Kandi Technologies (KNDI) 16 Aug 242024 Q2 Earnings call transcript

Company Profile

Participants

Kewa Luo	executive
Xiaoming Hu	executive
Xueqin Dong	executive
Ming Jehn	executive
Arthur Porcari	analyst

Call transcript

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Operator

Greetings. Welcome to Kandi Technologies Second Quarter 2024 Financial Results Call. [Operator Instructions] Please note, this conference is being recorded. At this time, I'll now turn the conference over to Kewa Luo. Kewa, you may begin.

Kewa Luo

Thank you. everyone. Hello, for the conference second all Kandi's to us for results quarter joining you call today's discuss Thank XXXX. Earlier release today, covering press the results. we issued a

You Securities made under newswire safe harbor from today's press the will Act the can U.S. of of note Private discussion statements Please Reform that the forward-looking contain provisions find the Litigation services. release XXXX.

involve risks uncertainties. and inherent Forward-looking statements

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

are dollars. Additionally, in unless stated, conference U.S. figures otherwise all mentioned during call the

I the Before today's would me on introduce like joining to call. team we continue,

Mr. Dong Xueqin Owen CEO Chief first of We prepared Group. Johnny call, Board. Chairman Alan Dong, will Northern Rice, Officer. Mr. Chief Hu, remarks time And his have will the Lim, and then Officer; [indiscernible] which Ms. for Kandi the I America Chinese, Mr. our translate. Financial of Dr. in deliver CEO Xiaoming on of Executive Tai

and answer. session have and will that, Xue, Following to we with Chairman CEO Johnny a Q&A Olin

let our brief Now us screenings with of executives. start from each

Xiaoming Hu

[Foreign [indiscernible]. you Thank This Language] is Hello. for joining today. us

Xueqin Dong

Language] [Foreign

share with you progress pleased shortly our I'm everyone. to Hello, Xueqin Dong. I'm Mr. today.

Ming Jehn

Lim. joining and Thank Good for This Alan you morning, everyone, hello, is everyone. us.

Unknown Executive

everyone. It's to Hi, with Good here Johnny. be you.

Unknown Attendee

and time. discussion for first today is This the Olin, the everyone. I'm excited morning, join to Good very

Kewa Luo

Xueqin over Dong please call turn performance. go Dr. ahead. that, to CEO, Dr. everyone. let QX With Thanks, now our Dong, the me share our to

Xueqin Dong

today's to conference Language] Welcome [Foreign call.

$XX.X associated with its trajectory driver XXXX. that same by up vehicles primary quarter and to million. [Foreign all-electric million period the was our Kandi sales the to of of X.X% parts We achieved Technologies report increasing second pleased total $XX are XX.X% in $XX.X from strong overall revenue growth million continued of XXXX. The in revenue We growth Language]

market U.S. with energy new into lines, We product made market. injecting launch of expansion the our progress significant new in the

officially from showcases through partnership will starting an of Additionally, exclusive NFL August. the U.S. be Lowe's, show team innovation carts end in eco-friendly launched licensed and offers the their This with pride. [Foreign golf to our way team fans Language] our the

an financial $X.XX value. [Foreign Language] restricted cash, investments back and Our share and buying in $XXX.X per equivalents to of of we as our at future program, executed with certificates reflecting XXXX, deposits our strong price position remains our company's share, June enhancing of repurchase cash average cash million XX, confidence commitment shareholder totaling actively shares XXX,XXX short-term and the

Union our On the the strides, global Asia, opened In have European or front, electric international also certification entry paving market. EEC into XX-K for the further significant including for we expanding securing parallel, new up we in markets made products for market share. way UTV Kandy our

questions. Alan go together ahead Xiaoming I for of questions. Ms. ask Group, will I Language] Now Q&A and answer portfolio growth expansion. [Foreign Chairman, Northern and Looking remain Tay, translation America; Olin and -- CEO particularly product our driving Kewa on ahead, future expanding Rice, Please U.S. questions. will session presence, Johnny with focused English to the CEO in we move continued and will the innovation Kandi product and of European the through Mr. your will we Hu; market and on Lim your markets market provide

Operator

Private Instructions] Investor. be [Operator the Joel first from of will Kramer question And with our line

