla's China import does not qualify for either Central or local subsidy in China, however some cities like Shanghai grant Tesla buyers free license plates.
EV Sales ranked the world's top 10 NEV manufacturers in the first nine months of 2014, and Tesla and Kandi are listed as #3 and #6, respectively. Note that out of the ten companies, only four companies produced PEVs: Nissan, Tesla, Kandi and BMW. Investor's Business Daily newspaper and financial web site Investors.com currently ranks Kandi as #2 and Tesla #3 on their list of twelve auto manufacturers, behind Tata Motors (NYSE:TTM). Ranked from fourth place to ninth place respectively are Fiat Chrysler, Toyota, Honda Motors, GM, Ford Motors and Nissan Motors (OTCPK:NSANY).
Exhibit 3 shows the performances of the top auto manufacturers. From the charts, it is obvious that Kandi and Tesla are the best performers for both short and long terms. KNDI returns the highest percentages to investors in the six-month and one-year periods, but trails TSLA for the longer terms.
(click to enlarge)
Exhibit 3 - Short and long-term performances of major auto makers
Conclusion
From the above analysis, it becomes apparent that the world is embracing electric car technologies. Despite its accelerated growth, compared to ICE vehicles market, NEV market is still in its infancy. Only a handful of emerging car manufacturers like Tesla and Kandi benefit from the early transitional stage, because they can ride the quickly expanded NEV market, without linkages to the slowing ICE vehicle market. Before the end of this decade, when NEV sales reach a million units or more, sole NEV producers will benefit tremendously, despite stiffer competition.
"The traditional auto industry is heading for bankruptcy, no longer has a market," Geely Chairman Li Shufu recently said at the Fifth Global Forum held in Wuhan, China. Mr. Li believes that in the future, every car is put on the market as if a tree is planted on the road. Future cars are safe, green, healthy, intelligent, and no longer pollute the environment.
Tesla Motors (TSLA) Earnings Report: Will It Be a Brick? KNDI, TM & GM
The Q3 2014 earnings report for electric vehicle (EV) stock Tesla Motors Inc (TSLA), a peer of Chinese EV stock Kandi Technologies Group Inc (KNDI) and automakers Toyota Motor Corp (TM) and General Motors Company (GM), is scheduled for after the market closes on Wednesday (November 5th).
The Q3 2014 earnings report for electric vehicle (EV) stock Tesla Motors Inc (NASDAQ: TSLA), a peer of Chinese EV stock Kandi Technologies Group Inc (NASDAQ: KNDI) and automakers Toyota Motor Corp (NYSE: TM) and General Motors Company (NYSE: GM), is scheduled for after the market closes on Wednesday (November 5th). Aside from the Tesla Motors earnings report, it should be said that Kandi Technologies Group Inc reported Q2 2014 earnings on August 11th (Revenue grew 171.1% to $32.96M, EV products revenue increased by 552.1% to $13.25M and GAAP net income was $11.16M verses a net loss of $1.04 million); Toyota Motor Corp will also release Q2 2015 earnings on Wednesday (November 5th); and General Motors Company reported Q3 2014 earnings on October 22nd (profit nearly doubles, led by North America and higher prices). However, Tesla Motors is going into earnings with a somewhat volatile chart and elevated short interest of 24.98% according to HighShortInterest.com.
At the end of last July, Tesla Motors reported that revenue nearly doubled to $769.3 million along with a loss of $61.9 million, or 50 cents per share, compared with a loss of $30.5 million, or 26 cents per share, in the same quarter a year ago. The shareholder letter had the following summary:
We have had an active first half of 2014, and the rest of the year is expected to be even busier. The development of our large-scale battery manufacturing facility, known as the Tesla Giga factory, is proceeding well. We have formalized our agreement with Panasonic for cell manufacturing at the Giga factory and remain on track with the site selection process. In addition, we are adding new production capacity at our Fremont factory that will allow us to meet the growing world wide demand for our vehicles. The speed at which we are executing this capacity upgrade will allow us to exceed 35,000 Model S deliveries this year. Provided that we execute well and there are no serious macroeconomic shocks, Tesla’s annualized delivery rate should exceed 100,000 units by the end of next year.
And from the guidance section:
We plan to produce about 9,000 cars in Q3. This target takes into account the effect of the two-week production shutdown related to the transition to the new final assembly line at the Fremont factory…. We plan to invest between $750 million and $950 million in 2014, an increase of $100 million from prior guidance. We continue to invest in additional production capacity, continued Model X and Model S development, Giga factory construction, and further expansion of our sales, service, and Supercharger footprints.We have also chosen to slightly accelerate our investments in production capacity and the Giga factory.
