Kandi Technologies Registers 18% Revenue Growth In FY21

Kandi Technologies Group Inc KNDI reported fiscal FY21 sales growth of 18.9% year-on-year, to $91.5 million, versus $76.9 million in 2020.
EV parts sales fell 37.7% Y/Y to $25.3 million, Off-road vehicles sales declined 1.7% to $29.3 million, while Electric Scooters, Electric Self-Balancing Scooters, and associated parts sales surged five-fold to $30 million.
Gross profit rose 20.5% Y/Y to $16.2 million, with the margin expanding 30 basis points to 17.8%.
Operating income for the quarter rose 77% to $1.34 million.
The company held $223.7 million in cash and equivalents as of December 31, 2021.
EPS was $0.30 versus $(0.19) the prior year.
"We see huge demand building for electrified off-road vehicles. In 2022, we will apply EV technology to off-road vehicle products and launch a variety of pure electric utility terrain vehicles ("UTVs"), neighborhood EVs ("NEVs"), golf carts, and off-road crossover vehicles," said Chairman and CEO Hu Xiaoming.
Price Action: KNDI shares are trading higher by 0.99% at $2.55 on the last check Tuesday.