Kandi Technologies (KNDI) 9 Nov 202020 Q3 Earnings call transcript

Company Profile

Participants

Kewa Luo	Investor Relations Manager
Xiaoming Hu	Founder, Chairman and Chief Executive Officer
Alan Lim	Chief Financial Officer
Marla Marin	Zacks
Arthur Porcari	Corporate Strategies
Joel Cramer	Private Investor
Walter Hill	Carty & Company
Michael Fearnow	Focus Tech
Mark Miller	Private Investor
Richard Goldstein	National Securities
Mike Pfeffer	Oppenheimer
Frank Blatterman	Private Investor

Call transcript

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Operator

Greetings, and welcome to the Kandi Technologies Third Quarter 2020 Financial Results Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host Kewa Luo, Investor Relations Manager. ahead. go Please

Kewa Luo

on Hello, quarter operator. released to Technologies is Kandi results Kandi's sector Chief With Financial and Officer. Thank XXXX everyone. followed will prepared Officer; at Mr. Founder, www.kandivehicle.com. earnings Hu by third Kandi's available release Alan remarks, press session. of today Hu today. us website and a company Investor Mr. conference Mr. are Xiaoming, Group Relations earlier of you, The Welcome the Chairman call. the Executive Chief question-and-answer Lim, The deliver

started, will XXXX. Private of get safe Securities made we harbor please forward-looking the Act Reform Before note that discussions under U.S. Litigation contain today's provisions the of statements

involve risks Forward-looking statements inherent uncertainties. and

the risks today. and assume update filings does such, statements, regarding these any uncertainties information and with expectations company to expressed under applicable the As results the different company's the company's other Further not law. obligation included may except required is in be The public as reminded forward-looking SEC. from any materially

conference reminder, a being recorded. call As is this

CEO, on Hu audio to an available will Kandi's be call I Investor Chairman turn Relations this website. Founder, and conference addition, webcasting will over of Xiaoming. now In Kandi's the Mr.

Xiaoming Hu

Hello, Kewa. [Foreign Language] for on joining us call Thank Thank you, today. everyone. you the

As directly. others and electric you vehicles among one activities it all being impact business business know, many world, the sector with sectors COVID them, has the negative around crisis impacted on to have of Kandi’s

a [ph] able opportunities this were which also industry. number the those find showcase lock further of development However, to battery and of our and able to if and used transform research powertrain production in technology field. cases our partnerships to with field production in also products, into in great were position we the We specialized efforts to were able and our expectations expertise intelligence, of approved advantages. leadership utilizing resume and opportunities any in We swap discover and by system

smart and EV, forward in our opportunities more explore while main push product share. market gain will We we

few great months, those with However, past I productive. very who the like thank news has would Kandi our closely. follow over efforts, sorry – to

to enterprise, to battery public to Company Vehicle Grid able give with to in is strategic a form electric virtual our in we state-owned the a the area cooperate system. swap we battery were of system our world's event Electric for battery Service the to petroleum. operator provide sector, National subsidiary we to going the very this EVs we Group is sector is first the field developments and let are delivered fully we China KXX of major to recap in you to launch Corporation. China on in the owned leaders They Battery their Exchange which intelligent register automated Technology, us and in of in patents our bring leader Battery battery others, August, lot monetize able In which And have the to In China largest China. a September, the service Grid exchange able America State But For Kandi service. of October, become expertise vehicles. me pure as the Hainan KXX to achieved. Haikou, a was agreement a in provide battery U.S. for dozens Zhejiang Meanwhile, potentials. rideshare In the successful and wholly into name hold to milestones us swap were enable Petroleum China market. to of Exchange America, in We State Sinopec exchange exchange established like going recent

graduate we plan and from advisors in very smart Exchange’s Zhejiang engagement Haikou STAR that delivery Shaoxing after thorough city of that Both rapidly in in of China. battery Technology the China. begun are Kandi a Limited is This city Kandi Shanghai EVs top in province Battery Swap with Smart for IPO is the to and good X,XXX advisors support within swap to us realize ready the EV years province. growing This swap program Company Stock we has launched list shareholders, five all and of confident Hainan announced business. Board. to grow ways EVs tier a value and the also will our We consideration pure X,XXX our enable XXX,XXX of government-accredited extensive capital to our business rideshare news with is to battery more Zhejiang recently, on Most the

We economy and increasing government vehicle with are swap battery model. support the for and progress our battery strategy, pleased our the achievements our with slowly reviving separation

as for believe is well swap vehicle positive. continue to very electric model battery with that We

also coming. for proving Kandi. the leadership and intelligent area. And share swap potential We about be aggressively remain exciting news We there expertise position believe more and battery our market we opportunities market its will in optimistic

questions. sure, Alan save to directly take over. is English. time, your me will let something CFO was please I question is To my going Alan the Operator, your not and there Now, Alan in answer answer If proceed.