Regarding the Giga factory and how much it will cost, Elon Musk responded to a question during the earnings call (the transcript is available here on Seeking Alpha) about it by saying:
Sure. Yes, that $4 billion to $5 billion number is we think probably accurate. I mean particularly over through 2020, I think it'll be closer to $4 billion, maybe slightly less than that, before we get to initial high-volume production. But then as we do continued investments to improve output and improve the technology of the pack, it's probably closer to the $5 billion over the 2020 timeframe, but probably less than $4 billion to get up to serious production.
And then of that number, we see Tesla probably providing 40% to 50% of the total, Panasonic probably about 30% to 40%, the states maybe 10%, and other industrial partners about 10%, maybe 15% to 20%, depending on how vertical [ph] we go with the factory.
What do the Tesla Motors Inc Charts Say?
The latest technical chart for Tesla Motors shows a volatile uptrend:
A long term performance chart shows EV stocks Tesla Motors and Kandi Technologies Group Inc cruising past Toyota Motor Corp and General Motors Company:
A technical chart for Kandi Technologies Group Inc shows a wide range between a floor and ceiling while Toyota Motor Corp has a mix of trend lines and General Motors Company has been trending down from a summer time bump:
What Should Be Your Next Move?
Investors and the shorts alike are going to want to see evidence that Tesla Motors can deliver eventual deliver on 100,000 units by delivering on 9,000 for the quarter and 35,000 Model Ss for the year plus continued demand for EVs as oil prices fall. Hence, pay attention to any delivery figures or other demand indications or evidence from North America, Europe and especially China (Note: Tesla doesn't break out every geography in its financial reports).
Infamous KNDI Short Seller Karl Richter Values Kandi at 41.36
I corrected Karl's BYD P/S metric according to the facts, P/S on BYD is 14....
Fully diluted on 44 million shares.
Second, let’s consider the core vehicle/parts manufacturing side of the business. We’ll assume $130m in sales (from an approx. run rate of 4 quarters of reported Q2:2014 sales of $33m). Then the question is what multiple do we pay? Established Chinese auto manufacturer BYD Co Ltd. (1211 HK) trades at 14x sales,a premium perhaps supported by Warren Buffet's investment in this company that also manufacturers electric cars and electric buses. We'll be generous and apply a BYD multiple to arrive at a value of approximately $ 1.82 B for Kandi's core vehicle/partsproduct business.
If we use KARL P/S metric and the BYD number.....
44.50 a share.....
BULL
KNDI analysis by Karl.......aka CNBC contest
https://sumzero.com/sp/kndi_bestshort_second
Read it carefully.....
Second, let’s consider the core vehicle/parts manufacturing side of the business. We’ll assume $130m in sales (from an approx. run rate of 4 quarters of reported Q2:2014 sales of $33m). Then the question is what multiple do we pay? Established Chinese auto manufacturers like Geely Automobile (175 HK) and Great Wall (2333 HK) aretrading at 0.8x and 1.3x sales respectively. BYD Co Ltd. (1211 HK) trades at 1.8x sales,a premium perhaps supported by Warren Buffet's investment in this company that also manufacturers electric cars and electric buses. We'll be generous and apply a BYD multiple to arrive at a value of approximately $235m for Kandi's core vehicle/parts
product business
http://finance.yahoo.com/q/ks?s=1211.HK+Key+Statistics
Key Statistics Get Key Statistics for:
Data provided by Capital IQ, except where noted.
Valuation Measures
Market Cap (intraday)5: 113.59B
Enterprise Value (Nov 3, 2014)3: 121.71B
Trailing P/E (ttm, intraday): 1,439.39
Forward P/E (fye Dec 31, 2015)1: N/A
PEG Ratio (5 yr expected)1: N/A
Price/Sales (ttm): 13.97
Price/Book (mrq): 28.39
Enterprise Value/Revenue (ttm)3: 14.45
Enterprise Value/EBITDA (ttm)6: 177.61
BULL
Kandi's JV Entered Strategic Partnership With Ant Financial Services Group to Launch Electric Payment Service for Its Car-Share Program
JINHUA, China, Nov. 3, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (KNDI), today announced that Kandi Electric Vehicles Group Co., Ltd. (the "JV Company", a 50/50 joint venture between Kandi and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd.) signed a Strategic Cooperation Framework Agreement with Ant Financial Services Group ("Ant Financial") to launch Alipay and Alipay Wallet services to the Car-Share Program, Kandi's innovative Pure EV Sharing Program. Mr. Hu Xiaoming, Chairman of the JV Company, Mr. Liu Jinliang, President of the JV Company, Mr. Eric Jing Xiandong, COO of Ant Financial, Mr. Deng Yiming, Director of Credit Business at Ant Financial, and other executives from both parties attended the signing ceremony on October 29, 2014 in Hangzhou.