Unknown Analyst

own branded vehicle cans competitive a a Also electric electric we release, from its Go variety products, of ahead, of or in POR, AA regarding Kewa. [Foreign products. the well offload is products we forward, moving CEO new lithium starter the rechargeable batteries as learned QX stated, will water new press more and This launch sports batteries. now selling Language] as

the Lupin, now ask. along called outside I side-by-side from that few version second a electric have called XX-K offered Cowboy a of the And vehicle see questions with article, the the to XX-K, innovator an we new $XX,XXX

First, are and Go could what batteries how you be. sort explain big please of market could Language] the ahead. [Foreign

Ming Jehn

startup The to to particular the battery vehicle. Okay. used refers start battery a

XXXX are expected We reached by to XXXX global the reach rather still a with R&D, RMB market to source startup billion available, growth XXX early compound research. of stage are the the roughly the X.X%. XXX of we market rate automotive According information battery in conducting and in is and a annual billion RMB the

Unknown Analyst

electric What Kandi would other with X charger. [Foreign from product compatible any And must branded along be or X release. the AA Language] these offering press a in specific The the And batteries. be competitive soon vehicle use we'll batteries size charger. the questions. off-road can lithium next be there charger, the water sports handy

Xueqin Dong

are the our product we of sports that electric the in electric first vehicles under in expand The to products for the those competitive models. upcoming basically, then we press generation the refers will details so mentioned jetski. and release question, the launched U.S. UTV, and the of answer single to batteries feasibility the UTV So of description We second the all, ATV, future first And golf let mentioned, the refer as cart high-rate and new sports water the me there so-called Whereas and more to passenger into test be cart market. The to the innovative related the in AA models the development. still products category, you like the golf question. future. water

future. consider the in [indiscernible], in actually launching the We have AAA batteries we and some

well market. battery the how batteries, As on launch to performance it for the in depends AAA the when

not of to is with charges they the branded limited other battery comparable AA and are Our chargers on Kandi vehicle.

Unknown Analyst

E-XXk It is at in ago, question XXX lastly, market $XX,XXX, to E-XXk And cleared innovator is, high be difference had [indiscernible] the Kandi does several the to the seen on And end and was bringing the similar Kandi's Kandi spider, address? years about any products Polaris motorcycle could gears of trike -- a this released a expect Texas X the the obese, next biker thoughts scale trike it an you would any the And seller new vehicles what in for And that the version cowboy.. between wheels older expected what very in when the them big electric back. sale front, to as for X be out. be X Lucky year.

Kewa Luo

[Foreign Language]

repeat you Lucky question can TX. sorry, I'm second your about

Unknown Analyst

is trike, you the that was that years your ago line, Yes. to had The Gas spider... similar it in -- Polaris

Kewa Luo

No, no.

high second you TX. vehicle the end Lucky The said question at

Unknown Analyst

what high-end does $XX,XXX, products Yes. at market Kandy LuckyX the address?

Kewa Luo

[Foreign Language]

Xiaoming Hu

the to perspective, that's cowboy, different a of the cost the whereas on better product [indiscernible] much the and outlook outlook, different the more pretty specification appearance, and they community between vehicle peer. It's much innovator, has customer pretty counters from target are the outsourced The style they and and are question the for as it. in off-road you the as So same fashionable just groups, or models, for innovator length style is with more order a know, may a Cowboy users. has tailored X

the goal in is will that to sold And Costco innovator near in various in Language] future. [Foreign as sold lows set. Our market for be expand the mainly addition, in cowboy is the

the outdoor those The really So is market. may you. [Foreign sports is know, market this and for outdoor product, Thank you the spend the trike. as Language] in sports

you. our and Thank up-to-date the the those keep produce and that customers' the outdoor past, As off-highway the line, are segment model mentioned target you leisure old in we models vehicles. match we innovating in vehicles market. on Right for the now, the in more focus

Operator

is next Our of Cano, question from Mark private the investor. line

Unknown Analyst

discount let alone and the to see Swiss-based a comprehend trading timely Let value just multiyear expect discount broker calls. in and at at myself in here. price. years these provision go book could strong for in could wealth to a NASDAQ and introduce several me stock for low cash, at shares such short XX participation conference I'm XX% position million I years have Kandi independent ahead. you Kandi to in and a time XX a a Kewa, with and never been the manager XX%

