Kandi Technologies (KNDI) Posts Strong Growth

Kandi Technologies (KNDI) reported strong results this morning posting an EPS of .06 on revenues of $9.9 million.  No analysts currently cover the company to compare results.   That’s a 500% jump in EPS and an 80% jump in revenue over the year ago quarter.  Its top selling product, the all electric COCO LSV, accounted for nearly half of its revenues with most of that coming from sales in the US.

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CEO Xiaoming Hu commented:  “The second quarter of 2010 will stand out as one of the most exciting in Kandi’s recent history as our businesses outperformed our expectations in many aspects. After years of effort, we received government approval to manufacture and sell our pure electric vehicles in China. Significant government announcements were made that clearly supported our comprehensive new business model to become one of leading pure EV producers and service providers in China. And, visible progress was made with local and regional government support in transforming Jinhua into a model EV city.”

Shares of KNDI initially surged at the open and were up nearly 10%, but have since given up all the gains and then some, down 2%.  Technically, the stock has looked increasingly bullish in recent weeks and in my opinion offers a compelling entry point at current levels.


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