olivLaw · US equity research
Kandi Technologies Group, Inc. KNDI
Motor Vehicle Parts & Accessories · SIC 3714 · Vertical: Motor Vehicle Parts & Accessories (SIC 3714)
Kandi Technologies Group is a Chinese maker of pure electric off-road vehicles, EV parts and scooters, with significant sales in the United States through its SC Autosports subsidiary. Revenue fell sharply in fiscal 2025 and the company is focusing on expanding its pure electric product range while scaling back its China EV business.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Kandi Technologies Group, Inc. (KNDI) stock was 3.48 USD (+7.74% on the day), with market capitalisation 287.8 m USD, beta -0.95, 52-week range 0.41–11.30 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.7
- weak (30–45)
- Bollinger (20, 2)
- 1.36 – 6.38
- in the lower half of the band · %B 0.42 · band width 129.7%
- SMA 50 / 200
- 5.43 / 7.48
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.67 / -0.72
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −51.0% | −1.1% | −49.9 pp | — |
| 3 months | −50.3% | −0.5% | −49.8 pp | — |
| 6 months | −51.0% | +4.4% | −55.4 pp | — |
| Year to date | −55.9% | +12.3% | −68.3 pp | — |
| 1 year | −69.2% | +13.5% | −82.7 pp | −10.2% |
| 3 years | −89.7% | +76.4% | −166.1 pp | +9.8% |
| 5 years | −92.3% | +63.7% | −156.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 117.8 m | 123.6 m | 127.6 m | 87.4 m |
| Revenue YoY | unavailable | +4.9% | +3.2% | −31.5% |
| Net income | -12.1 m | 7.1 k | -50.5 m | -93.9 m |
| Net income YoY | unavailable | unavailable | −708,115.5% | unavailable |
| Diluted EPS | -0.17 | 0.02 | -0.59 | -1.14 |
| Diluted EPS YoY | unavailable | unavailable | −3,050.0% | unavailable |
| net % | -10.3% | 0.0% | -39.6% | -107.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 35.5 m USD
- Financial debt
- 36.9 m USD
- Net debt
- 1.3 m USD
- Equity
- 270.1 m USD
- Total assets
- 399.7 m USD
- Debt / equity
- 0.14x
- Current ratio
- 2.34x
- ROE
- -30.4%
- ROA
- -21.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 117.8 m | 123.6 m | 127.6 m | 87.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Cost of revenue | 98.3 m | 82.2 m | 88.3 m | 50.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Gross profit | 19.5 m | 41.4 m | 39.3 m | 37.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Research & development | 6.0 m | 4.3 m | 5.0 m | 7.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Operating income | -27.7 m | -13.1 m | -68.8 m | -57.2 m | SEC (XBRL)· 28 Apr 2026verified |
| Depreciation & amortisation | 12.4 m | 11.9 m | 12.0 m | 5.7 m | SEC (XBRL)· 28 Apr 2026verified |
| EBITDA | -15.3 m ≈ | -1.1 m ≈ | -56.8 m ≈ | -51.5 m ≈ | SEC (XBRL)· 28 Apr 2026derived |
| Interest expense | 707.5 k | 1.3 m | 2.2 m | 1.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Pre-tax income | -13.3 m | 3.5 m | -56.1 m | -91.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Income tax | -487.5 k | 1.8 m | -5.1 m | 3.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Net income | -12.1 m | 7.1 k | -50.5 m | -93.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Diluted EPS | -0.17 | 0.02 | -0.59 | -1.14 | SEC (XBRL)· 28 Apr 2026verified |
| Weighted average diluted shares | 75.6 m | 79.9 m | 86.3 m | 83.6 m | SEC (XBRL)· 28 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 84.1 m | 33.8 m | 37.3 m | 35.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Receivables | — | 19.0 m | 26.5 m | 22.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Inventories | — | 61.6 m | 51.3 m | 26.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Current assets | — | 343.5 m | 354.6 m | 301.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Property, plant & equipment, net | — | 98.8 m | 63.5 m | 58.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Goodwill | — | 33.1 m | 31.2 m | 22.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 6.4 m | 3.9 m | 318.3 k | SEC (XBRL)· 28 Apr 2026verified |
| Total assets | — | 495.5 m | 473.9 m | 399.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Accounts payable | — | 28.7 m | 25.5 m | 22.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Short-term debt | — | 9.1 m | 37.5 m | 30.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Long-term debt | — | 8.4 m | 5.7 m | 6.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Current liabilities | — | 76.7 m | 120.4 m | 128.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Total liabilities | — | 88.9 m | 127.3 m | 129.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Equity | 397.7 m | 406.5 m | 346.6 m | 270.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Shares outstanding at year end | — | — | 85.5 m | 82.7 m | SEC (XBRL)· 28 Apr 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 31.5 m | -101.2 m | -17.8 m | 96.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Investing cash flow | -35.0 m | 32.3 m | 25.7 m | -77.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Financing cash flow | -4.3 m | 14.8 m | 22.5 m | -14.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Share repurchases | 7.5 m | 510.7 k | 3.9 m | — | SEC (XBRL)· 28 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 287.8 m USD
