Kandi Technologies
Chinese manufacturer of electric vehicles, batteries, utility vehicles, and related automotive products.
Last updated October 14, 2026
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Overview
Kandi Technologies is a Chinese electric-vehicle and automotive-products company headquartered in Jinhua, Zhejiang. Founded in 2002 by Hu Xiaoming, the company developed from a China-focused vehicle manufacturer into a producer and marketer of battery-electric vehicles, batteries, electric utility terrain vehicles, and golf carts. It is listed on the Nasdaq under the ticker KNDI. Kandi’s early passenger-vehicle business concentrated on compact, low-speed, and urban electric cars. The company became particularly associated with Hangzhou’s experimental electric-mobility programs. In 2012, it signed an agreement with the city of Hangzhou to supply 20,000 electric vehicles for a leasing initiative. In 2013, it introduced Kandi EV Car Share, a battery-electric car-sharing system inspired in part by Hangzhou’s public bicycle network. Users could obtain vehicles from automated parking structures sometimes described as car vending machines, while leasing packages incorporated insurance, maintenance, and electricity. The company initially envisioned a large network of battery-swapping and vehicle-storage facilities, although the infrastructure program was subsequently scaled back and adapted toward more conventional street-side kiosks and parking arrangements. Kandi expanded its strategic relationship with Geely through a 2013 joint venture with Shanghai Maple, a Geely subsidiary. Zhejiang Kandi Electric Vehicles Investment Co. was established with equal ownership and an announced focus on electric-vehicle research, development, manufacturing, marketing, and sales in mainland China. Geely chairman Li Shufu became the joint venture’s first chairman, while Hu Xiaoming served as general manager. Geely later transferred its interest to Geely Holding Group. The relationship also supported vehicles sold under Geely-associated branding, including the EX3, with Geely contributing design and platform expertise and Kandi undertaking manufacturing activities. The company broadened its model range during the second half of the 2010s. Its products included small urban cars such as the K17 and K27, the K23 compact electric multipurpose vehicle, and the EX3 electric crossover, formerly known as the K26. Kandi also developed earlier low-speed products such as the Coco and later moved beyond passenger cars into electric utility vehicles and recreational products. The company acquired Jinhua An Kao, a battery-technology business, in 2017 and Sportsman Country in 2018, the latter intended to support dealer relationships in the United States. Kandi began a more visible North American expansion in 2019 after U.S. regulatory approval was obtained for the EX3 and K22 for export. It shipped an initial group of vehicles to the United States and announced plans to sell the K27 and K23 in the Dallas–Fort Worth area in 2020. In North America, its portfolio later expanded to include electric UTVs and mini golf carts, products aimed at recreational, utility, and short-distance use rather than only conventional passenger-car transportation. The company has also pursued mobility partnerships in China. It signed a non-binding 2019 agreement to supply electric vehicles for Cao Cao Zhuan Che, a ride-sharing platform associated with Geely, and in 2020 helped establish Zhejiang Ruiheng Technology with Zhejiang Ruibo New Energy Vehicle Service and Jiangsu Jinpeng Group. These initiatives reflected Kandi’s attempt to combine vehicle manufacturing with fleet, sharing, and mobility-service applications. Kandi’s business has been influenced by China’s new-energy-vehicle subsidy system, licensing policies, and the restructuring of its Geely-related joint venture. The company reported weak electric-vehicle sales in the first quarter of 2019 amid subsidy delays and organizational changes. It also became the subject of a critical short-seller report in 2020, which alleged that the company overstated or fabricated a substantial portion of its sales. Kandi publicly rejected the report’s principal allegations and characterized it as containing factual errors and unsupported conclusions. In 2023, Kandi reported its highest revenue in three years, together with a return to profitability according to company-reported figures cited in reference material. By 2024, its U.S. subsidiary SC Autosports continued developing retail and distribution channels, including a limited-edition golf-cart collaboration with Lowe’s featuring National Football League team designs. Kandi’s present positioning therefore spans compact electric transportation, off-road and utility vehicles, batteries, golf carts, and selected mobility-service partnerships across China and North America.
