Kandi Technologies Group

What Kandi Technologies Group does

Kandi Technologies Group, Inc. (NASDAQ: KNDI) is a China-headquartered, NASDAQ-listed intelligent equipment platform company that operates under a 'one core, two growth engines' strategic framework. The core business is all-domain intelligent vehicles—electric vehicles including crossover golf carts and off-road motorcycles—manufactured globally and sold through a multi-brand strategy and dealer networks, notably the recently acquired Rawrr brand in North America. The two strategic growth pillars are battery swapping equipment, delivered through its wholly-owned subsidiary China Battery Exchange as the strategic supplier to CATL's subsidiary Qiji Energy for heavy-truck battery swap stations, and intelligent robotics, advanced through the KH Robotics joint venture (70% Kandi ownership) with HawkRobo for autonomous quadruped security robots, plus an AI-integrated delivery robot dog solution built on the Deep Robotics Lite3 platform.

The company monetizes primarily through hardware sales: B2B equipment supply contracts for battery swap infrastructure with CATL/Qiji Energy, dealer-channel EV sales for consumer off-road vehicles, and joint venture manufacturing for robotics products. Operations are anchored by Chinese manufacturing across Jinhua (group HQ and main plant on Xinji Road, Wucheng District), Hangzhou (R&D and China Battery Exchange), Haikou (Kandi Hainan), Xinyu (Huiyi New Energy lithium-ion cell production, acquired 2021 for $7.7 million), and Yongkang (Scrou Electric), with U.S. sales and operational presence in Dallas, Texas (SC Autosports and Kandi America Investment) and Nevada (Kandi Electric Innovation). The company employs 501-1,000 people and was founded in 2002.

The revenue model is hardware-driven with no publicly disclosed pricing. Reported FY2025 net revenue was $87.4 million, down 31.5% from $127.6 million in FY2024, driven by reduced EV demand in China and lower crossover golf cart sales. Despite revenue decline, gross margin expanded materially from 30.8% to 42.6%, the company generated $96.8 million in operating cash flow, and held a $211.9 million cash position at year-end 2025. Reported operating losses, a Nasdaq minimum bid price compliance notice received May 5, 2026, and concentrated exposure to the CATL/Qiji Energy relationship represent key risks alongside the strategic repositioning toward battery swap equipment and intelligent robotics.

Name

Kandi Technologies Group

Legal name

Kandi Technologies Group, Inc.

Website

https://en.kandivehicle.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Kandi Technologies Group (NASDAQ: KNDI) is a China-headquartered intelligent equipment platform with a 'one core, two growth engines' strategy: all-domain intelligent vehicles as its core, plus battery swap equipment supply to CATL and intelligent robotics via the KH Robotics JV as growth pillars.

Ownership category

akta.pro rank

Product category

Electric Vehicles and Smart Mobility Equipment

NAICS

Motor Vehicle Electrical and Electronic Equipment Manufacturing (33632), Battery Manufacturing (33591)

SIC

Motorcycles, Bicycles & Parts (3751), Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Battery Pack & Module Manufacturing (EV) (IMACACAA)

akta.pro secondary industries

Electric Motorcycles & Electric Scooters Manufacturing (IMACAEAB), EV/Hybrid Service & Battery Repair (TLAKAAAJ), Battery Cell Manufacturing (EV) (IMACACAB)

Keywords

• Electric vehicles
• Battery swap equipment
• Autonomous security robots
• Off-road motorcycles
• Lithium-ion battery cells

Headquarters

HQ city

Jinhua

HQ country

China

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Electric Vehicle Sales: Revenue from manufacturing and selling electric vehicles including crossover golf carts and off-road electric motorcycles through multi-brand portfolio strategy
2. Battery Swap Equipment: Equipment design, manufacturing, and after-sales services for battery swap stations supplied to CATL and its subsidiaries under strategic cooperation agreements
3. Intelligent Robotics: Manufacturing and deployment revenue from autonomous security robots and delivery robot solutions through joint ventures and partnerships

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Kandi Technologies Group manufactures all-domain intelligent electric vehicles (crossover golf carts and off-road motorcycles), designs and produces battery swap station equipment for heavy trucks and passenger vehicles through its China Battery Exchange subsidiary, and develops autonomous security and delivery robots through the KH Robotics joint venture. The company also produces lithium-ion battery cells via its Jiangxi Huiyi subsidiary to vertically integrate EV battery supply.

Product overview

Kandi Technologies Group is a global innovator in intelligent equipment and technology-driven platform company operating under a 'one core, two growth engines' strategic framework. The company anchors its business in all-domain intelligent vehicles (electric vehicles including crossover golf carts and off-road vehicles) as the core foundational business. The two strategic growth pillars are battery swapping equipment (through China Battery Exchange subsidiary) and intelligent robotics (including the KH Robotics joint venture and intelligent delivery robot dog solutions). The company has expanded through acquisitions including Rawrr electric off-road motorcycles and Jiangxi Huiyi lithium-ion battery cell producer, while maintaining global operations across China (Zhejiang Jinhua, Hangzhou, Yongkang, Hainan Haikou, Jiangxi Xinyu) and the United States (Texas, Nevada).

