Kandi Sees 2% Stock Drop After Mounting Losses in Q2

The Chinese maker of electric vehicles reported a loss of $7.3 million compared with an income at the same time last year.
Belinda ZhouAug 10,2019,06:55

Kandi Technologies Group Inc. (Nasdaq: KNDI) saw its shares dropped although its revenue increased 48 percent in the second quarter. 

The electric vehicle maker said that its total revenues reached $24.1 million for the second quarter, up 48 percent compared with $16.4 million for the same period in 2018. The net loss for the second quarter was $7.3 million, or $0.14 loss per fully diluted share, compared with net income of $1.4 million, or $ 0.03 earnings per share year over year.

The Jinhua City-based company highlighted its sales of off-road vehicles, which saw a fivefold increase in revenue to $5.2 million in the second quarter from $0.8 million one year ago.

The firm manufactures off-road electric vehicles and EV components for sale in China and overseas. It announced its wholly-owned subsidiary, Kandi Electric Vehicles Jiangsu Co., Ltd., received an approval from the regulator to be a pure electric vehicle production manufacturer Wednesday.

Shares in Kandi dropped 2 percent Friday to $4.97 per American depositary share.