History
Kandi Technologies was established in 2002 in Jinhua, Zhejiang, under the leadership of Hu Xiaoming. Its business developed around electric vehicles, batteries, and related automotive products, with an early emphasis on small and affordable vehicles suited to urban and short-distance travel. A major early application was Hangzhou’s electric-mobility experimentation. In July 2012, Kandi agreed to supply 20,000 electric vehicles for a municipal leasing program. The following year it launched Kandi EV Car Share, a system through which residents could access Kandi battery-electric cars from automated parking facilities. The concept incorporated insurance, maintenance, and electricity into the leasing service and used battery swapping as part of its operating model. Kandi initially planned a broad network of garages with Geely, but only a limited number were completed and the infrastructure approach evolved toward street-side parking kiosks and other less capital-intensive arrangements. Kandi’s relationship with Geely became institutionalized in 2013. Kandi and Shanghai Maple, then a Geely subsidiary, announced an equally owned joint venture named Zhejiang Kandi Electric Vehicles Investment Co. The venture was intended to conduct research, development, manufacturing, marketing, and sales of electric vehicles in mainland China. Li Shufu served as its first chairman and Hu Xiaoming as general manager. In 2016, Geely transferred its stake to Geely Holding Group. Cooperation also produced vehicles associated with Geely branding, including the EX3, for which Geely contributed design input while Kandi handled manufacturing. During the middle and late 2010s, Kandi expanded its product range. The K17, introduced in 2016, was described as Kandi’s first electric vehicle and was based on the Geely Englon SC5-RV platform. The EX3, previously identified as the K26, represented a move into longer-range electric crossovers. The K23, a compact electric multipurpose vehicle, entered production in 2018, while the company continued to sell or develop smaller vehicles for urban use. Kandi also acquired Jinhua An Kao in December 2017 to obtain battery-technology capabilities. In June 2018, it acquired Sportsman Country for $10 million to support dealer relationships for its North American vehicle business. Government policy played an important role in Kandi’s Chinese operations. New-energy vehicles could qualify for central and local subsidies, while electric vehicles in major cities could benefit from exemptions or advantages relating to internal-combustion vehicle license-plate fees. Kandi’s reported sales and revenue were consequently affected by subsidy timing and eligibility. The company experienced weak EV sales during the first quarter of 2019, citing delayed government subsidies and restructuring connected with its joint venture. It also discussed a non-binding framework agreement with DiDi for potential delivery of 300,000 electric vehicles over five years, although the reference material does not establish that the proposed volume was completed. Kandi pursued several mobility-service relationships. In 2019, it signed a non-binding agreement to supply electric vehicles to Cao Cao Zhuan Che, a ride-sharing platform. In 2020, it joined Zhejiang Ruibo New Energy Vehicle Service and Jiangsu Jinpeng Group in establishing Zhejiang Ruiheng Technology, a ridesharing company. These initiatives extended the company’s ambitions beyond vehicle sales into fleet deployment and shared mobility. The company began a more direct U.S. market expansion in 2019. The U.S. National Highway Traffic Safety Administration approved the EX3 and K22 for export, and Kandi shipped an initial group of vehicles to the country in late May and early June. In July 2020, it announced a Dallas–Fort Worth sales launch centered on the K27 and K23. U.S. versions of some compact models were configured for neighborhood and low-speed use, with electronic speed restrictions varying according to state rules. Kandi’s North American portfolio later broadened to electric UTVs and golf carts. The K32, introduced in 2021, was an all-electric UTV with dual-motor all-wheel drive and standard and long-range battery configurations. It was intended for recreational and industrial environments rather than ordinary public-road operation. In 2024, Kandi America announced a Lowe’s retail collaboration involving a limited-edition set of NFL-themed golf carts. In December of that year, Bin Yu was appointed CEO of SC Autosports, Kandi’s wholly owned U.S. subsidiary. Kandi faced public scrutiny in November 2020 when Hindenburg Research issued a short-seller report alleging that at least 55 percent of the company’s sales had been fabricated. Kandi’s chairman responded in December, rejecting the report’s assertions and stating that it contained errors, misstatements, inaccurate conclusions, and unnecessary opinions. The available reference material does not establish a regulatory or judicial finding validating either side’s full account. For 2023, Kandi reported revenue of $123.6 million and net profit of $1.7 million, compared with a reported net loss of $12.9 million in 2022. These figures indicate a return to profitability in the cited reporting period, although the available material does not provide a complete financial history. The company’s current business profile combines Chinese electric-vehicle manufacturing and mobility partnerships with U.S. sales of compact electric vehicles, utility terrain vehicles, and golf carts.
- 2024
Lowe’s NFL golf-cart collaboration
[1]Kandi America announced a limited-edition collection of NFL-themed golf carts for Lowe’s stores.