To view this image, please visit: https://orders.newsfilecorp.com/files/2079/12342_kandi1enhanced.jpg
The scope of the agreement includes, but not limited to utilizing mobile application Alipay Wallet, China's leading electronic and mobile payment service for Kandi's Car-Share Program, and co-developing other innovative services, such as customer credit system, online booking, and membership management. Alipay Wallet offers the convenience of renting Kandi's EV through a smart phone. Additionally, it allows zero deposit and guarantee for qualified renters with good credit records based on Alipay's proprietary transaction data. Kandi expects to launch the first mobile application for the Car-Share Program based on Alipay Wallet platform by the end of November.
Mr. Hu Xiaoming, Chairman of the JV Company commented, "We are very excited to announce the strategic partnership with China's leading online financial service provider, Ant Financial Service, and to further grow our Car-Sharing Program in China. The Alipay Wallet technology not only enhances user experience which enables our customers to make reservation and payment through PCs, smart phones and other mobile devices, it also broadens our customer base to the ever growing Alipay users with better credit and payment term. We are extremely confident about our EV business model and we will continue to focus on the execution of our strategic growth plan in China's EV industry."
About Ant Financial Services Group
Formally established in October 2014, Ant Financial Services Group is focused on serving small and micro enterprises as well as consumers. With the vision of "to turn trust into wealth," it is dedicated to building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include Alipay, Alipay Wallet, Yu'e Bao, Zhao Cai Bao, Ant Credit and MYbank (under formation). For more information, please visit http://www.alibabagroup.com/en/news/article?news=p141016
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as the one of the world's largest manufacturers of pure electric vehicle ("EV") products, Go-Kart vehicles, three-wheel motorcycles and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com. Kandi routinely posts important information on its website.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
View photo
translatable list here: www.0car0.com/xnynews/xnysc/2014/1103/200560.html
The first batch of 62 energy-saving and new energy vehicles to promote the directory publishing Broncos selected pure electric passenger vehicles
2014-11-03 11:47:52 net zero-emission vehicles - focus on new energy vehicles , hybrid vehicles ,electric vehicles , fuel-efficient cars and other news User Reviews 0 Article
MIIT website "energy saving and new energy vehicle demonstration and application of recommended models directory" (62 batch), a total of 71 models selected for this directory.
November 2, the Ministry website "energy saving and new energy vehicle demonstration and application of recommended models directory "(62 batch), a total of 71 models selected for the directory, where pure electric cars, the Beijing, Condi, southeast, Zotye, the hippocampus, the Broncos selected six brands of cars; in terms of pure electric buses, Fukuda, the Yellow Sea, Kai, Yutong, Higer, Golden Dragon, Golden Dragon, Tong, Dong-woo, Malaysia, star Chiron 11 a brand models selected.
(62 batch) energy-saving and new energy vehicle demonstration and application of recommended models directory
No.
Company Name
"Table of Contents"
Trademark
Product Name
Product Type
No.
1
Dongfeng Automobile Company
3
Dongfeng brand
Pure electric self-loading garbage truck
EQ5020ZZZACBEV4
2
Beiqi Foton Motor Co., Ltd.
9
Fukuda brand
Hybrid city bus
BJ6105PHEVCA-9
3
Beiqi Foton Motor Co., Ltd.
9
Fukuda brand
Pure electric city bus
BJ6123EVCAT-8
4
Beiqi Foton Motor Co., Ltd.
9
Fukuda brand
Hybrid city bus
BJ6123PHEVCA-9
5
Beiqi Foton Motor Co., Ltd.
9
Fukuda brand
Hybrid city bus
BJ6127PHEVCA
6
Beijing Automotive Co., Ltd.
11
Beijing brand
Pure electric cars
BJ7000B3D5-BEV
7
Beijing Automotive Co., Ltd.