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -15.4% | 14 (vs peers) | 25% |
| Net margin · Quality | -107.4% | 18 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -9.5% | 0 (on a fixed band) | 20% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -30.3x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.4% | 19 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality16/100 · 2/3 factors with a value
- Returns· partial19/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Kandi Technologies Group, Inc. (KNDI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 87.4 m USD in 2025; YoY growth -31.5%; net margin -107.4%; ROE -30.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.3x
What contradicts it
- ROIC: -15.4%
- Net margin: -107.4%
- Revenue CAGR 3Y: -9.5%
- Interest coverage: -30.3x
- Shareholder yield (distributions): 1.4%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Motor Vehicle Parts & Accessories (SIC 3714) · same industry (4-digit SIC) · compared with 34 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MGAMagna International Inc. | 18.4 bn | 22.4 | 6.9% | 2.0% | −1.9% | +34% / +22% |
| BWABorgwarner Inc. | 10.1 bn | 21.5 | 8.2% | 3.4% | +1.6% | +17% / +50% |
| ALSNAllison Transmission Holdings, Inc. | 9.9 bn | 17.4 | 29.7% | 11.1% | −6.7% | +36% / +125% |
| ALVAutoliv, Inc. | 9.0 bn | 15.1 | 24.8% | 5.6% | +4.1% | +7% / +21% |
| APTVAptiv PLC | 8.8 bn | 11.9 | 8.5% | 4.6% | +3.5% | −44% / −48% |
| LEALear Corp | 5.7 bn | 10.4 | 11.6% | 2.5% | −0.2% | +11% / −11% |
| MODModine Manufacturing Co | 5.2 bn | 41.3 | 11.4% | 3.6% | +23.1% | −39% / +100% |
| GNTXGentex Corporation | 4.4 bn | 11.0 | 16.4% | 15.5% | +9.6% | −9% / −32% |
| DORMDorman Products, Inc. | 4.2 bn | 21.2 | 13.3% | 9.3% | +6.0% | +8% / +98% |
| ATMUAtmus Filtration Technologies Inc. | 3.9 bn | 18.3 | 55.8% | 11.3% | +5.7% | −5% / +119% |
| GTXGarrett Motion Inc. | 3.6 bn | 10.1 | — | 10.0% | +3.1% | +20% / +167% |
| PATKPatrick Industries Inc | 2.7 bn | 20.1 | 13.0% | 3.7% | +6.3% | −22% / +55% |
| PHINPhinia Inc. | 2.6 bn | 14.5 | 12.2% | 5.2% | +2.4% | +33% / +181% |
| DANDana Incorporated | 2.6 bn | 2.4 | 71.4% | 14.6% | −3.0% | +6% / +80% |
| LCIILci Industries | 2.5 bn | 12.1 | 15.0% | 5.2% | +10.2% | −8% / −4% |
| VCVisteon Corp | 2.0 bn | 13.8 | 10.8% | 4.1% | −2.5% | −22% / −32% |
| THRMGentherm Incorporated | 1.6 bn | 105.3 | 1.3% | 0.6% | +2.9% | −13% / −32% |
| ADNTAdient plc | 1.3 bn | 28.5 | 2.7% | 0.3% | −1.0% | −12% / −47% |
| DCHDauch Corporation | 1.1 bn | — | -15.2% | -2.0% | −4.7% | −27% / −31% |
| SMPStandard Motor Products, Inc. | 1.0 bn | 15.1 | 9.9% | 3.8% | +22.4% | +22% / +28% |
| AEVAAeva Technologies, Inc. | 661.5 m | — | — | -150.1% | +99.4% | −15% / +240% |
| CPSCooper-Standard Holdings Inc. | 391.6 m | — | — | -2.0% | +0.4% | −29% / +24% |
| HLLYHolley Inc. | 351.6 m | 35.3 | 2.3% | 1.7% | +1.9% | −32% / −30% |
| KNDIKandi Technologies Group, Inc. | 287.8 m | — | -30.5% | -107.4% | −31.5% | −69% / −90% |
| STRTStrattec Security Corp | 258.5 m | 15.6 | 7.2% | 2.9% | +2.5% | −14% / +201% |
1- and 3-year price returns: for KNDI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (13 Oct 2026), 6-K (28 Sept 2026), 6-K (25 Sept 2026), 6-K (29 Jun 2026), 6-K (04 Jun 2026), 6-K (08 May 2026).
In brief
Kandi Technologies Group is a Chinese maker of pure electric off-road vehicles, EV parts and scooters, with significant sales in the United States through its SC Autosports subsidiary. Revenue fell sharply in fiscal 2025 and the company is focusing on expanding its pure electric product range while scaling back its China EV business.
SWOT
Strengths
- The company has an established presence in the US market through its SC Autosports subsidiary, with a broad distribution network of stores and dealers 1.
- The company holds a portfolio of patents and trademarks, including the Kandi mark, and several subsidiaries are recognized as high and new technology enterprises 1.
- Gross margin improved in 2025, showing an ability to sell inventory that had previously been impaired 1.
Weaknesses
- Revenue fell sharply in 2025 and the net loss was large, which puts pressure on the company's finances 1.