Kewa Luo

Language] [Foreign

Xueqin Dong

per due was -- costing later price between the book book call $X more about day first a in value. simple spin share which to share off but cap. Kandi call, On value. the a consolidation value share, of have XX%. at maintain on share an was doesn't $XX difference to just make $X.XX of that price, to higher book trading. rights for at do is and the $XX Kandi $X still the $X.XX the company per is This this but the the increase the financials bids its the tender subsidiary, separate IPO market offer million call requirements of spin other What share no possible targeting down could price at XX% for discussion last Each of most America well due a just up cash. million bidding under the a $X.XX the off and the minimum can year. $X was increase of NASDAQ the the to book least traders, $X.XX announcement under immediate price Kandi's NASDAQ remaining under per NASDAQ came to to by share to value, Kandi for discussion full the this Kandi have listing would requirements would of to against tender go suggested purchase to a least book meet last under company, assure U.S. value bought than be subsidiary, on $X-plus And and conference itself as There will

XX be holder the call response will question purchase, Thank for to this non-selling you gained great million million the to transition, The we win. it the and for if So appreciate plus would alone your in value conference X that. last XXX from share on book role. a CEO each

set We can remember, and consideration and time, at trading take this react be properly. react in the that evaluate was at and will $X. which it But

-- come even this so do even more is my will even there Thank And you is important. this now. So questions -- more this now

[Foreign your . Go ahead with Language] questions.

Unknown Analyst

price stock traded Kandi in share, Wednesday, years. past the $XXX the a On opened lowest has at XX it

stock investment know to average of of past book position or buying value? [Foreign discount cash use XX% the Language] Kandi better XX% management than years any a at held X Kandi cash As other than spending over

Xueqin Dong

marketing Hopefully, and and budget our our to the our that stock can advertising you. promote and we investors. American brand. Thank increasing undervalued, understand attract I in is more are significantly We seriously

Unknown Analyst

to And so, this -- management it up any still Kandi to want off assist very Does if how price the to Okay. have price better spin America? spinoff quickly stock and and idea figures bit marketing. get this because Kandi does in was already execution marketing the of there of lot that. a There in besides a just little past, missing the the you PRs mentioned to was

price. [Foreign stock the So this there Language] impact no was and big with marketing

Ming Jehn

considering are potential we Kandi discuss to we are about SEC matter. this the But listing for allowed So due for regulations, much the not Thank dual to America. understanding. too you

Unknown Analyst

this for information. you Thank Okay.

So period capacity agreement with Hartford. that that right a excess announcement plenty and means you're view manufacturing little not Kandi and That's of need that. my now. the us for very you have a manufacturing about considering, the tell normally would quite good. you more has capacity Can to of significant Monday bit Taiwan-based Clearly, in in-house add

Which there discount is So for all Taiwan, either is the content XXXX and production make both product Kandis meets all its and done going this in in to capacity goal thresholds revenue. announcement of reach being is to manufacturing the standards as reason? [Foreign deliver necessary to and Language] paragraph regulatory enough other all $XXX of first requirements it? Monday deal any Or U.S. access million need inferred local

Xiaoming Hu

to The competitiveness. So existing and you. purpose further enhance chain. supply enhance expanding our a for to to to our and products move strengthen value market Taiwan main add is strategic us our is Thank

Unknown Analyst

as a for my report important any is and or Maybe is deal, U.S. you Lowe's Language] I quite the now deal, company. the discussions the And team management very be going about many good Okay. of guidance. [Foreign give specifically there years you as that's which last that size has a figures today, understand. -- mentioned in is end to been the question of whatsoever many the this the to TVs this insight new So how this market how deal? future could for

Xueqin Dong

CEO to you'd about of really and to a good. We question. your going like be specific if have to you can more John, answer But America, know, that what be Kandi would are

Unknown Analyst

be must production-wise prepared have be course. of signing prepared distribution-wise. has can well to to how such has many kind you're mean or could or a because Yes, Lowe's as be the as Lowe and they idea deal, brought market of to this being I be, if sold some so Kandi UTVs