Operator

your time, this Your be [Operator conducting we'll question-and-answer a first session. question Marla line with comes Please proceed the Instructions] Zacks. At you. Marin question. of with from Thank

Marla Marin

you. Thank

that end provide American to you can market color North production the as So you. benefit how company? capacity on you pertains closer to strategy the more feel Thank will and the bit it a little

Alan Lim

good morning, Hi, Marla.

expand vehicles, understand. capacity I for you’re right? talking strategy to Just our our the to clarify, especially help electric So about

Marla Marin

Yes.

Alan Lim

Okay.

So, a answer. with well, I give my and we'll answers Mr. about detail Hu elaborate start have you to to will more discussion

having So in need market. in basically facilities the EVs Hainan meet to our our China in our China's order are U.S. and primarily manufactured now we

in capacity ourselves time the for Heico far we are being of well, in and can the at our China platform start meet including the need the said U.S. can also can in for car-hailing in up we tell the platform our Shaoxing. So and you you picking sales preparing And

I thorough strategy Hainan the So meet need. our for far, I in But will I for to give expansion Hu third explanation. capacity to Mr. China guess, the allocate guess a facilities us can

I broadly answer translate speak so you. So Mr. allow to Language] can me to [Foreign Lu that to for

Xiaoming Hu

Language] [Foreign

Alan Lim

Marla, as the foreseeable can Mr. now their future. the we So for confirmed capacity for needs Hu meet

far Hainan I with course, with facilities count facilities. on And capacity facilities we'll options, of our stick the think explore and for of the we our different we'll So but now Hainan.

Marla Marin

you. Thank

Alan Lim

Welcome.

Operator

of next Your line question. the comes question with from your Strategies. Please Corporate Porcari proceed Arthur with

Arthur Porcari

some achieving live for Hu, conference Mr. Congratulations call. milestones immense Kandi’s

was the you have overload midday to Alan time excess batteries nationwide. Grid to handle I'm all that quick China's know of just the a ago of don't than XX-year the exchange long the correctly, X.X usually mode, you Walmart powered the to battery by try want Hu from few coincidence the globally. was a pay XX said. use the may BXG actually. QBX But point, consumers, that me title. owner had success covered demand investment you honor racks the to now? this capitalize I battery time facets background, was trial. Fortune owned years approved is, It's that battery subsidiary partnership If Hu’s More billion too PR spin background it to electric most a ago, battery at time, Kandi’s And utility the impressed peak quick three which as EVs as attracted the how impressive is in in methods I independent the as the China IPO you to State the one you've Hu what expertise maybe when cities at to for to early Kandi to particular of at recent just probably about. Hangzhou the IPO first times this technology, official banker, would technology, battery Or remember to early couple at or quick this. is State make But who XXX, commercially whether two monetize brownouts to Global battery new I was the sectors in into I want services is Mr. recognized syndicate in me would at called excess in power was two lead-acid first Mr. I how exceptional Kandi’s of seat most of largest of off the called remember State partner a we've investment of in Kangji trial the Grid course, with, the station, do China's China was that the included could Mr. what the big to in overnight exchange, what opening assume each Tiny the this midday. with an a in of and which the former the shows all charging to same weeks provided XX% and time most With exchange this said hottest Kandi changed two, landmass this But do but lead questions. of allow here, two second a of batteries the the in that officially which Grid first Government only its car. a and of me batteries those. Kandi’s specifically questions during The power and National use, around from at remember, will grid, Hu? today. you they later inventor was State experiences one to grid $X in selling this. name to At going extract underwrite To which thanks was is China one had the pioneer an do bank only But massive small ability not time as he of saw that EV, don't agreement. as Seemingly Mr. CICC of NIO paraphrase actually Grid, just joining talking go just same wholly been to much attracted realize sell the battery. China all The Kandi, this of low a number like car charge China. little Yes. which major the strategic Kandi Of on China's EV Guangdong They