11
Beijing brand
Pure electric cars
BJ7000B3D6-BEV
8
Dandong Huanghai Automobile Co., Ltd.
29
Yellow card
Pure electric city bus
DD6821EV11
9
Shandong KAMA Automobile Manufacturing Co., Ltd.
31
Capture cards
Pure electric self-loading garbage truck
KMC5030ZZZEVA23D
10
Nanjing Automobile Group Co., Ltd.
44
Iveco brand
Pure electric Frontal
NJ5057XXYCEV
11
Yangzhou Yaxing Bus Co., Ltd.
49
Yaxing cards
Hybrid city bus
JS6108GHEVC1
12
Yangzhou Yaxing Bus Co., Ltd.
49
Yaxing cards
Hybrid city bus
JS6128GHEVC1
13
Zhejiang Geely Automobile Co., Ltd.
52
Condit card
Pure electric cars
SMA7001BEV02
14
Anhui Ankai Automobile Co., Ltd.
55
When Brand
Pure electric buses
HFF6705BEV
15
Southeast (Fujian) Automobile Industry Co., Ltd.
58
Southeast cards
Pure electric cars
DN7000LBEV
16
Zhengzhou Yutong Bus Co., Ltd.
71
Yutong brand
Pure electric city bus
ZK6105BEVG3
17
Zhengzhou Yutong Bus Co., Ltd.
71
Yutong brand
Pure electric city bus
ZK6125BEVG7
18
Zhengzhou Yutong Bus Co., Ltd.
71
Yutong brand
Pure electric city bus
ZK6845BEVG1
19
Hunan Jiangnan Automobile Manufacturing Co., Ltd.
84
Zotye brand
Pure electric cars
JNJ7000EVZ6
20
FAW Haima Automobile Co., Ltd.
88
Hippocampal cards
Pure electric cars
HMC7001BM0BEV
Twenty one
Sichuan Automobile Co., Ltd.
101
Mustang
Pure electric passenger cars
SQJ6451BEV
Twenty two
Shaanxi Automobile Group Co., Ltd.
110
Shaanxi Auto Brand
Pure electric Frontal
SX5020XXYEV
Twenty three
King Long United Automotive Industry (Suzhou) Co., Ltd.
112
Hager brand
Pure electric Frontal
KLQ5020XXYEV1
Twenty four
King Long United Automotive Industry (Suzhou) Co., Ltd.
112
Hager brand
Pure electric buses
KLQ6601BEV
25
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6106AGCHEVD41
26
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6106AGCHEVN51
27
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6106AGCHEVN52
28
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6106AGHEV14
29
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6106AGHEV15
30
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Pure electric buses
XMQ6110BCBEV
31
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Pure electric buses
XMQ6110BCBEVL1
32
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6119AGCHEVD41
33
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6119AGCHEVN51
34
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6127AGCHEVD41
35
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6127AGCHEVN51
36
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6127GHEV21
37
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Hybrid city bus
XMQ6127GHEV22
38
Xiamen King Long United Automotive Industry Co., Ltd.
123
Jinlong brand
Pure electric city bus
XMQ6811AGBEV
39
Xiamen Golden Dragon Van Co.
124
Golden Dragon brand
Pure electric buses
XML6102JEV10
40
Xiamen Golden Dragon Van Co.
124
Golden Dragon brand
Hybrid city bus
XML6105JHEV85CN
41
Xiamen Golden Dragon Van Co.
124
Golden Dragon brand
Hybrid city bus
XML6125JHEV85CN
42
Xiamen Golden Dragon Van Co.
124
Golden Dragon brand
Pure electric city bus
XML6805JEV10C
43
Bus Holding Co., Ltd.
125
In-licensing
Pure electric city bus
LCK6660EVG
44
Chongqing Hengtong Bus Co., Ltd.
127
Hengtong Bus cards
Pure electric city bus
CKZ6127HBEVG
Forty five
Shanghai Shenlong Bus Co., Ltd.
129
Shannon cards
Hybrid city bus
SLK6119USNHEV03
46
SAIC Tangshan Bus Co., Ltd.
(C) 77
Wing brand
Hybrid city bus
SK6107PHEV14
47
Shenyang Wuzhoulong New Energy Automobile Co., Ltd.
(F) 16
Wuzhoulong cards
Hybrid city bus
SWM6111HEVG1
48
Nanjing Golden Dragon Bus Manufacturing Co., Ltd.
