Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. is a China-based manufacturer and technology company focused on intelligent mobility solutions, including all-domain intelligent vehicles, battery swap equipment, and intelligent robotics. Its operations are organized through subsidiaries and global supply-chain relationships, with a stated strategic emphasis on North America and other international markets.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueAll-domain intelligent vehicles and mobility products for commercial and consumer use.
Battery swapping systems and related equipment for EV and mobility applications.
Robotics products and emerging automation-related offerings.
Manufacturing capabilities and procurement support across product lines.
Products
Reported · share of revenue- Offroad Vehicles and Associated Parts94.8 %
- Lithiumion Cells3.6 %
- Electric Scooters Electric Self Balancing Scooters and Associated Parts1.6 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Kandi sells into both commercial and consumer mobility applications, with demand tied to electric vehicles, equipment users, and automation-related end markets. The company’s offerings are designed for customers that need electrified transport, battery exchange infrastructure, or intelligent equipment rather than conventional passenger-vehicle solutions.
Buy intelligent vehicle and mobility products for fleet, utility, or business use.
Purchase smaller-scale mobility products for personal transportation use cases.
Acquire battery swap equipment and related systems for infrastructure deployment.
Buy intelligent robotics products for emerging industrial and service applications.
Strategy
Kandi's strategy centers on intelligent mobility as the core platform, with battery swapping and intelligent robotics positioned as growth engines. The company also emphasizes global supply-chain leverage and manufacturing capabilities to support product development, procurement efficiency, and market expansion.
Centers the business on vehicles and related mobility technologies with broader application potential.
Creates an infrastructure and equipment layer that can complement electric mobility adoption.
Adds a new technology lane that can diversify revenue beyond vehicle-related products.
Supports procurement and manufacturing economics across product lines.
Geography
Kandi is headquartered in Jinhua, Zhejiang Province, China, and its manufacturing base is tied to that operating footprint. The company states a strategic emphasis on North America while pursuing broader international opportunities, so its business is shaped by cross-border manufacturing, sourcing, and market access.
Risks
Kandi faces typical hardware and mobility-industry risks tied to product development, manufacturing execution, and demand adoption across new technologies. The company also has notable market-access and listing-related risks, and its cross-border structure exposes it to regulatory, supply-chain, and geopolitical friction between China and North American markets.
- Nasdaq minimum bid price complianceImpact: HighLikelihood: High
The company has disclosed a bid-price deficiency and the need to regain compliance or seek additional time.
Exposure: Trading status and investor access
- Technology adoption riskImpact: HighLikelihood: Medium
Battery swapping and intelligent robotics are emerging markets with uncertain customer adoption and timing.
Exposure: Growth products
- China-North America cross-border exposureImpact: HighLikelihood: Medium
The business is built on China-based manufacturing while emphasizing North American expansion.
Exposure: Supply chain and market access
- Manufacturing and procurement executionImpact: MediumLikelihood: Medium
The company depends on efficient manufacturing and supply-chain coordination across subsidiaries and partners.
Exposure: Product delivery and margins
Accounting
Judgemental itemsVehicle, equipment, and technology offerings may include multiple deliverables and timing differences.
Impact: Reported sales timing and contract margins
Manufacturing businesses carry component and finished-goods inventory that can become obsolete.
Impact: Cost of sales and write-downs
Emerging technology investments and operating assets may require periodic recoverability testing.
Impact: Non-cash charges and asset values
China-based operations and overseas markets expose results to exchange-rate movements.
Impact: Reported earnings and balance-sheet translation
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Last updated: 28/09/2026