So I could would think to willing sold some these license is been utilities the or accept. about discussions be special UTVs must have that market there NFL many how of

Ming Jehn

Very to regular like first, a invite meeting we looks quite Yes, understand Lowe's think that as I do economic in will Okay. market colleague all to to now weigh as right And then challenging answer good with with such I'm like. the my well. discuss discussion what in have I And market the question. and going we the all inflation. is climate, in

think going So in you like would of we market also, how we with -- think we that weigh that's many determine to And bring discussions I review how would a I lot many and so in? we still carefully Olin, stores, -- the then Lowe's. have like inventory on to

Unknown Executive

Yes, I was unmuted.

You guys me? hear

Ming Jehn

Yes.

Unknown Executive

Okay. Yes.

the team weekly we a to we a NFL, the got It's X-year -- got several are bit extended the in just week, everyone long a specifically with Lowe's a of relates about an it conversations [indiscernible]. point, excited NFL Johnny's position contracted the plan, obviously as So plan. to lot we've that's where ivi. times as so in a

a there. better Kandi And that Johnny, be expectations yet. time happy a path stop put have about you high would X are certainly feel a we a I'll I so now. that. know I impact all are just that to would figure on if a it do don't going right do high have very [indiscernible] to number down very But market And hard there hard we we very part putting number among as thought expectation the company. specific

Ming Jehn

Ola, we It's we UTV. licensed you, a breaking NFL, from carts. But make bit the sell up. thank you a the I have not think to are think want I is little Well, golf to it I the -- collection

older Lowes.com. So to actually available right now, it's

your Owen So question. I think, what Thank I with for mentioned. agree yes, you

Unknown Executive

for it me. that's Then Okay.

yes. Just

Okay.

there's for For price. things company together. that's my X just And match stock remarks and last a in good X China is these side, don't especially management, -- there's good a often

lagging for management to terrific deals when think they years, bring where company, the I the job stock has behind float So done must say to today. strike I bit it it company But and the good last and what reason are is company to when that ever. comes comes there, little the over to what the a price, -- it a

bit attention and shareholders little bit provide, concentrate do, and price more So what I bit there's would stock the current about to say X could the question. higher can stock a on could stock Kandi a the to can the ready significantly next price we're Language] Operator, then take little Kandi the in now position. [Foreign make for a go also that view little the Kandi from public

Operator

investor. Steve is The of Miller next question the with private a from line

Unknown Analyst

the shipping your said selling primary reason and You for your from in increased distribution the expanding your increase biggest the that customer expense today base that expense. press to United freight States release the China service your is and was market in

recently for manufacturing as Kandi United don't and Industries your partnership traded States, the with Language] America manufacturing why facilities Taiwan market, an you company. [Foreign publicly can for I primary reasons be guess contemplate have independent as announced in the your you Although off spinning to especially to Hartford

Xueqin Dong

we future. our considering of in an [indiscernible] It's production So definitely example plan. the actually in are

too disclose in much of earnings the may the the call. we about So and X not with Taiwans strategy, collaboration that

Unknown Analyst

carts on is to chatboards by carts manufacturers. right. private other by that nothing golf on social lithium various labeling lot campaign quite of other its especially of and array a I'm media, ATVs, electric made claiming even And Kandi there a off-road understatement Kandi. All more a of against batteries be active seems vehicles than Kandi go detractors regarding reseller and Internet UTVs, of

to candy and followers for to does high-profile capabilities. As its longtime a this are want narrative corporate have false Kandi that but Language] go easy in website you since detractors do ahead aware, in-house English that? [Foreign is not a Kewa, translate showcases say

obviously especially extremely highly it's we integrated is undervalued manufacturer. stock So even a though all know Kandi major that

throughout a the calls such cost actually percentage lack cart was Kandi as conference manufactured better golf back, was of a what vehicle as to in of asked believe XX%. few a around the of time Could Kandi you cities at multiple a typical So Language] term, somewhere whatever Taiwan. China was and a question that a facilities by and for I own state-of-the-art in reply its short ahead now you go said that? [Foreign translate management

if facility facilities, various questions. -- located, about products being capacity of comment quick tell you of related capacity of in and the Now each accurate at I've briefly and they are facility each kind owned made annual Kandi's XX% also, you used can response us about and are specifically in X the got percent that each facility? [Foreign for current what record the where so, each available Was Language] can maximum

