Kandi Technologies reports 2024 financial results, launches first U.S.-made vehicle
Kandi Technologies Group, Inc., a manufacturer of electric off-road and utility vehicles with headquarters in China, has reported its financial results for the full year 2024 while achieving a significant milestone in its U.S. expansion strategy with the launch of its first locally produced vehicle.
2024 Financial Results
Kandi reported total revenue of $127.6 million in 2024, a 3.2% increase from $123.6 million in 2023. Sales of electric off-road vehicles and parts, which accounted for over 91% of total revenue, rose 8.9% year-over-year to $116.6 million. Geographically, revenue from China grew 80% year-over-year, contributing to improved sales diversification. Gross profit totaled $39.3 million, though gross margin declined from 33.5% to 30.8% due to shifts in regional and product mix.
Operating expenses increased to $108.1 million, driven by investments in retail expansion, organizational development, and a one-time non-cash impairment loss of $24.1 million. This led to a net loss of $51.0 million compared to net income of $1.7 million in 2023. Despite these challenges, Kandi remains focused on strengthening its electric off-road vehicle business and advancing its strategic initiatives.
Launch of U.S. operations
In a major development, Kandi’s manufacturing facility in Garland, Texas, has commenced operations, producing its first electric golf cart. This facility marks a key milestone in Kandi’s “Made in North America’ initiative, enhancing its ability to serve the U.S. market. The Garland facility, spanning over 74,000 square feet, will support production of Kandi’s complete lineup of electric off-road vehicles, including UTVs and recreational models.
“The launch of our Texas facility positions Kandi as a local producer of high-quality electric off-road vehicles,” says Feng Chen, CEO of Kandi Technologies. “This achievement enhances our operational flexibility, shortens delivery times, and strengthens our competitiveness in North America.”
As part of its localization strategy, Kandi has also partnered with CBAK Energy Technology to develop two lithium battery production facilities in the United States, further advancing its domestic manufacturing footprint.
Looking Ahead
Kandi plans to continue expanding its geographic reach, product offerings, and supply chain capabilities while investing in innovation to meet growing demand for electric off-road vehicles. With its enhanced infrastructure and localized production, the company is positioned for future growth in the U.S. and global markets.