Alan Lim

can questions. I with think you proceed the

long for Thank support the way. by Okay. a you time

Arthur Porcari

Okay. the upon, two supply the about were a band our of self-explanatory, extensively Hu then Sure. such and a I'd or parties patented will more Mr. proprietary. Most these different technology of you. question. issues. whole general new If include over and unique dozen observation. like PR, said this? the three, quick competitors, across to cooperate final can That's part In you chain Thank Kandi about as Kandi one tell exchange NIO or battery battery so, is four-part us this with subsidiaries, What's you and but

Alan Lim

Okay. Well.

in for the So I field of have we the battery of all, patents the of then for we first guess, sure. them, – dozens invention swaps, of that as I'm practices the the terms and have us, and in

I the how by I'm certain explain how State outages well, and supported should about will although they overall. ones we investigated we have have details not many Grid. in as have So many really they with which sure they have

Arthur Porcari

very Okay. right. Historically, difficult recycling known the recycling? till batteries technology. we've company's very lithium recycle that now. a heard a well battery been unique it's This Is little there anything is different is about This battery are subject subject, about

Alan Lim

respect, battery do I the and the this one activation particles Yes, technology well, the of – guess recycling of yes cycling to technology be pieces Well. right, the they, know. process, swap may battery synthesis company. the we accept we can other in of the you separation, In indeed. as those different as such Battery like the have well, reflected, [indiscernible] have

them, we try order the effectively ends. positive make we to high pretty think the negative them in separate have first And then to the composition. I process into and will to recover

separated the there, materials. So basically materials realize these of waste battery that out get circulation be can to they they internal used and

maximize complex value of the the pretty can and that it [indiscernible] basically process. So waste economic make

Arthur Porcari

a still wondering XX% a Kao something Mr. the mentioned Jinhua could and was An back, XX% recyclable. Hu the same When battery if lithium Kao was between find But that could such that was time, is maybe said also we what Jinhua battery if technology normal believe An we what big and were I maybe that it, of had and just have recycled. I the have that that or while over others make it acquired XX% out we correct difference a and typically extent today able achieve? to to why But they

Alan Lim

guess I to I Mr. delegate that for Right. Hu. would a question

to in will a So allow afterward. speak translation me and I Chinese do

Arthur Porcari

Sure.

Alan Lim

Language] [Foreign

Xiaoming Hu

Language] [Foreign

Alan Lim

another Kao's So battery As battery Language] we you right? company. the exchange, battery swap, the An know, recycle have primarily for may [Foreign –

the for So the But as basically roughly efficiency. technology. of far we're XX% is looking at to so that still the recycling XX% efficiency

Arthur Porcari

Right.

big Okay. lithium. Yes. for Good. That's number a

exchange,” ago? In grid That's or us Okay. means? planned. I PR power Is of that control similar State technology battery Grid to is the grid read BXG mentioned that XX can… years load to what's tonight, to the the attracted he what where they “flexible

Alan Lim

Yes, yes.

Arthur Porcari

Back into is. grid, the it

Alan Lim

to we Well, process. that of basically Yes. more I BXB, electric a I technology. course, we similar in have and that's From intense think, think vehicles But technologies that's Yes. basically maximize. pretty in systems more the to similar. basically use But battery similar that's the way of that's the the then efficient –

Arthur Porcari

do so Kandi why quick you up so for smaller would and it finally, subsidiary that partner Grid State battery believe battery found its a attractive second Kandi's time? companies technology And with exchange Okay.

Alan Lim

I Kandi, the the as Well, China. the then in But of separation as advocates state petitioners vehicle and called electricity of the or as, technology for mode although China. of course power EVs not guess not Grid it's and the we companies large are in in the big super swap then the or State

a So patterns with automatic battery – a swap utility right. over we and system, dozens have the fully of I that model, the of mean, smart model invention swap,

swap and realized in swapping a the And our pretty the accumulated may experience. as one And basically that XX is years technology the exactly, by in by or know, welcomed for old company you battery has automatic China the as being system way process. than government. click, more well battery EVs, the expensive may quick the know, of of supported more So practice is even the to you a key, field one ultimate that this have actually

our seasoned this why is that the it mean, I the reasons us. I to a technologies I battery attractive. other are related the with But wanted skillset, size, Grid extended China. in That's [indiscernible]. key – then but and – smart technology our pretty So, of regard and are our the extracted, just it's battery and our – cross as to cooperate really And then not that to those swap that swap companies but technology, company State think explain compared this our willing that point and basically

