$KNDI On November 30, 2020, a firm with an acknowledged short position in Kandi stock issued a 'research report' that leveled a series of inaccurate allegations regarding Kandi and its management team. The firm that issued the report is shorting our stock and will profit if the stock price declines. [...] It is clear from this review that the report contains a variety of misleading accusations that are either thinly veiled assertions of opinion, or based on previously reported historical events. As one example, they question the odds of success of our ride-sharing initiative. Anyone, you included, is free to assess the likelihood of success of our business strategy. Merely asserting an opinion on our strategy proves nothing about our trustworthiness. Assertions like this, we will ignore. While the entire report lacks merit, the Company and its management believe that it would be helpful to our shareholders to address the inaccuracies that have received significant press attention.""By mischaracterizing certain documents from 2014, the report insinuates that I participated in a scheme to inflate the price of our stock during the reverse merger process. This is inaccurate because, as the report acknowledges, neither I nor the Company were ever charged with any such violations.""Contrary to the report's allegations, the JV Company properly received subsidy payments for all electric vehicles sold prior to 2016 and the JV Company's dual production licenses were approved in August 2019. According to government policy, any company that improperly participated in the subsidy program would not receive any subsidy payments nor dual production licenses.""As with other aspects of the report, the Company's decision to change auditors was previously disclosed and resulted from Kandi's growth rather than any sort of alleged 'fraud'.""Accordingly, and contrary to the report's allegations, we are enthusiastic about the progress we made in 2020. Our ATV sales achieved substantial growth, while unit sales of the Scrou-produced balancing scooters should exceed 500,000 in 2020 and we expect sales to exceed 3 million units in 2021. Prospects for EV parts sales are strong."
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