(J) 15
Dongyu cards
Pure electric city bus
NJL6100BEV5
49
Nanjing Golden Dragon Bus Manufacturing Co., Ltd.
(J) 15
Dongyu cards
Pure electric buses
NJL6600BEV10
50
Nanjing Golden Dragon Bus Manufacturing Co., Ltd.
(J) 15
Dongyu cards
Pure electric buses
NJL6600BEV11
51
Nanjing Golden Dragon Bus Manufacturing Co., Ltd.
(J) 15
Dongyu cards
Pure electric buses
NJL6600BEV12
52
Nanjing Special Automobile Co., Ltd. made with
(X) 35
Jinlong brand
Pure electric Frontal
NJT5020XXYBEV
53
Nanjing Special Automobile Co., Ltd. made with
(X) 35
Jinlong brand
Pure electric Frontal
NJT5020XXYBEV1
54
Nanjing Special Automobile Co., Ltd. made with
(X) 35
Jinlong brand
Pure electric Frontal
NJT5020XXYBEV2
55
Nanjing Special Automobile Co., Ltd. made with
(X) 35
Jinlong brand
Pure electric postal vehicles
NJT5020XYZBEV
56
Nanjing Special Automobile Co., Ltd. made with
(X) 35
Jinlong brand
Pure electric Frontal
NJT5030XXYBEV
57
Kowloon Motor Bus Manufacturing Co., Ltd., Jiangsu
(X) 60
Malaysian Brand
Pure electric buses
HKL6600BEV
58
Austrian Jiangsu New Energy Automobile Co., Ltd.
(X) 74
??? cards
Bottled pure electric garbage truck
JAX5022CTYBEVF170LB15M2C1
59
Austrian Jiangsu New Energy Automobile Co., Ltd.
(X) 74
??? cards
Pure electric sweeper
JAX5022TSLBEVF170LB15M1T1
60
Austrian Jiangsu New Energy Automobile Co., Ltd.
(X) 74
??? cards
Pure electric self-loading garbage truck
JAX5022ZZZBEVF170LB15M2Z1
61
Zhe Jiang Baocheng Machinery Technology Co., Ltd.
(XI) 29
Bao Yu brand
Pure electric dump garbage truck
ZBJ5020ZLJBEV
62
Bao Qi Wuhu Automobile Manufacturing Co., Ltd.
(Xii) 14
Chi Qi brand
Pure electric Frontal
WXS5020XXYBEV
63
Chiron Star Bus Co., Ltd. in Anhui
(Xii) 18
Star Chiron cards
Pure electric buses
HFX6600KEV05
64
Fujian Longma Sanitation Equipment Co., Ltd.
(Xiii) 16
Ma Fu brand
Pure electric car compartment removable garbage truck
FLM5020ZXXJEV
65
Ganzhou car tuning
(Xiv) 10
Global Brand
Pure electric Stake Truck
GZQ5020CCYBEV
66
Ganzhou car tuning
(Xiv) 10
Global Brand
Pure electric cars can unload garbage truck
GZQ5020ZXXACBEV
67
Ganzhou car tuning
(Xiv) 10
Global Brand
Pure electric self-loading garbage truck
GZQ5021ZZZBEV
68
Shandong Yixing Electric Vehicle Co., Ltd.
(Xv) 25
Swallow brand
Pure electric tourist bus
SDL6100EVL
69
Dongfeng Yangtse (Wuhan) Co., Ltd.
(Xvii) 48
Yangzijiang cards
Pure electric Frontal
WG5022XXYBEV
70
Automotive Industry Co., Ltd. Chongqing Ruichi
(21) 14
Rich Brand
Pure electric Frontal
CRC5025XXYA-LBEV
71
Guiyang Putian Logistics Technology Co., Ltd.
(Xxiii) 03
Hongyan brand
Pure electric postal vehicles
CPT5020XYZBEV
Accessories: "energy saving and new energy vehicle demonstration and application of recommended models directory" (62 batch)
"Energy-saving and new energy vehicle demonstration and application of recommended models directory" (61 batch)
"Energy-saving and new energy vehicle demonstration and application of recommended models directory" (60th batch)
"Energy-saving and new energy vehicle demonstration and application of recommended models directory" (59th batch)
"Energy-saving and new energy vehicle demonstration and application of recommended models directory" (58th batch)
"Energy-saving and new energy vehicle demonstration and application of recommended models directory" (57th batch)
"Energy-saving and new energy vehicle demonstration and application of recommended models directory" (56th batch)
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