UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of October 2024
Commission File Number 333-259881
Kandi Technologies Group, Inc.
(Translation of registrant’s name into English)
Jinhua New Energy Vehicle Town
Jinhua, Zhejiang Province
People’s Republic of China, 321016
(Address and Telephone Number of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Kandi Technologies Group, Inc., a British Virgin Islands company (the “Company”) furnishes under the cover of Form 6-K the following:
| Exhibit No. | Description of Exhibit | |
| 99.1 | Press Release dated October 10, 2024 (Changes to Board of Directors and Senior Management Team) | |
| 99.2 | Press Release dated October 11, 2024 (Major Initiatives and New Management’s Growth Plan) |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Kandi Technologies Group, Inc. | ||
| Date: October 11, 2024 | By: | /s/ Feng Chen |
| Name: | Feng Chen | |
| Title: | Chief Executive Officer | |
2
Exhibit 99.1
Kandi Technologies Announces Changes to Board of Directors and Senior Management Team
JINHUA, CHINA, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (“Kandi” or the “Company”), a leading producer of all-electric personal transportation and utility vehicles, today announced key changes to its Board of Directors and executive leadership, effective October 6, 2024, marking a strategic transition that underscores the Company’s commitment to long-term growth, operational resilience, and sustainable value for shareholders.
Mr. Xiaoming Hu has resigned as Chairman of the Board after decades of dedicated service. Mr. Hu will remain on the Board as a Director, offering valuable insight as he transitions toward retirement. The Company is sincerely grateful for his leadership and vision, which drove Kandi’s success over the years and laid the foundation for its bright future.
Mr. Hu commented, “As I move toward retirement, I am confident that Kandi is well-positioned to achieve great success in the years ahead. The new management team is solid, and our product portfolio has never been stronger. Our strategic shift to off-road vehicles has proven wise, with momentum building daily, especially in the important U.S. market. We are not resting on our laurels. We will expand our strategy with several new initiatives in the weeks ahead, which we will announce soon. Kandi’s prospects are brighter than ever.”
Following careful consideration, the Board elected Dr. Xueqin Dong as Chairman, effective immediately. Dr. Dong has been instrumental in the Company’s development and will now lead Kandi in a challenging market environment. Dr. Dong remarked, “I am honored by the trust the Board has placed in me and deeply appreciate Mr. Hu’s tremendous contributions. I am committed to steering Kandi through its next phase, working together with our Board and shareholders to achieve our goals. I am confident that, with unity, we will realize the Company’s potential and build a promising future.”
The Company also appointed Mr. Feng Chen as Chief Executive Officer, effective October 6, 2024. Mr. Chen brings over two decades of experience in strategic planning, operations, and technological innovation across sectors, particularly in electric vehicles and battery swapping. Throughout his career, Mr. Chen has successfully led several companies, including his role as CEO of Time Space Electric Vehicles Co., Ltd., where he pioneered advances in EV technology and commercial battery swapping solutions. More recently, Mr. Chen served as CEO of Hangzhou Lightning Mobility Technology Co., Ltd., where he oversaw rapid growth in shared mobility and spearheaded the development of battery swapping networks. At Kandi, he will guide the Company’s focus on the all-electric off-road vehicle sector and expanding sustainable mobility solutions. Mr. Chen commented, “I am grateful for the Board’s trust and excited to embrace the responsibilities of CEO. Our management team is actively working on strategic initiatives that will guide Kandi’s future direction. I am confident that, with efficient execution and a unified vision, we will achieve our goals and create lasting value.”
On October 6, 2024, Kandi’s Board of Directors also approved a series of strategic initiatives as part of its broader mission to drive innovation in the all-electric off-road vehicle and mobility sectors. The Company will disclose further details of these initiatives in upcoming communications.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua New Energy Vehicle Town，Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries including Kandi Electric Vehicles (Hainan) Co., Ltd. and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China’s leading manufacturers of pure electric vehicle parts and off-road vehicles.
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.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group, Inc.
Ms. Kewa Luo
+1 (212) 551-3610
IR@kandigroup.com
The Blueshirt Group
Mr. Gary Dvorchak, CFA
gary@blueshirtgroup.co
Exhibit 99.2
Kandi Technologies’ Board Approves Several Major Initiatives and New Management’s 2025-2029 Projected Growth Plan
Jinhua, China, Oct. 11, 2024 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ: KNDI) (“Kandi” or the “Company”), a leader in all-electric personal transportation and utility vehicles, today announced that on October 6, 2024, its Board of Directors approved several signi cant corporate decisions. During this meeting, the Board accepted the resignation of Mr. Xiaoming Hu as Chairman of the Board and appointed Dr. Xueqin Dong as his successor. Additionally, Dr. Dong stepped down as CEO, and Mr. Feng Chen has been appointed as the new CEO.