Xueqin Dong

[Foreign Language]

all, of golf the of other First the So mainly produces the Kandi's [indiscernible] models. carts base and [indiscernible]

Our mainly other the series of produced beach and UTV, carts models. the ATVs, [indiscernible]

and base electronic and the and of Overall, whereas mainly the products. [Foreign control products. an production the mainly XXX,XXX our Yongtan Our Gansbase motor products of has and related annual capacity types produces Kandi [indiscernible] batteries vehicles pack more battery various than Language] produces [indiscernible]

correct our you. Thank of products it's exceed by manufacturing Kandi does the And own XX%. the rate way, that

Unknown Analyst

total replicate it curiosity, X of if dollars cost the be total possible. your what to equipment? to of that to and invest into was any all and your know need estimate you I have Out would would replacement facilities someone is U.S. a equipment, If don't facilities in of of go do

Kewa Luo

X mean of you are U.S. replicate of to we facilities the going just the any facilities all or Do in

Unknown Analyst

a if them to cost kind to would would do facilities is equipment get of to regard came in your Kandi take facilities. what doing? be they're it to all just what party current to third wanted where of replicate located. All currently of your What some without and trying sense of and I'm it

Ming Jehn

[Foreign Language]

quite Whereas pragmatic whole the to you. from at hard work to financial the tell assembly from seems are quarter. not have part the although of or budget, replicate the it's we the U.S. in facility analogy and total the U.S., future. look it some to So it's in line overall considering to this Thank detailed now, other sensible standpoint, China have we to

Operator

from it number a I'm XX% products Okay. made your terms in Alan, of from actually understand that a answer like I percent broke just sure typical not if Kandi back percentage? is previous accurate golf cart is up And by didn't or of what outside acquired XX% still an versus

Ming Jehn

is It is. Yes, it

Unknown Analyst

PowerPoint And and my site? images this to last at questions, autos that then your and outdated on of website, all Okay. your your capacity. the question and you And seems manufacturing facilities videos heavy websites, and related to create quite is What be a is, China-based are about presentation state-of-the-art still on that updating on in frankly, least can EV trucks. previous

much you're parties? And about have from manufacturing terms then So third people exists. obtaining in on versus actually who and how questions label your candy of much putting you're how

of quite some you. [Foreign would actually I claims Language] and out media. all that think helpful the And be Thank I counteract that's got. social in

Ming Jehn

your constructive. and for suggestions very you Thank the feedback

will to on it course, items. investors. to in have already been make And actually them most of our we Thank We those accessible working adjusted more further you. improve of

Operator

with Tech Our Clean Fred line from of the Brasher next Investments. question is

Unknown Analyst

Lowe's, XXX the unfortunately, XXX, Canada, which company. [Foreign in on North a Language] in but national we added X,XXX know hardware Walmart, outlets outlets, X,XXX the with outlets PV from America, little maybe Costco stores Mark/Ace X,XXX With along year with, at lowes big-box with Canada independent Campers, announcements past world, outlets all include the existing outlets

a talked Along several Since And new opening impressive, location. the been call, to even in Southeast Dominic the Aruba, outlets EU international it which include very Curico, appears we about, and with Thailand conference now Republic have market. sources Asia, last Dubai. from

my questions. [Foreign Go and ahead, then Kewa Language]

number locations are be to the been actually, and Okay. a number. [Foreign soon opened have and close or outside of many Language] is My other international question opened. how Canada, words, In a U.S.

Ming Jehn

and European market, also from are exploring Asia U.S. the our apart market. So Southeast and Canada we

countries for the We are more Thank sales. in working a trial currently than you. dozen

Unknown Analyst

in growth? for travels large chain question any your have targeted words, second been and My Walmart Lowe's. multi-store In other like stores international changed

Kewa Luo

of outside any... You mean internationally, U.S.,

Unknown Analyst

stores. big big chains, Multi-store big chains, companies,

Kewa Luo

Outside of U.S.

