Kandi Technologies Releases CEO Letter to Shareholders
Rhea-AI Summary
Kandi Technologies (NASDAQ:KNDI) released a CEO letter outlining a 2026–2030 Strategic Development Framework and a focused dual-engine growth strategy across off-road electric vehicles and battery swapping equipment & intelligent robotics. Key 2025 results: gross margin rose to 42.6%, net cash from operations was $96.8M, and year-end cash totaled $211.9M. Material corporate moves include the acquisition of U.S. off-road brand Rawrr, a CATL equipment designation and first heavy-truck battery-swap order, and a joint venture for quadruped robots targeting U.S. commercial delivery by end-2026.
AI-generated analysis. Not financial advice.
Positive
- Gross margin expanded from 30.8% to 42.6%
- Net cash from operations of $96.8 million in 2025
- Year-end cash position of $211.9 million
- Acquisition of Rawrr to expand North American off-road portfolio
- CATL designated Kandi as equipment supplier; secured first heavy-truck order
- KH Robotics JV targeting U.S. commercial quadruped deliveries by end-2026
Negative
- 2025 revenue faced phased pressure and demand fluctuations
- Certain roadmap objectives missed expected timelines
- Geopolitical and trade volatility pressured overseas expansion
News Market Reaction – KNDI
On the day this news was published, KNDI gained 0.86%, reflecting a mild positive market reaction. This price movement added approximately $550K to the company's valuation, bringing the market cap to $64.49M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
KNDI fell 4.8% while key peers showed mixed but generally modest moves: MAMO -4.34%, MCFT -0.51%, MBUU -0.16%, WGO -0.09%, and MPX up 0.51%. With no peers in the momentum scanner, the reaction appeared more stock-specific than sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 22 | Earnings call schedule | Neutral | +0.9% | Announcement of full-year 2025 results date and conference call logistics. |
| Mar 24 | Brand, strategy update | Positive | -5.4% | Brand upgrade and reinforcement of intelligent, dual-engine growth strategy. |
| Mar 17 | Robotics JV partnership | Positive | +11.7% | Joint venture with HawkRobo to commercialize quadruped security robots. |
| Jan 29 | Battery swap cooperation | Positive | +1.0% | Three-year strategic cooperation with CATL subsidiary for heavy-truck swap stations. |
| Jan 13 | Trade show showcase | Positive | +11.4% | AIMExpo 2026 participation and North American dealer and channel expansion. |
Recent strategic and partnership announcements have often been followed by positive price reactions, with one notable divergence on a brand-focused news event.
Over the past few months, KNDI has reported several milestones, including CATL-linked battery swapping cooperation on Jan 29, 2026, North American channel expansion at AIMExpo on Jan 13, 2026, and a quadruped robotics joint venture with HawkRobo on Mar 17, 2026. Most of these strategic and partnership updates coincided with positive price moves. The current CEO letter reiterates and extends this dual-engine, platform-focused strategy into 2026–2030, offering continuity with prior announcements.
Market Pulse Summary
This announcement details Kandi’s 2026–2030 dual-engine strategy, backed by improved 42.6% gross margin, $96.8 million in operating cash flow, and $211.9 million in year-end cash. It ties the off-road EV franchise to newer battery swapping and quadruped robotics initiatives, including the Rawrr acquisition and KH Robotics venture. Investors may monitor execution milestones, commercialization progress in North America, and how these projects translate into revenue and margin trends over time.
Key Terms
battery swapping technical
quadruped robot technical
integrated solar-storage-charging equipment technical
joint venture financial
AI-generated analysis. Not financial advice.
Jinhua, China, April 29, 2026 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (NASDAQ GS: KNDI), a global innovator in intelligent equipment and a technology-driven platform company, today released a letter from Chief Executive Officer Mr. Feng Chen to all shareholders, outlining the Company’s dual-engine growth strategy and strategic development framework for 2026-2030.
Dear Shareholders,
On behalf of Kandi’s Board of Directors and management team, I would like to extend our sincere gratitude to all shareholders for your continued trust and support.