- 2023
Return to reported profitability
[1]Kandi reported $123.6 million in revenue and $1.7 million in net profit for 2023.
- 2021
K32 electric UTV introduced
[1]Kandi introduced the K32 all-electric utility terrain vehicle for recreational and industrial applications.
- 2020
Ruiheng ridesharing company established
[1]Kandi joined Zhejiang Ruibo New Energy Vehicle Service and Jiangsu Jinpeng Group to establish Zhejiang Ruiheng Technology.
- 2019
North American export expansion began
[1]Kandi obtained U.S. approval for the EX3 and K22 and shipped an initial batch of vehicles to the United States.
- 2018
EX3 and K23 development expanded
[1]Kandi moved toward longer-range electric vehicles, including the EX3 crossover and K23 compact multipurpose vehicle.
- 2018
Sportsman Country acquired
[1]Kandi acquired Sportsman Country to support dealer relationships for its U.S. electric-vehicle business.
- 2017
Jinhua An Kao acquired
[1]Kandi acquired the battery-technology company Jinhua An Kao.
- 2016
Geely transferred its joint-venture stake
[1]Geely Auto sold its interest in the electric-vehicle joint venture to Geely Holding Group.
- 2016
K17 introduced
[1]Kandi introduced the K17, described as its first electric vehicle and based on the Geely Englon SC5-RV platform.
Products and positioning
A China-based electric-mobility manufacturer focused on compact urban vehicles, affordable short-distance transportation, electric utility vehicles, golf carts, and related battery technologies. In the United States, the brand emphasizes recreational, utility, and neighborhood-scale electric products in addition to passenger vehicles.
Low-speed neighborhood vehicle · 2009
Coco
The Coco family, identified as KD08E in electric form and KD08A in gasoline form, was introduced in the United States in 2009. It was designed for low-speed, neighborhood-scale transportation rather than conventional long-distance driving. The model represents Kandi’s early effort to commercialize small, inexpensive vehicles for urban and short-distance mobility.
Compact electric vehicle · 2016
K17
Introduced in 2016, the K17 was described as Kandi’s first electric vehicle. It was based on the Geely Englon SC5-RV platform and was associated with practical urban use and public-service applications, including police-patrol fleets in Hangzhou. The model illustrates Kandi’s close technical and commercial relationship with Geely during the company’s early electric-vehicle expansion.
Electric crossover · 2017
EX3
The EX3, formerly known as the K26, was developed as Kandi’s first electric SUV or crossover. Reference material describes a claimed range of approximately 380 kilometers and a top speed of about 110 kilometers per hour. The vehicle was related to the Geely Yuanjing X3 platform, with Geely contributing design input and Kandi handling manufacturing. It became a central product in Kandi’s move toward longer-range electric vehicles and its planned North American expansion.
Compact electric multipurpose vehicle · 2018
K23
The K23 is a compact battery-electric multipurpose vehicle intended for urban and short-distance transportation. Reference material identifies a 41.4-kWh battery and a claimed range of up to 302 kilometers. Production began at Kandi’s Hainan facility in 2018. U.S. versions were configured with electronically limited speeds that varied according to state regulations, reflecting the model’s positioning for neighborhood and low-speed use.
Compact four-door battery-electric vehicle · 2020
K27
The K27 is a small four-door battery-electric car aimed at low-cost urban mobility. It uses a lithium battery rated at 17.69 kWh and is described in reference material as having a maximum range of approximately 161 kilometers. Kandi selected the K27 as one of the first vehicles for its 2020 U.S. sales launch, where speed restrictions and local regulatory requirements shaped its market configuration.
Electric utility terrain vehicle · 2021
K32
The K32 is an all-electric utility terrain vehicle introduced in 2021. It uses dual-motor all-wheel drive and is based on the Foday Lion F22 pickup platform. Reference material describes a standard 20.7-kWh battery with an approximately 97-kilometer range and a long-range version with a 50-kWh battery and approximately 240 kilometers of range. It is intended for recreational and industrial environments and is not approved for ordinary public-road use.
Electric mobility service · 2013
Kandi EV Car Share
Kandi EV Car Share was a Hangzhou-based electric-car-sharing program launched in 2013. It used Kandi all-electric cars, automated parking and retrieval facilities, and battery-swapping support. Leasing packages were designed to include insurance, maintenance, and electricity. The program was intended to scale substantially, although the planned garage network was only partly realized and the infrastructure model evolved over time.