Unknown Analyst

Yes. for international growth.

Kewa Luo

[Foreign Language]

Ming Jehn

with chain. U.S., in those scalable large the or do So we retail what

instead. However, like tend other actually in countries, we countries, to European with the work distributors the

And plan for that's our now. so

Unknown Analyst

Jonny, the those How have many we expect involved NFL carts Language] to I question for if stores with? [Foreign quick Okay. a be could. does

Unknown Executive

question. to Okay. Fred, meet Nice your you. for Thank you

So for to with on is plan have only stores. We expand Lowes.com. NFL now, their do discussion Lowe's some our to available right

However, holiday season their to availability at we they coming space, have and I is think know up. look the

So quite there is real estate right now. busy

it's on -- right but lowes.com. -- available now, it's So

Operator

question with Next of from the Porcari Arthur line is Corporate Strategies.

Arthur Porcari

kind happy credit up Olwin investors. our wasn't And maybe Dallas It somebody drive here, Anyway, I'm X very back I I original a think someone invited assets really Olin whenever been it. gets test that's what's you be to to see a chance I'm back And then. appeared and that was had of me the partner to had soon. ever you XXXX as to shareholder very happy happened the time with Marshall, Kandi in and to disappointed get to see for had here, can let involved on can't capable of to [indiscernible] I I the guys beginning. my to expecting taking joined the Well, never honor since I the come go, was a very blame since but chance Johnny KXX also that are first drive to give to short that visit forward I really piece. being be again 'XX, for to me board impressed who Johnny. X or lot He's time. it. look What maybe there but of and you,

Lowe's an Kandi. us have and of Lowe's trust have Kandi unending on seemingly support incredible Anyway, based with relationship Okay.

only Golf their first launch Aside after in a ago U.S. from arena. entered the fact few the years Cart cost Kandi picked Lowe's newest item to system, months highest their X up Kandi

picked branded in totally line through only was Kandi, golf Lowe's portal. had exclusively than golf point had up now carts, as their dump and -- supplier industry's carts Kandi Kandi's Colman variations cart to cart went of web picture, year, less youngest In own the we on than show better X it directly only brand is more the then. of branded sole initially, we a back their marketing and However, out XX

Just checked that amazing. the Go on. [Foreign pass other ahead Language] just and day, that

instead $XXX a of cart ahead new the would seasoned kid to on become The a pays [indiscernible] a and with for months take reputation a questions. later, $XXX narrative, Then what of and have have a exclusive I golf largest pass the plus they questions. [Foreign in and up then the the have then that makers by team had is few the Lowe's to the that million nationwide renew few as picked I bringing reputation sponsor million would any to Lowe's their time, most relationship who some Language] single was inventory. to sales Home their the Lowe golf just National sole NFL that it, risk account. expand X big-ticket rights love Football Lowe's think its to They item X-year and and and Coincidentally, double more first Kandi this put this for official took League their to carts sponsorship on,

probably does. that Lowe's NFL the part, why and of you Kandi extends full I that the years agreement, appropriate opinion, to Olin as for have. opinion, does you my did remaining think question said Kandi in to. [Foreign Language] your here. already again, And the But that Okay. the Nolan -- for and Lowe's appropriate well, questions why rest Big Lowe's already on Kandi X pick of person In it ask that board you did management's agreed

Ming Jehn

Yes.

question. the selection very for any retailers Obviously, thanks and product for like loans a has major mass selection. the vetting So process of rigorous vendor

think that high-level window of that the And space, space. that so in quality we've and in the of short lot course of to, partners side with that the a time recreational I outdoor that the the referred key team. proposition our developed is become X value particularly due And over you we and of electric that that to trust of

Arthur Porcari

or Okay. revelpool. [Foreign they would to [ happy golf question course, of fleet in recently open actual golf after their NFL Is to I Lowe's, had that cars ] even Lowes be carts each car rental including the a put business planning cases asked and buyer on Language] if visiting who passenger them carts. buy and from a Galveston

Ming Jehn

Yes.