2025 marked a year of profound transformation for Kandi. A complex global macro environment, coupled with evolving geopolitical dynamics and trade policies, created far-reaching challenges for international supply chains and overseas expansion, requiring greater discipline in business operations and capital allocation. Against this backdrop, Kandi achieved two milestones: the successful completion of its management transition and the launch of a strategic evolution from a single-product manufacturer into a technology-driven platform company. This transformation goes well beyond structural optimization and business realignment, representing a systematic reshaping of the Company’s organizational capabilities, industrial positioning, and long-term strategic direction. It forms the foundation for developing new growth drivers and enhancing the Company’s capacity for creating sustainable, long-term value.
A transformation of this magnitude inevitably brings challenges. Certain phased objectives under our original roadmap did not progress on the expected timeline — I acknowledge this directly and transparently. However, the necessary recalibrations have sharpened our understanding of our core capabilities and strategic priorities. Amid the opportunities presented by technological innovation and industrial upgrading, we are placing even greater emphasis on focused execution, disciplined capital allocation, and the consistent delivery of major milestones.
Today, I am pleased to report that Kandi has completed a pivotal phase of its strategic transformation and is officially introducing its 2026–2030 Strategic Development Framework. Rather than a roadmap, this framework represents a commitment. Anchored by a focused dual-engine growth strategy, a more resilient and adaptive global supply chain system, and a clearly defined capitalization pathway, it charts a course toward long-term, sustainable value creation.
2025 Business Review
In 2025, amid a complex and volatile external market environment that led to fluctuations in end demand and phased pressure on revenue, we proactively shifted our operational focus away from a scale-driven approach toward a greater emphasis on high-quality profitability, steady cash flow, and balance sheet resilience — and made substantive progress across these key dimensions. Gross margin expanded from
In December 2025, Kandi entered into an agreement to acquire
In the new energy battery swapping equipment sector, Kandi formed a strategic cooperation with CATL, a globally recognized leader in new energy technology. Our subsidiary, China Battery Exchange (Zhejiang) Technology Co., Ltd., has been officially designated as an equipment supplier under CATL’s “Ten Thousand Stations Plan” and has already secured its first order for heavy-truck battery swapping station equipment, with project delivery anticipated in the near term. This milestone represents substantive validation of Kandi’s commercialization capabilities in the new energy infrastructure sector by a world-class industry leader.
In intelligent robotics, we continued to advance our quadruped robot roadmap toward real-world applications. Through disciplined resource integration and collaborative innovation, we are building a scalable and efficient pathway from technology research and development to commercial deployment, laying the groundwork for what we believe will become a significant long-term growth contributor.
In response to the evolving global trade landscape, Kandi established a robust global production network in 2025, anchored by a “China-U.S. dual-hub, Asian multi-node” strategy. Under this strategy:
- Mainland China remains the hub for core component R&D and intelligent manufacturing;
- Taiwan provides strategic production flexibility; and
- The United States handles high-value-added assembly and front-end channel operations.
This multi-node architecture is designed to provide meaningful structural insulation against geopolitical uncertainty and trade volatility, while also enabling us to respond more quickly and effectively to evolving demand in the North American market.
2026–2030 Strategic Development Framework
Kandi is actively evolving from a single-product manufacturer into a technology-driven holding platform company with intelligent equipment manufacturing as its core capability. Battery swapping equipment and intelligent robotics represent our two strategic growth segments, underpinned by a robust global supply chain system. Our long-term vision is to be a global leader in electric-powered mobility. Over the next five years, we aim to make a strategic leap from a product-centric manufacturing model toward a development paradigm in which technology, products, and industrial capabilities collectively create value. In practice, this means Kandi will continue to deliver highly compelling products while systematically expanding its industrial capabilities and solution offerings in line with the megatrends of electrification and intelligentization.
To advance this transition, we will execute against a focused dual-engine strategic framework:
Our first engine is the off-road electric vehicle business, spanning UTVs, golf carts, and other off-road products, centered on the North American market. This business represents Kandi's core franchise, with stable cash flows and a well-established go-to-market distribution network. Going forward, we plan to expand beyond off-road electric vehicles into a broader low-carbon mobility ecosystem across land, water, and even aerial applications. To deliver on this objective, we will continue to increase R&D investment, accelerate electric powertrain technology iteration, and reinforce our market leadership in core product categories.
