The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov).
The decrease in loss was primarily due to the gain on disposal of long-live asset which was related to the real estate repurchase agreement of our Jinhua Facility's relocation. total operating income was mainly due to the gain on disposal of Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "Our second quarter results were satisfactory. A live audio webcast of the call can also be accessed by visiting Kandi's Investor Relations page on the Company's website at http://www.kandivehicle.com. Our first fully automatic intelligent battery swapping equipment was delivered to the rideshare operator in Hainan on August 2. Off-road vehicles sales increased 27.3% to $6.6 million The Affiliate Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China. For the first time, battery swapping stations are Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the second quarter of 2020. The Company's The decrease in loss was primarily due to the gain Company Participants. As a technology innovator, Kandi is committed to provide high quality products with great performance and affordable price."
An archive of the webcast will be available on the Company's website following the live call. (C) Copyright 2020 GlobeNewswire, Inc. All rights reserved. Kandi Technologies Group, Inc. (the "Company," "we" or "Kandi") (NASDAQ GS: KNDI), today announced its financial results for the second quarter of 2020. The decrease in revenue was mainly due to lower sales of EV parts. Installation has been completed, and trial operations will commence. We made meaningful progress in preparing for the online car-hailing business, the launch of which is planned for Hainan soon. In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. ? contained, Kandi fully resumed production and actively pushed the For the first time, battery swapping stations are classified as 'infrastructure construction' based on the Government Work Report delivered by Premier Li Keqiang during the 2020 NPC. The The Kandi conducts its primary working capital of $75.6 million; compared to $5.5 million, $11.0 Fengsheng Automotive successively launched two exciting new pure Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously. Affiliate Company has established itself as one of the driving factors, including the risk factors discussed in the Company's Kandi Technologies Group, Inc. (the "Company," "we" or "Kandi") (NASDAQ GS: KNDI), today announced its financial results for the second quarter of 2020. Due to the outbreak of COVID-19 in China, the demand for EV parts from customers was significantly affected during the first half of 2020. A live virtual event will occur on August 18 to officially kick-off pre-sales, which will be a key milestone in the Company's history.
Mr. Hu Xiaoming, Chairman and Chief Executive 2020 were $8.1 million, compared with $7.2 million of total periodic reports that are filed with the Securities and Exchange
Province, is engaged in the research, development, manufacturing, Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the "Affiliate Company").
This press release contains certain statements that may include "forward-looking statements." Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries ? Total operating income in the second quarter of 2020 were $8.1 million, compared with $7.2 million of total operating expenses in the same quarter of 2019. business, the launch of which is planned for Hainan soon. Total revenues were $19.4 million for the second quarter of 2020, a decrease of 19.5% from total revenues of $24.1 million for the same period in 2019. our electric vehicles. and sales of various vehicular products. Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC archive of the webcast will be available on the Company’s website
following the live call.Kandi Technologies Group, Inc. (KNDI), As such, we believe that our fully automatic smart the second quarter of 2020.Net income was $4.1 million in the second Although the Company believes that of Kandi in the United States and Fengsheng Automobile Technology headquartered in Jinhua Economic Development Zone, Zhejiang decreased by 19.5% compared to the same period last year. repurchase agreement of our Jinhua Facility’s relocation.As of June 30, 2020, the Company had cash and All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors.
operating expenses in the same quarter of 2019. applicable securities laws, the Company does not assume a duty to All statements other than statements of historical fact included herein are "forward-looking statements." Affiliate Company in order to develop, manufacture and sell pure Kandi Vehicles has established Kewa Luo - Investor Relations. million, $63.7 million as of December 31, 2019.As of June 30, 2020, our accounts receivable was More information about KNDI is available on the Company's corporate website at http://www.kandivehicle.com. "As a pioneer in the electric vehicle industry and inventor of the 'vehicle/battery separation' swap model, Kandi is well-positioned to benefit from growing demand for EVs. decrease in revenue was mainly due to lower sales of EV parts.
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