Participants

Kewa Luo; Investor Relations; Kandi Technologies Group Inc

Feng Chen; Chief Executive Officer; Kandi Technologies Group Inc

Presentation

Operator

Greetings and welcome to the Kandi Technologies full-year 2024 financial results call. (Operator Instructions)
 As a reminder of this conference is being recorded. I would now like to turn the conference over to your host, Ms. Kewa Luo, Investor Relations Manager. Thank you, you may begin.

Kewa Luo

Thank you, operator. Hello everyone. Thank you all for joining us on today's conference call to discuss Kandi's results for the full year 2024. Earlier today we issued a press release covering the results. You can find the press release on the company's website as well as from newswire services.
 Please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involved inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today.
 Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statement, except as required under applicable law. Additionally, unless otherwise stated, all figures mentioned during the conference call are in US dollars.
 Before we continue, I would like to introduce the team joining me on today's call. Joining us are Mr. Feng Chen, CEO; and Mr. Alan Lim, CFO. Mr. Chen will deliver his prepared remarks in Chinese, which I will translate afterward. With that, let me now turn the call over to our CEO, Mr. Feng Chen. Go ahead, Mr. Chen.

Feng Chen

(spoken in Chinese)

Kewa Luo

(interpreted) Good day and thank you for joining us. Over the past year, we not only strengthened our leadership in the electric off-road sector, but also enhanced our manufacturing capabilities and expanded our market reach, laying a solid foundation for the strategic progress we achieved in 2024. I am proud of the resilience and innovation demonstrated across the organization from our Board's strategic guidance to our team's daily execution. And I appreciate the continued engagement of our investors.

Feng Chen

(spoken in Chinese)

Kewa Luo

(interpreted) In 2024, we delivered modest, yet meaningful revenue growth driven by steady demand for our electric off-road vehicles and the ongoing optimization of our geographic footprint. While our revenue grew steadily, we continue to invest in the future, strengthening our overall product portfolio, advancing next generation battery technology, and reinforcing our balance sheet. This disciplined approach enabled us to preserve profitability and maintain a robust cash position as we navigate it involving market dynamics.

Story Continues

Feng Chen

(spoken in Chinese)

Kewa Luo

(interpreted) Our core electric off-road segment remains the engine of Kandi's business. Last year, we introduced several new models tailored to North Americans preferences, including the innovator e10K utility vehicle, a new lineup of electric go carts built for everyone from entry-level riders to seasoned off-road enthusiasts. As well as our limited edition, NFL golf carts. Meanwhile, Kandi made a strong presence at multiple golf cart expos and industry summits, earning widespread price from dealers and attendees.

Feng Chen

(spoken in Chinese)

Kewa Luo

(interpreted) Behind the scene, we are enhancing our operational resilience through targeted upgrades to our Taiwan manufacturing footprint. These improvements have increased our flexibility and responsiveness, enabling us to better align production with shifting customer demand while maintaining high standards of quality and efficiency.

Feng Chen

(spoken in Chinese)

Kewa Luo

To ensure we deliver on our ambitions plans, we recently implemented a management incentive program that aligns leadership rewards directly with key performance metrics. This initiative is already motivating our senior team to push harder on sales growth, operational excellence, and new product development, ultimately driving improved results across the company.

Feng Chen

(spoken in Chinese)

Kewa Luo

(interpreted) Looking ahead, our priorities are clear. We will bring forward innovative battery and vehicle solutions, expand our dealer network, deepen strategic partnerships, and execute our US localization roadmap, highlighted by our recent partnership with CBAK Energy to localize lithium cell and pack production in the United States. By aligning production closer to end markets and leveraging clean energy incentives, we are positioning candy for sustainable long-term growth.

Feng Chen

(spoken in Chinese)

Kewa Luo

(interpreted) In closing, I'm confident that the steps we have taken in 2024 have strengthened Kandi's platform and prepared us to seize new opportunities. I want to thank our employees, partners, and shareholders for their trust and collaboration.

Thank you, Mr. Chen. And thank you everyone for joining today's conference call. As noted earlier, there will be no live to a session for today's call. You have any questions following today's presentation, please email us at [email protected] or [email protected]. We will respond to all inquiries within the next five business days.
 Please note that our responses will be limited to the information that has been publicly disclosed and will comply with the applicable SCC regulations. This concludes our conference call. Thank you and have a good day.

Operator

Thank you ladies and gentlemen. This concludes the conference call today. You may disconnect your lines. Thank you for your participation.

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

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