So I answer well. as can this

Lowe's We X a hundred couple A carts doors. in limited to supplier with are currently a count. of passenger store

what want an as on comment on because retailers that I sense evolving future commitments also available robust business products along their wouldn't at as with of for a product a have to major process floor, far online. kind We well of their they and for that these real online look performed And something particularly floor. the that make other that's with product always very -- number categories them the estate as they that's have lowes to offering, on

Arthur Porcari

go I My Galveston would NFL. hate was can do I car my some rental imagine That and with down the to too, wasn't here seawall. the have is to quite a is seem -- border of question. to course, back. read and Again, know. some yet not ahead bags far of the than the sort -- question football to carts a had you seats. it'd as they concerned, well to and where over here, you have carts Texan's mean more think And that compatible to up significantly people be in quite beautiful right golf golf put golf the have this and really But forward-facing you so most relationship over the sport other as sports, now is model have all XP it's model actual as interesting go company say cowboys golf it golf love but you the

was question, actually. the of So basis that that

Ming Jehn

Yes.

products agreement to around understand I the NFL any I cart relationship. are going is If that question, are obviously XP BLO right that are Okay. of your now, the mean, marketed and be because

So question situation but totally, I'm that's answers today. that our sure if not your

Arthur Porcari

have and maybe doesn't discussion know that something of you and embroider maybe interest putting it might couple seem an But the basically, hand headrest or presenting you thousand to yet, like, putting an seems or to have go want wrap doing those for just a logo like equivalent. response getting maybe hand in rekey. whether a it's been it. on unless just that existing you're a too product It into the worthwhile is that dollars that discussing but already respond to difficult a and if in something have would the more be It not, to didn't in I've for we require would

Ming Jehn

this. Listen, interested the I'll expanding dictates. We are in obviously as successful program say

this that I at So we're could on the everything so think program. the early into point, table. be But

we're the to and is if then play tremendously successful. with conversations be that this think there XP sure I will going I'm

Arthur Porcari

Sure.

vehicles we'll As I as revenues I from let's originally for is wanted -- possibly number it had aggressive here. different that pass carts in have we now, your those as million, sure products, the But what's that's just Lowe's. I'm much certainly of of have pretty through over XX the I I'm variations on Lowe's goal deal, this are he you very to aware looking about on add call as well. notes point I of phenomenal website real $XXX exciting. mentioned, which million bring least anyway, management on your because do, a all would these to highly One responded and provided but it some that all way different but a the overall much speaks makes in interesting targeted suspect that not, golf still XXXX, attention, at But actually various on. been $XXX probably million general, But or still don't year. -- X high-end does last lower don't that have X.X-plus exclusive conference and asked several got hundreds gotten [indiscernible] at and rating, $XXX you're or of of just thought I the achieving Lowe's this, carts. if guess other maybe they on is go a long XXXX. talking you're is of you -- have feather for $XXX call, a ahead the I'm because know well. rating you aware in the they but pretty Lowe's economy the in million you're number you more general. customers X-year Anyway, a see discovered, I about conference that's an do it but confirming cap. Kandi stock in which this question to a as buying Anyway, the there in system, the star

Kewa Luo

your question? what's But

Arthur Porcari

Okay.

really wasn't guess X was of that of I had Olin we Okay. Well, question. and items or I part. said. here that comment X that were see, that things have more kind prior a well, the mean I more just we of a here What basically, first kind asked

the on future. had entity One was the call of wise did the that. questions I be bring in you CEO separate special it and Kandi going to off since a is But Olin America wouldn't spin perhaps Kandi all as the to

So there you go.

Kewa Luo

you so translate have far. [Foreign me Language] Let what said

Continue your have question, any. Okay. if with you

Arthur Porcari

Yes.

Okay.

a that sold guess the $XXX on brand-new of your that's replicated? we fact off-road be here. know XXX,XXX right and a light total I answer built was X done where of follow-up never was, Well, that else if to somebody for is it was believe, million the or built to a question that they all with Hanam more scratch to it This a ago, asked over a for and had answer capacity. ones Kandi's for that sure remember the I the understandable. itself. of Had making facility they're do that, [indiscernible] Just facility, -- And facilities couple here got the in valuation products. and I candy about which Subsequent and old they facility the I from has by years over

that. would I So the which to had number to all wrong? me replicated value certainly facilities, it in than maybe be would Am of million, of seem $XXX a that those be today, bigger excess

Kewa Luo

million mean $XXX I what?