Our next-generation high-performance electric UTV and next-generation intelligent golf cart product systems have both entered critical R&D stages. We are confident that through continuous advancement in product technology and user experience, the Kandi brand will establish an increasingly strong competitive position in the North American market. In addition, we will further advance the integration of Rawrr, prioritizing brand alignment, channel coordination, supply chain optimization, and product development, aiming to build it into a meaningful source of revenue.
Our second engine comprises emerging battery swapping equipment and intelligent robotics businesses. Our goal is to establish proven, scalable business models with independent capitalization potential within the current strategic planning cycle, creating a second long-term growth curve that meaningfully diversifies our long-term value creation profile.
Battery Swapping Equipment: Kandi's strategic objective in this segment is to become a full-category new energy equipment supplier, built around three product lines: heavy-truck battery swapping stations, light-truck and passenger vehicle battery swapping stations, and integrated solar-storage-charging equipment. We will prioritize the development of heavy-truck battery swapping station projects within enclosed environments such as ports and mining sites, where use cases are highly standardized and commercially scalable, and ramp up our mass-delivery capacity for heavy-truck battery-swap station order deliveries. At the same time, we will actively expand opportunities in solar-storage-charging systems, targeting both grid-side energy storage and commercial-industrial applications to capture broader growth potential in the evolving energy infrastructure landscape.
Intelligent Robotics: Kandi’s lead initiative in this sector will center on quadruped robots for autonomous security inspection applications in logistics parks. We have entered a strategic partnership agreement with HawkRobo Systems LLC to form a joint venture, KH Robotics, through which we are developing localized testing, validation, and commercial operation capabilities in North America. In line with our current roadmap, mature products are expected to officially enter the U.S. market and commence commercial delivery by the end of 2026.
The execution of this dual-engine strategy requires not only clear direction but also deep organizational capability and sustained operational resilience. Over the past several years, Kandi has navigated a complex and dynamic environment while simultaneously advancing a leadership transition, a strategic restructuring, and a comprehensive business repositioning. This journey has yielded more than short-term results: it has forged a more experienced and cohesive team, a sharper and more actionable strategic framework, and a deeper institutional commitment to long-term value creation.
Today, Kandi stands on a stronger footing than at any point in its recent history, with a clearly defined holding platform structure, a focused dual-engine growth strategy, a resilient and adaptive global supply chain, and a solid cash position to support sustained investment across our strategic priorities.
The road ahead remains demanding, but our direction has never been clearer. Supported by a strong balance sheet, continuously improving operational efficiency, and increasingly diversified technology capabilities, we are well-positioned to continue driving synergistic development across our stable cash flow business and high-growth incubation segments, seizing opportunities at the intersection of new energy and intelligent technology to deliver sustainable long-term value for shareholders.
I firmly believe that with the core capabilities and strategic foundations Kandi has built, we are poised to progressively translate our vision of “Creating Joy Through Intelligent Manufacturing, Driving the Future” into tangible and measurable value growth for all shareholders.
Thank you again for your continued trust and steadfast support. I look forward to the journey ahead and to building the next five years together.
Mr. Feng Chen
Chief Executive Officer
Kandi Technologies Group, Inc.
April 2026
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 applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (NASDAQ: KNDI) is a global innovator in intelligent equipment and a technology-driven platform company. It leverages technological innovation, a global supply chain, and advanced manufacturing to transform industries and expand real-world applications, bringing technology closer to people’s everyday lives. Guided by a “one core, two growth engines” strategic framework, the Company anchors its business in all-domain intelligent vehicles, with battery swapping equipment and intelligent robotics as two strategic growth pillars. Driven by its mission to bring joy to daily life, Kandi fosters shared success and sustainable, long-term growth through open collaboration and mutually beneficial partnerships, creating enduring industrial and societal value while building a globally respected brand.
For more information, please visit ir.kandigroup.com.
For investor and media inquiries, please contact:
Kandi Technologies Group, Inc.
Kewa Luo
Tel: +1 (212) 551-3610
Email: IR@kandigroup.com
Piacente Financial Communications
Brandi Piacente
Tel: +86-10-6508-0677
Email: Kandi@thepiacentegroup.com