- Dependence on a small number of major customers creates risks for sales and liquidity 1.
- The company does not manufacture battery cells itself, which makes it dependent on outside suppliers for battery technology 1.
Opportunities
- If demand for electric off-road vehicles keeps growing in the US, the company could recover sales through new golf cart and UTV models 1.
- The Rawrr acquisition could open new product lines and sales channels if integration succeeds 1.
- A recovery in the Chinese EV market could allow a broader restart of activity in that segment 1.
Threats
- US tariffs and trade restrictions could keep reducing demand for products imported from China 1.
- Risks tied to Chinese regulation, including rules affecting US listings, could affect operations and the value of the shares 1.
- Loss of key executives or difficulty recruiting could disrupt the business 1.
Risks
- Dependence on major customershigh
A small number of customers account for a large part of sales, and losing one could seriously affect liquidity 1.
- Chinese regulationhigh
Rapid changes in Chinese policy and regulation could limit operations and the ability to offer securities to foreign investors 1.
- Tariffs and international trademedium
Uncertainty over tariffs and trade restrictions could reduce sales in the United States 1.
- Product liabilitymedium
Liability claims or vehicle recalls could bring high costs and damage the company's reputation 1.
- Lithium-ion battery safetylow
Lithium-ion batteries could catch fire or vent smoke, which could raise concerns among customers and regulators 1.
Investment thesis
What would need to be true (bull case)
- If electrification of the off-road segment continues, the company could benefit from growing demand for its pure electric products, particularly in the United States 1.
- Gross margin improved in 2025, suggesting management can extract more value from sales and inventory 1.
- The Rawrr acquisition and new model launches could diversify the product range and reduce reliance on one segment 1.
What would break the thesis
- The large net loss in 2025 and the fall in revenue could limit the company's ability to fund growth 1.
- Reliance on a few customers and a few suppliers could expose the company to serious disruption 1.
- Uncertainty around China and trade relations could continue to affect access to financing and international markets 1.
What to watch
- Trend in off-road vehicle revenue in the United StatesQ1 2027
- Integration of the Rawrr acquisition and its contribution to revenue2027
- Gross margin trend after selling down previously impaired inventorynext 10-K
- Resumption of EV activity in China2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (13 Oct 2026), 6-K (28 Sept 2026), 6-K (25 Sept 2026), 6-K (29 Jun 2026), 6-K (04 Jun 2026), 6-K (08 May 2026).
The business
The current strategy centers on pure electric off-road vehicles, which the company is rolling out in batches, including electric crossover golf carts and electric UTVs, while its EV business for the Chinese market remains small-scale 1. The company acquired Rawrr in 2026 by issuing ordinary shares as part of its portfolio expansion 1.
North American distribution runs through US and Canadian subsidiaries, using big-box retailers, outdoor power sports dealers and e-commerce platforms 1. The company had 595 full-time employees at the end of 2025 1.
Segments
EV products and EV parts
EV product sales fell almost entirely in 2025 amid weaker demand in China, and the company says this business stays small-scale until the Chinese market recovers 1.
Market context
Demand for higher-priced recreational vehicles was hit by tariff uncertainty, persistent inflation and high interest rates, and these conditions could keep limiting sales to distributors and major retailers if they persist 1.
Trends
- Electrification of off-road vehiclestailwind
The shift from fuel to electric in the off-road segment supports demand for the company's pure electric products, particularly in the United States 1.
- Tariffs and trade uncertaintyheadwind
Uncertainty over tariffs and trade restrictions weighed on sales to US retailers and distributors in 2025 and could continue to do so 1.
- Inflation and high interest ratesheadwind
Persistent inflation and high borrowing costs reduced consumer spending on higher-priced recreational vehicles 1.
- Chinese EV market developmentmixed
The Chinese EV market has not yet reached a healthy and orderly stage, and the company has scaled back activity there, which could limit sales if recovery is delayed 1.
Competitive position
The company faces two groups of competitors: traditional vehicle makers, which are much larger in production capacity and financial resources, and new market entrants in electric vehicles 1. Competitive pressure grows as pure electric products develop rapidly 1.
The company notes that rapid development of alternative technologies and improvements in internal combustion engines could reduce the competitiveness of its products if it fails to keep pace 1.
- Traditional internal combustion vehicle manufacturers
Large automakers with greater production, customer and marketing resources that compete indirectly in the off-road segment 1.
- New entrants in electric vehicles
New electric players that gain market share, sometimes with large losses, and put pressure on pricing 1.
- Pure electric off-road vehicle makers
Direct competitors in electric UTVs, ATVs and golf carts, which the source does not name 1.
- Alternative fuel technology developers
Companies developing alternative fuels and technologies whose progress could affect demand for electric products 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)25 Sept 2026
- Current report (foreign issuer)29 Jun 2026
- Current report (foreign issuer)04 Jun 2026
- Current report (foreign issuer)08 May 2026
- Annual report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)11 Dec 2025
- Current report (foreign issuer)19 Aug 2025
- Annual report (foreign issuer)28 Apr 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Kandi Technologies Group, Inc. · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.