As autonomous driving technologies continue to advance due to increasing demand and desire for more technologically advanced mobility, China’s ride-hailing market is expected to experience substantial growth. Kandi seeks to expand its presence within the smart mobility solutions business industry. The Board has approved management’s proposal to acquire Hangzhou Honghu Zhixing Technology Co., Ltd. (“Hangzhou Honghu”), a company with an established position in this industry, at a fair market value and in accordance with applicable regulations. Furthermore, the Board has authorized the Company to pursue a potential Initial Public Offering (IPO) of Kandi America, its subsidiary in the United States, following SEC requirements. The Board also reviewed and approved the new management’s growth plan for 2025-2029.
The highlights of Kandi’s 2025-2029 strategic plan include the Company’s primary focus on expanding its two main business lines over the next ve years: (1) all-electric off-road vehicles and (2) lithium battery production in North America, Europe and Southeast Asia. The domestic strategy in China includes three core areas: (1) Kandi will leverage any future relationship with Hangzhou Honghu as a foundation to further expand its smart mobility solutions business; (2) with the rapid growth of China’s electric vehicle market, Kandi strongly believes that battery swapping is the most effective way to harness off-peak electricity for genuine energy savings and environmental bene ts. The Company aims to capitalize on its expertise in battery swapping equipment by partnering with industry leaders to drive innovation and expansion in this area; and (3) Kandi will seek to advance operations in the battery-swapping industry to extend the value chain.
Projected Annual Production and Sales for 2025-2029:
1. Expected production and sales of various off-road electric vehicles: annual units of 36,000, 44,000, 56,300, 65,060, and 77,472 from 2025 to 2029, respectively. These sales are expected to generate annual revenue of $185 million, $248 million, $357 million, $423 million, and $526 million, with gross margins expected to exceed 30%. Kandi anticipates that approximately two- thirds of these vehicles will be sold in North America, with the remaining third distributed across Europe and Southeast Asia.
2. In 2025, Kandi plans to invest $100 million in the United States to establish a lithium battery manufacturing and battery pack facility with an initial annual capacity of 1 GWh. This facility is projected to take 18 months to complete and is anticipated to generate approximately $230 million in annual revenue upon reaching full capacity, with a gross margin expected to be above 30%. The entire project is designed to achieve a total capacity of 3 GWh, constructed in three phases. The timing of the second and third phases will depend on the progress made during the initial phase.
3. Additionally, in 2025, the Company plans to invest $30 million to establish a production line in the United States for all-terrain vehicles, including golf carts and utility vehicles. The construction is expected to take 12 months, and once fully operational, the facility will have an annual production capacity of 50,000 units, with products for the North American market transitioning to this U.S.-based facility.
4. The Company’s smart mobility solutions business projections: annual revenue of $24.37 million, $31.68 million, $41.93 million, $53.55 million, and $69.61 million from 2025 to 2029, respectively, with corresponding net pro ts of $3.9 million, $5.07 million, $6.59 million, $8.56 million, and $11.13 million.
5. Production and sales of the battery swapping equipment business: Kandi anticipates 100, 200, 300, 400, and 500 units annually from 2025 to 2029, generating revenue projected to be $20 million, $40 million, $60 million, $80 million, and $100 million, respectively, with gross margins anticipated to exceed 30%. Kandi aims to establish itself as a strategic supplier and leading force in this sector.
6. Battery swapping operations: projected annual revenue of $1 million, $4 million, $8 million, $13 million, and $17 million, with gross margins above 20%.
7. Other product lines, including motors and batteries: projected annual revenue of $18 million, with approximate gross margins of 25%.
Dr. Xueqin Dong, the newly-appointed Chairman of Kandi Technologies, stated, “I am deeply honored by the Board’s trust in electing me as Chairman. I extend my heartfelt gratitude to Mr. Hu for his outstanding leadership, which has laid a solid foundation for our Company. Although Mr. Hu has stepped down as Chairman, he will remain an integral member of the Board, and I am con dent he will continue to play an essential role in the Company’s future. Assuming this role represents both an exciting new beginning and a signi cant challenge. I am fully committed to meeting the expectations of our Board and shareholders as we work together to advance the Company’s growth. With a united team and a shared vision, I believe we will reach our goals and continue to build on Kandi’s success.”
Mr. Feng Chen, the newly-appointed CEO, added, “I’m deeply grateful for the Board’s trust and the opportunity to assume this signi cant responsibility. As CEO, I feel a profound sense of duty. Over the past few days, I have worked closely with the management team to develop the Company’s 2025-2029 plan, which has received overwhelming Board approval. While I recognize that challenges lie ahead, I am con dent that, with unity and effective execution, we will overcome any obstacles and achieve our strategic objectives.”
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua New Energy Vehicle Town Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries including Kandi Electric Vehicles (Hainan) Co., Ltd. and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China’s leading manufacturers of pure electric vehicle parts and off-road vehicles.
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 identi ed 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 re ected 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 led 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 quali ed 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.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group, Inc. Ms. Kewa Luo
+1 (212) 551-3610
IR@kandigroup.com
The Blueshirt Group Mr. Gary Dvorchak, CFA
gary@blueshirtgroup.co