Arthur Porcari

vehicles that ago cost, -- cowboy. know of they're built guess, cities or the in and million X X, around making million X X don't I another Originally, Okay. years $XXX Hanan we or have what so. which facility the original but the by [indiscernible], I various in are what is, making new was facilities the believe maybe facility for that where $XXX X Kandi, I

would question It or was what? type to seem million right higher. of we I what comment that that, my have. that manufacturing be on the cost -- was would asked or And would about So least the that Am number rebuild capacity be to $XXX me at

Kewa Luo

Language] [Foreign ask me Let

Xiaoming Hu

moment But to other because scale like step. of [Foreign that supply chain, tell and for would at to involves many very the us that we then products think hard by the the too factors. step Language] It's like

our plan consideration. that's So and

Arthur Porcari

commit my you again. the So not is, not at taking that Well, willing fact whole you're question the I to rebuild even were thing is guess the $XXX least all had original other facilities basically if worth what it the to cost of consideration. million to that

Kewa Luo

Language] [Foreign

Xueqin Dong

U.S., if lot be it whole like [Foreign Language] we then something even So same exactly China supply economically, [indiscernible] answer $XXX scale, that's other U.S. again, different chain to just it sense a that procedures will then, manufacturing, it million. the involves Yes. do of it in just just question, conclusion effect factors, the to But But work you your because the something factors from than when higher way. doesn't that. yes, whole for make doesn't and wholesale, our wholesale replicate the

Arthur Porcari

facilities China building the value? vehicles the That by cost the What all we the replicate we was that that being to would China, these out the never are to company we accused my -- have question question. what that in people companies farming making had just it existing replicate My of would them the are facilities that China, in in the is if Internet just in China. in

Forget about importing.

Kewa Luo

Language] [Foreign

Xueqin Dong

Language] [Foreign

Ming Jehn

the in So $XXX more question, not again, the yes, we way your the because, answer something. in you to cycle. -- you we do million, But again, will story cost than whether than your even yes, if just that in asked more works it's production we may reality, But to short not in address order Long how in it do exactly that. question it yes, it right? be will

Arthur Porcari

good. Very Okay.

the I under than over in $X market where anything debt XX guess have company Okay. have stock seen quite that never world these it of with you stock trading golf years, in sponsor little any got And in share Walmart, be has very the NFL/lowes, plus like world, got probably trying more under the a book landed just comment a and have you've Cherry more got under anything virtually like you whatever all the to been I as now, Well, I cart else. you project cash a value. gotten where you would last stock business the this comment down -- have Lowe's right is this have sitting the or get a one, a you here. you trading is others, well is book value, and $X it's here the which Kemper's

that the deal all do mistaken, if You I the got $X.XX price be not something believe too about the ago, about company the did shareholder with stock now. you can't he up. year to of happy in And -- is I I X second getting is share, know think with either. a a even I'm second them largest

other the $XX in portion that America definitive. I with just revenues, year, you in a actually million more. went is to American that. take Lowe's probably up United know can they $XX to $XX revenues. brought do the very stock share. we you're if you Kandi doing to the on a think do or And got to share do this after something. do then So got in We going board, to And deal circumstances would stock -- were got do because just the based something This was States million want right normal can stock on thing only $XXX kind to to And any up you've do of

So from -- that's it. to have because have mean haven't gold final anybody third if appreciate But you're wants on lowes shown up because comment August I guess revenues I just the done a now comment here. yet now should great no quarter in my you starting program. I not, If it, cart NFL we

great wrong, third that going have think a if or we're thank So quarter anyone I'm that. maybe not. to I'll would address you. to wants I address Anyway,

Kewa Luo

Language] [Foreign all. Operator, that's

Operator

management I back the now turn to for remarks. closing any call

Kewa Luo

Thank call. joining for conference you today's again

concludes look further IR or ir@kandigroup.com. If forward We to you to you you much. updating you our earnings have consultant questions, for gary@blushiregroup.co, please on can call contact our next our today. This hesitate contact very don't any call. directly, Thank us

disconnect. all now may You

Operator

your you participation. Thank for

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