Arthur Porcari

Yes.

impressed me the is what Well, back time, to State same XX it the came Grid little most company, second Okay. the speak. years later to so

have XX really batteries. must something lead that used comment. there just a just saw That I was so they way before again its time And ago. been years back was acid guess,

want other just can I one fill year that a here, ago. many? [indiscernible] you to capacity were Just refreshed cars facility get Kandi a in XXX,XXX said moment is that Hainan the over make

Alan Lim

can. Yes, we

Arthur Porcari

Yes.

Alan Lim

all the early since started year. we in estimated facilities I mean, we've have production to last work Hainan

capacity, be I capacity to China way, and more the company sufficient our should more, be for will the and still we U.S. guess our but need in sales now finding that right and the meet So on

Arthur Porcari

coming Well, great Okay. like very four congratulations. you be much. you next quarter much. Looks thank Thank a up year informative. Very should very and [indiscernible]. quarter Again,

Alan Lim

you. Thank

Arthur Porcari

Thank you. Bye-Bye. Thanks.

Operator

comes your private investor. Joel Your with question. next Cramer, from Please question line of proceed

Joel Cramer

positive real U.S. pick Kandi both seems that it China the up momentum. starting to is in and Yes,

probably Kandi China Kandi However, player And is Holdings us you to Thank a deal about EV is close invested Can being this $X we have major market? on Zhejiang, Geely’s in still has make carried update who there? heard in? happening on you. little in to still the are you running if able of anything interested bullish what which billion and

Alan Lim

we all, first is the has But subsidiary the involved we of fabrication of market the than Thank expect. and market, automobile. I and – we make as see the aware Well, EV you. the of so trend up and in that apparently, Geely and are the involved with vehicle are again, it in participating lower and speed Great. under electric new But in course. JV of the exploring Geely Technology actively is which to far, plan market, we expected been of they assure Technology, Fengsheng, then, competition and are mean, development we do refine Technology Geely to actively Geely the however, our of how development the rather the fully of

Joel Cramer

you. Thank

Alan Lim

Thank you.

Operator

question & next comes line Hill Please Your from Walter question. of the proceed with Carty your with Company.

Walter Hill

was Ruiheng ride-hailing XXX,XXX to year PR the to the new difference confusion I'll four read the A, In Zhejiang idea does Kandi’s weeks you XX% so that’s this EVs before did three delivered if many them, will by not from the XXX,XXX Could table. should way, primary operating X,XXX the following part, the the be PR ultimately program. points. last some of just for off clarify Kandi’s Shaoxing, fleets going required government-accredited government-accredited in deal, responsibility initial Two PR some ride-hailing a investors its a out that appear what speaks EV, them be month is a B, C, province a the to company programs ago, this own this partner's points? new and that for what I'm company? revenue And share to Zhejiang Do of types to – X,XXX of of expected? between all an this Hainan you. because venture money? give detail, PR and will XX% by got Thank year-end? expect what program XX% program. the believe establishing cause five I Kandi you Jinpeng Part of Kandi read program? be for Kandi kicking a short. I've how Ruibo, put the X,XXX by is be specifically And by thinking and And makes XX% all Technology, That Kandi, very two be

Grid intends seems on that say However, the that XXX,XXX. ride-sharing supply will the EV which models way? new Kandi Kandi be will to the Kandi be various to State If PR, vehicles shortly assume you. can programs, we all the of so, to XXX,XXX Thank providing

Alan Lim

Thank you.

asked believe as right know, accredited ride-hailing about right. I operate it’s order to may platform the and the Okay, in regular, question other difference that program, me let Well, actually government program, is, kept you by departments other the government released first was between we car-sharing online in approval China, is platform. of only other approval agencies. considered requires an the different accredited in and compliant the certifications, issue as And it and car relevant agencies online approved a confirm, full

Although, are I non-compliant that considerable in so called we the we the of platform. there market know car quite not are with amount call mean, do that in compliant fully hailing platforms so the still requirements, can

how that Is I from authorized we and support government the is legal get are question accredited the what first mean – those see differentiates platform So will car – differentiate us the fully you by about that about also question because are your we shutdown, answering online platform hailing not how may ourselves? the and government.

