Kandi Technologies reports first-half financial results
Kandi Technologies Group, a leader in all-electric personal transportation and utility vehicles, announced its unaudited financial results for the six months ended June 30.
Net revenues were $36.3 million, a decrease of 39.3% from $59.8 million for the same period of 2024. Kandi says the decrease was mainly due to slowed down off-road vehicles and EV product sales.
Total operating expenses were $18.3 million, a decrease of 21.4% from $23.3 million. Research and development expenses were $2.5 million, an increase of 48.5% from $1.7 million. The increase was mostly due to an R&D project for battery products conducted in the first half of 2025, the company says
Net income was down 28.7%, going from $2.4 million in the first half of 2024 to $1.7 million for the first half of this year.
As of June 30, Kandi had cash and cash equivalents, restricted cash, and certificates of deposit totaling $256.77 million, compared with $126.3 million at the start of the year.
The company also announced some recent developments. It plans on a fast-track entry into the embodied intelligence sector through strategic cooperation with Deep Robotics, co-developing intelligent golf caddy robots and security patrol quadruped robots for the North American market.
Kandi also plans on strengthening leadership in battery swap infrastructure as its subsidiary, China Battery Exchange Technology Co., became a supplier and secured its first heavy-truck battery swap station equipment order under Contemporary Amperex Technology Co., Limited’s “Ten Thousand Station Plan.”
“We continue to strengthen our core off-road vehicle business through streamlined inventory management, enhanced manufacturing efficiency, and optimized sales network, says CEO Feng Chen.
“At the same time, we drove our expansion into high-potential technology sectors such as embodied intelligence and battery swap infrastructure. Looking ahead, we will continue to increase R&D investment and refine our supply chain, while driving forward our dual-engine strategy of stable cash flow business plus growth incubation business.”
