Kandi Technologies Reports Profit In Full Year 2014; Revenue Up 80%

(RTTNews) - Kandi Technologies Group Inc. (KNDI) reported 2014 GAAP net income of $12.3 million, or approximately $0.29 per share, compared to a net loss of $21.1 million, or approximately $0.61 per share in 2013. Non-GAAP adjusted net income, was $14.2 million, or approximately $0.33 per share, for the year.

Total revenues grew 80.1% to $170.2 million from $94.5 million in 2013. Electric Vehicle Parts sales increased significantly to $116.4 million compared to $1.7 million in the previous year.

Xiaoming Hu, Chairman and CEO, said: "Our robust financial results were driven by the growing market demand for electric vehicles. In 2014, we invested a tremendous amount of time and resources on building our EV business. Kandi's electric vehicle model has been highly appraised by China's Science and Technology Minister and other senior government officials. At the end of 2014, Micro Public Transportation, an EV Sharing Program we have been advocating, has expanded to nine Chinese cities with 14,398 pure EVs delivered since the beginning of its trial operation in the second half of 2013."