Walter Hill

Yes.

Alan Lim

great. Okay,

of the responsibilities second about partners, or right? I the roles the question think the

Walter Hill

Yes.

Alan Lim

partner, they service So the will platform. management large utilizing bring course and they that are great EVs I sell to and upgrade promote KXX basically one distribution mean they are up more they maintenance operate the our extensive Ruibo. Us, And are operate to us. and the a of technology the as [indiscernible] to alliance, are primarily the season we the I can the of customers Jinpeng Jinpeng network Ruibo later the basically they three like also equipment and partners, swap they of perspective last we mean so they are great perspective. from second rather always have they And Kandi network provide Kandi, car-hailing the mechanical the they mean Ruibo. stimulus in experience, have is so a program. I the

we So platform can alliance. that’s to how we the how share share our and the our responsibility earn

the let next Okay, so question. to move me

city And kind what progress do also and Hainan right. we end the to then are the beginning what talked through delivery deliver that – EVS Heico can referring in actual year be is built the – how the ongoing. said of you as by and the are of end. we about still Mr. the currently. expect the You Currently numbers working of of the we by Hu Zhejiang Province, the year for on But to

much the So timeline the be the can we I project. sure progress guess depend actually And cannot be completely. on delivered delivery XXX% that will of of how the

can when So disclosed I can guess, numbers get on the financial the we you then have idea the year-end statement. complete,

I necessarily think question that to is the EVs I should the mean, week program, five but supply relationship to the be right. actual have rather And last how to mentioned then. means that's the of program include XXX,XXX you also will for by think so-called XX,XXX in about entirely EVs was can years, the about our the we the figures idea EVs sure I market. they program, like not past or

not So then EVs even the I I mean, platform so mean, is will new try many goal. I how be cars have program? end meet say to the idea. to course may as to is And a [indiscernible] course, our slogan of called due contacted for supply But supplied on we like demand launch EVs in to of of be different to at the going. major but one may models We or the – and invent the mean, of will bottom or issuer, try you like that’s many the will the we how the the share and line market

Walter Hill

Thank you.

Alan Lim

[Indiscernible]. you. Thank

Walter Hill

you. Thank

Operator

with line Investments. from Fearnow Your next Tech your question Please the question. with proceed Focus is of Michael

Michael Fearnow

I've thoughts transferred when joint Kandi made they equity additional made, will if announcement have that an an decide me option you. this to finally, And I they or the exercise there to three-part be holdings to would purchase And will a what of transfer extended? Kandi to could And XX, joint when their of from and of on that give refer Holdings, an which morning. the exercise venture joint the kind with venture any they option? their percentage exercise when the own? got ultimately venture expectation can joint Thank they through they an of like you. named Is back would option, Kandi Good do Geely that XXXX. is of that that you deadline Zhejiang, made question. XX% venture indication thank recently March was

Alan Lim

Thank you.

for As this the counterparty as the are at think, the far GLE moment. question concerned we in of still process we the as we're I the negotiating brought Technology company,

there's So still answer really not each on we at very working and for our a concrete are still present of them exploring the we're options. questions because solved we and

the moment, So option. really the no we can progress extended to and how be would deadline, got each in for at concrete try we exercise We there's or negotiate. of explore – that still the

a idea year So keep include all we conclusion. time progress is investors and hopefully I right have early then we'll updated, can better our guess by in when the next with a then we'll – time,

Michael Fearnow

common Is understanding my is option, if they time correct? can do with shares. clarification, their exercise Kandi, they [Indiscernible] of that that it at and

Alan Lim

moment One let me to Mr. the question Hu. direct

Xiaoming Hu

[Foreign Language]

Alan Lim

So answer not possible. a takes, very and up that’s I yes possibility Mr. come conclusion that yet, of Hu’s Kandi, and we the [indiscernible] one explore between we exchange concrete have that’s shares the mean with try this but options

Michael Fearnow

answer. Great, thank you for Good your luck

Alan Lim

you. Thank

Operator

Investor. of question. Miller, Please comes from the Mark Private proceed Your your line next with question