Controversies
2020
Hindenburg Research sales allegations
In November 2020, short-selling firm Hindenburg Research published a report alleging that Kandi had fabricated at least 55 percent of its sales. Kandi rejected the allegations in a December response, asserting that the report contained factual errors, inaccurate historical statements, unsupported conclusions, and extraneous opinions. The available reference material does not establish a definitive regulatory or judicial resolution of the dispute.
Marketing campaigns
- 2024Kandi America NFL golf carts
United States
Kandi America partnered with Lowe’s on a limited-edition set of 32 golf carts decorated with National Football League team designs.
Outcome. The products were announced for exclusive sale through Lowe’s stores, extending Kandi’s U.S. presence into licensed recreational merchandise and neighborhood transportation.
- 2020Kandi U.S. launch
United States
Kandi introduced the K27 and K23 as the first vehicles for a planned Dallas–Fort Worth sales launch, presenting the cars as affordable electric transportation for the American market.
Outcome. The launch established a direct U.S. retail and distribution focus, later supplemented by electric UTV and golf-cart products.
- 2013Kandi EV Car Share
Hangzhou, China
Kandi promoted an electric car-sharing service modeled partly on Hangzhou’s public bicycle system. The service combined shared access to compact EVs with automated parking structures and battery-swapping operations.
Outcome. The initiative attracted attention as an early large-scale electric car-sharing experiment, but the originally planned network of garages was not fully built and the operating model shifted toward street-side facilities.
Brand decisions
2023
Expansion of the North American product mixOtherBackground
Kandi sought additional growth beyond compact passenger EVs in a competitive electric-car market.
Action taken
The company expanded its North American offering to include electric UTVs and mini golf carts.
Aftermath
The broader range supported a more diversified recreational and utility-product positioning in the United States.
Net revenue and net profit. $117.8 million revenue and $12.9 million net loss in 2022 → $123.6 million revenue and $1.7 million net profit in 2023 (Fiscal year 2023 compared with fiscal year 2022)
2020
Formation of Zhejiang Ruiheng TechnologyStrategyBackground
Kandi pursued shared-mobility and ride-sharing applications for its electric vehicles.
Action taken
Kandi joined Zhejiang Ruibo New Energy Vehicle Service and Jiangsu Jinpeng Group in founding Zhejiang Ruiheng Technology.
Aftermath
The move extended Kandi’s activities into ridesharing services, although the available material does not document the venture’s later scale.
2019
North American market entryStrategyBackground
Kandi sought to diversify beyond China and establish direct sales of electric vehicles in the United States.
Action taken
After U.S. approval for the EX3 and K22, Kandi shipped an initial batch of vehicles and prepared a Texas launch.
Aftermath
The company announced U.S. sales of the K27 and K23 in 2020 and later expanded its North American range into UTVs and golf carts.
2018
Acquisition of Sportsman CountryM&ABackground
Kandi needed dealer and distribution relationships to support its intended U.S. electric-vehicle expansion.
Action taken
Kandi acquired Sportsman Country for $10 million.
Aftermath
The acquired business was intended to facilitate U.S. dealer relationships for the EX3 and related products.
Acquisition price. $10 million (2018)
2017
Acquisition of Jinhua An KaoM&ABackground
Battery capability was strategically important to Kandi’s electric-vehicle manufacturing plans.
Action taken
Kandi acquired Jinhua An Kao, a battery-technology company.
Aftermath
The acquisition broadened Kandi’s technology base beyond vehicle assembly.
2013
Creation of Zhejiang Kandi Electric Vehicles Investment Co.M&ABackground
Kandi sought to scale electric-vehicle research, manufacturing, marketing, and sales through a closer relationship with Geely.
Action taken
Kandi and Shanghai Maple established an equally owned joint venture with announced registered capital of 1 billion yuan.
Aftermath
The venture became a platform for cooperation with Geely, including vehicle development and manufacturing. Geely later transferred its stake to Geely Holding Group.
2013
Battery-swapping and automated car-sharing strategyStrategyBackground
Kandi aimed to address urban vehicle access and charging constraints through shared EVs, automated parking, and battery exchange.
Action taken
The company launched EV Car Share in Hangzhou and planned a broad network of automated garages with Geely.
Aftermath
Only a limited number of garages were completed, and the program moved partly toward horizontal street-parking kiosks.
Recent events
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