Mark Miller

Good guys. evening

exchange for between minutes, Will due few the by to locations on EVs? a of battery If and That's have correctly, battery unit one available available battery wheels. emergency an Just one rocker battery-swap I for just panels a question the quick all it. be was main ability of in to original positioning the remember feature this exchange Kandi's features the side, mobile here. the of Kandi's

Alan Lim

like KXX KXX for time the Yes, basically our at mostly it being. for EVs works and

Mark Miller

they at able in companies be time? for slides other Will make side custom to some point

Alan Lim

some out vehicles equipment as fine I work other idea fit tune sized Yes, is feasible or brands other equipment other yes data after the course mean electric some that the with them, light the off there and long adjustments. can adjustments exchange of those some as some can other basically some is still

Mark Miller

competitors you Where tell about is Can compared on their Kandi or placed to that? us this?

Alan Lim

How we….

Mark Miller

how against that [indiscernible] stacked mean, people the other I created, up you’ve are this?

Alan Lim

I me for answer it … let over Mr. turn guess Hu and see mean that – for if I to

Mark Miller

Yes, more is… is consuming the was much it I like I've that it yours video [indiscernible] quicker. seemed at seems looked back, much more and time it while when appears and yours saw theirs

Alan Lim

I guess… so Yes,

Mark Miller

is I anybody pursuing there or mean, on where is or else this So, anybody you it of? everybody else there that know is

Alan Lim

[Indiscernible] perusing that. I – in the know of now mean by encouraged China. you system may government the battery-swap the fully and as supported is that’s

other in and trend us system are click they of go and and one best proceed. would for to sure So XX we try second of companies, pioneers swap the our Then one the one country. market the is the in automatic

XX us least – if I some that's, second was of have working they think do it the differentiates as technology but do other it, and other I So I'm this you'll the on also I – from I guess, I we for guess were one from but still to competitors. to do how patents report how that's is timing, how differentiates other competitors. guess of other But sure other research they competitors the

Mark Miller

my Thanks That's all thanks Okay. I That's question. fine. have. for for – taking

Alan Lim

you. Thank

Operator

Your with question comes line next Please the National of with from Goldstein Richard Securities. your proceed question.

Richard Goldstein

Good brokerage as largest a the to new Mr. on an with the even signed Monday I investment met subsidiary, business U.S. the and must battery-swap Francisco to tech firm do IPO My may you Kandi's Meeting syndicate at we I exchange. we advisor, STAR San turn but admit Hangzhou, spinoff. last in that am today also it before battery-swap Kandi’s remember, largest close Thank XXXX, shares represented had for met. note you. holding stunning Shareholders Wall the major have my in Hu, Street stock with to and on was well question China lead brokerage announced The morning. revelation orientated Kandi the clients has global not contacts from significant in and a IPO third in Shanghai

lot a here. gets in out As couple respect should I a the questions few this create of Street, the but of on word this on have Wall U.S.,

what China's envision it follow. the we And attracted on to take First firm the do coverage have CICC, that potential would IPO? to also top research they lead was Kandi

that Second part be buy investors large battery is of originally, it subsidiary? it announced the market if it case sell U.S. Kandi is of dollar exchange Scrou still would Yongkang after the STAR battery shares with it the the Next, question in and to include be just lastly, percentage is And both would to or you. expect company, right, for the know battery-swap individual would pronouncing the I either a participate IPO how possible IPO issued and don't Thank institutions? or the or company? on in you

Alan Lim

Yes, answers your your thank for you support. and

dozens talk that swap all, first the Battery Smart of to the when taking in of can of know, And Swap, electricity think, develop project, advocate that the And lead about inventions So to such in to the of IPO separation system a a be swap that one is vehicle and how then a I we should that's market. our mode what the second quite Kandi, patents, as and nutshell we have models. try click of are practitioner utility called sophisticated you may system. technology We've while. of an the of one see pioneer you XX the be technology we is of a and for

project, lead that experience pick these of of to technology. really it's of technology CICC the attract and course, So because extended sophisticated our I IPO our mean, the

also state, mode right strong really I battery swap technology mean, such of market the by China for a supported and And the system. automatic is encouraged the Government. now, and government, the by the expense demand So it couple by

with really to success, But a reasons them track details called with we and how as the IPO the institutions project confident to which certificate guess the present investors they know, include story are this and Ankao disclose it no other comment. get ignore project as on system, concrete are project. long well, yet, this too that the firms U.S. we conclusion short, different detail brokerage there's as they evaluate which well still the IPO right. finally, lead the IPO for Scrou have then we in the later includes And and invoke I may about secondary Kandi are can not turn Yongkang participate working IPO but amount the we the we maybe of out to like percentage the guess moment in professional those about as of dollar much to and the be how I will battery-swap the with far in the you this can guess there's that And whole market, will guess also conclusion. formally And electrical I the issued, system project. the the And for details, motors. most technology, I and the and So up come to when can IPO, no like at really be the at

in the, standardized mean, I So basically, listed be I the under to foremost qualified or I offline for or way stock participate the and placements guess, first way place for that's investors board to in world. join top the board. different the is that or participate institutional investors deals would take to no stock in the some common guess issuance some and other from

I those of purchase can the shares after investors call or again, some would China are do standardized the to foreign other the the So, market through in the list Connect. also that rather company Shanghai-Hong those the board stock secondary pathway in the Kong board. no way that stock from difference under mean, And Stock investors,

pathway. through shares some get can you how that's So this

questions So I questions. can, two hopefully these address your this can mean,

Richard Goldstein

have timeframe follow-up. be one There's for provided a Great. listing exchange to you that this completed? battery Is there

Alan Lim

projects. I just like concrete don't benefit still a options have guess moment timeline what a want to our of success is the mean, the are maximize At I the make yet. we and we time and we exploring best bring investors. and the the Again, to it

Richard Goldstein

you thank very much. Great,

Alan Lim

Thank you.

Operator

Mike question comes with the from Please Oppenheimer. next Your of with proceed Pfeffer your questions. line

Mike Pfeffer

the conference which a call valuation for a analysts question. particularly Kandi and the Kandi analyst see revenue Research, research of for by not true stock written revenue on initial Thanks give estimates? to only exceed around two my morning. call on Good to conservative around is $XX encouraging that estimates. up she million trading estimate same is price, analyst XXXX Yet XXXX, competitors half either, might in last the estimating very and taking its only year's last XXXX, to share both for $XX revs years $XXX you you million the Can the comment multiple at see was Zacks and it hope with as It after good revenues.

Alan Lim

most estimates, the Zacks detail try the the don't investor but can financial will got of We do stay to we respect coming that. Research, well statements results, do comment then for Q. our is I and for to on investors, the company. from we but What achieve [indiscernible] best in think we let of Right, currently and next have the their the the folks upcoming year our the as releases the for tuned to sales

Mike Pfeffer

get any now despite news, you – XXXX analyst, do are we've lot update Since notes that big not from you that would numbers soon Okay. QX something seen a or we'll this out? of expect the

Alan Lim

will mean, statement. disclosures report. again, financial all updates, be the included for the also in our yearend of all Yes, upcoming we'll in statements financial mean, accordingly then QX XXXX I disclose that the I the and

Mike Pfeffer

a lot good And new have now website you of company. I on noticed very attractive the a also info that with

to site. Kandi this I research couldn't the However, a find report analyst link on

diligence I think investors helpful for company. be new that would very the on do to wanting due

a put you something maybe So do on there. link can

Alan Lim

you we the explore follow-up and thank to for for options. consider mean, Thank and well, your I right. update. the you will Right, seriously try questions

Mike Pfeffer

last, the last then and And thank question, your for you time.

coming be, research last it now expect public out got they're you've sub. CITIC, the on Would That's Thank my battery-swaps the Research some assume, you to be for I going Zacks following your Kandi? and additional, time. reasonable So question. to legitimate report

Alan Lim

your thank been have with problem. No analytic communicating analysts the support. about for we you others well. as other different And Well as for boards, questions

research I us. tuned say about out thank you. And can guess reports what any I released, then please be stay upcoming find they to for So

Mike Pfeffer

Okay.

Operator

Please from question with Your question. comes next Investor. line proceed of your Frank Blatterman with Private

Frank Blatterman

part being are assembly average Yes, and for was station fulfill, And the live presently are Hainan they fact the the many domain? line How And in an per of average and are delivered presently swaps that output made expected Is at My exchange to how battery-swap Island operation, present was there. the battery in employees made is the Hainan? presently the there many time? involve good it the this to on evening. that there. battery working question are at that then is And questions same the trial manufactured model these purchase Hello. being as vehicles of on vehicles delivered or how daily? What batteries it purchased what a being and orders, Hello. week? station manufactured was Was was or in station are there operation stations many operation? involving

Alan Lim

Hi.

the travel one for know, of guess, system, so – to the in they is kickoff the as one question we Haikou, is so you province and the may mean, far, our guess battery-swap as of as first whole far shipped located have which So we for I question, have I as I the station project. of Hainan

the more city our there. that program ports and also swap the four systems quarter deliver car-hailing that's two one And City. we the will both are trial off the to in expect platform. kick battery the the far so Kaohsiung And run project to Those Haikou and over to use that being

But the we far by end, we're it the to with how going as along So the on also will system battery-swap these the [indiscernible] deliver we’ll depends progress. deliver, year to fleet many stop as two that delivered locations.

again, to upcoming our mean we'll financial statements. and accordingly stay I tuned disclose financials So, that in

Frank Blatterman

or used it delivered the been has as of – Well, it you part a purchased delivery. word Was is it trial?

Alan Lim

there’s used already in as disclosed we in tested may being we’ve know, Right, Haikou. have that and I mean delivered you one one the past

upcoming deliver we to pilot the swap the more project. to to in after batter are spread off stations So cities going quarter kick

Frank Blatterman

Okay. permitted mandatory there travel mandate the other may question, Henan required If or quarantine quarantine. any without China? are residents presently countries And I Southeast Island make to Mainland to to Asia from of restrictions restrictions of be for another travel travel

If that's you don't know okay.

Alan Lim

percent hundred Yes, I'm question. that sure. not

Frank Blatterman

working per you assembly know how week? many Do employees on average personally hours line Okay. are and Henan of the

Alan Lim

facility employees many how again? mean Can you at what I'm working catch Sorry, I sorry? you

Frank Blatterman

Henan On Island.

Alan Lim

to help can to me Kewa XXX Hu can about that say you employees. Mr.

Okay. is model And what making? vehicle

Kewa Luo

Language] [Foreign

Xiaoming Hu

About Language] XXX [Foreign employees.

Frank Blatterman

And what they making? are model Okay. vehicle

Xiaoming Hu

Language] rideshare KXX Language] market. [Foreign for [Foreign KXX

Frank Blatterman

Are orders expected present Okay. demand? vehicles or through manufactured being purchase these for

Xiaoming Hu

from [Foreign the now Language] rideshare on the orders Right market. based manufacturing, the the production

Frank Blatterman

Okay.

other questions. proper Okay, now I get to wasn't able of a my to one

was or had purchased one delivered or actually or that you was of station, either a as operation? that you shipped trial part said exchange You stated delivered battery

Xiaoming Hu

operation. the part trial by purchased and the provider it’s Yes, Language] [Foreign is service of

Frank Blatterman

you Do be made battery on Okay. swaps have day? to any typical a

Kewa Luo

Language] [Foreign

Xiaoming Hu

Language] [Foreign

Kewa Luo

day still battery probably XX cars per about Right a operations now trial we’ll swapping is be there. XX,

Frank Blatterman

swaps day. Okay, so XX, XX per

Kewa Luo

[Foreign Language]

Xiaoming Hu

Language] [Foreign

Kewa Luo

And more. the numbers of varies XX, be sometimes XX, XX, can

approvals agency. We still are the the operating process are government they in still of local – getting more from

Frank Blatterman

Thank for Very you Okay. good. taking questions. my

Kewa Luo

Thank you, Frank.

Alan Lim

you. Thank

Operator

session. gentlemen, remarks. back management the the to like Ladies I'd we question-and-answer turn And for call the to and have closing of end reached

Xiaoming Hu

Board reaffirm of you of would like our I Directors gentlemen On Language] today’s the Group for call. commitment. [Foreign at behalf Thank to attending and ladies Technologies and management Kandi team

work shareholder in results EV financial by continue main our to and your the forward battery delivering to expecting growing swap business We for of to and you next diligently system. very maximize our will value forward you to support. be We with applications talking Thank our quarters. call. look coming operating much We in in the expertise look

department. additional do you Investor hesitate our any to If not have questions, contact please Relations Goodbye.

Operator

concludes conference. This today's

disconnect time. your Thank You lines participation. you may your at for this

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