Differentiator

Problem solved

Functional benefit

Products and services

• All-Domain Intelligent Vehicles (EV Crossover Golf Carts and Off-Road Vehicles) Electric vehicles including crossover golf carts and off-road vehicles representing Kandi's foundational core business, manufactured globally and sold through dealer networks and direct channels.
• China Battery Exchange - Heavy-Truck and Passenger Vehicle Battery Swap Equipment Battery swap station equipment design, manufacturing, integrated delivery, and after-sales services for heavy-truck and passenger-vehicle applications, supplied as strategic equipment to CATL's battery swap ecosystem.
• Rawrr Electric Off-Road Motorcycles U.S. electric off-road motorcycle brand acquired to expand Kandi's multi-brand presence in the North American sustainable mobility and powersports segment.
• KH Robotics - Autonomous Quadruped Security Robots Autonomous quadruped security robots integrating HawkRobo AI and robotics hardware, manufactured and deployed by Kandi (70% controlling stake) for logistics park and industrial facility security patrols in North America.
• Intelligent Delivery Robot Dog Solution AI-integrated robotic last-mile delivery system built on the Deep Robotics Lite3 platform designed for residential communities and office building environments.
• Huiyi New Energy - Lithium-Ion Battery Cells Lithium-ion battery cell production for various electric vehicle battery applications, operated through the Jiangxi Huiyi New Energy subsidiary in Xinyu, Jiangxi.
• Kandi America (SC Autosports and Kandi Electric Innovation) U.S. operations for North American EV sales and market presence, encompassing SC Autosports in Dallas, Texas and Kandi Electric Innovation in Nevada.

Quantifiable outcome

• Gross margin improved to 42.6% from 30.8% year-over-year despite revenue decline
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• CATL (Contemporary Amperex Technology)coreStrategic or Co-development Partner · 26 May 2026Kandi participated as core equipment supplier at CATL's 2026 Battery Charging and Swapping Supplier Conference in Xiamen, China. Chairman joined executive roundtable with CATL leadership to discuss equipment technology, supply chain optimization, and long-term strategic collaboration. Kandi positions itself to align with CATL's deployment pace targeting 30,000 passenger vehicle stations, 10,000 heavy-truck stations, and 100,000 ultra-fast charging facilities.
• HawkRobo SystemscoreStrategic or Co-development Partner · 17 March 2026Joint venture KH Robotics established with HawkRobo to commercialize autonomous quadruped security robots in North America. Kandi holds 70% controlling stake and leads manufacturing and deployment while HawkRobo contributes robotics hardware and AI software. Venture led by former Hikvision North America executive Oliver Zhang with initial commercial deliveries targeted for 2026 in logistics parks and industrial facilities.
• Qiji Energy (CATL Subsidiary)flagshipStrategic or Co-development Partner · 29 January 2026Three-year strategic cooperation agreement between Kandi's subsidiary China Battery Exchange and Qiji Energy to enhance heavy-truck battery swap infrastructure. China Battery Exchange serves as strategic supplier responsible for solution layout, equipment selection, manufacturing of mechanical and control systems, integrated delivery, and after-sales services for approximately 900 battery swap stations targeted for deployment by 2026 as part of CATL's Ten Thousand Station Plan.
• Rawrr Inc.flagshipOEM/ Whitelabel/ Licensing Partner · 5 December 2025Kandi acquired Rawrr Inc., a U.S. electric off-road motorcycle brand, to expand presence in North American sustainable mobility market and enhance multi-brand portfolio. The acquisition leverages Rawrr's strong market traction and established dealer network. This represents Kandi's multi-brand strategy to capture growth in the electric off-road vehicle segment.
• Jiangxi Huiyi New Energy Co., Ltd.coreTechnology or Integration · 19 July 2021Acquisition of Jiangxi Huiyi New Energy Co., Ltd., a leading producer of lithium-ion cells in China, for RMB 50 million plus potential share issuance conditioned on profit targets over three years. The acquisition expanded Kandi's battery cell business with new technology for EV battery applications, leveraging Huiyi's technology for various electric vehicle battery applications.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Polaris Inc. US-listed manufacturer of off-road vehicles, side-by-sides, and snowmobiles that has expanded into electric side-by-sides and electric motorcycles. Directly comparable to Kandi's Rawrr electric off-road motorcycle brand and broader powersports EV ambitions in the North American market.
• BRP Inc. Canadian powersports manufacturer behind Can-Am, Ski-Doo, and Sea-Doo with a growing electric lineup including the Can-Am Origin electric motorcycle. Comparable to Kandi/Rawrr's electric off-road motorcycle positioning and North American dealer-channel strategy.
• CFMOTO: Chinese-headquartered powersports and ATV/UTV manufacturer with growing electric model range. Directly comparable to Kandi as a Chinese OEM exporting electric off-road and recreational vehicles into North American dealer networks.
• Club Car: Leading global manufacturer of golf cars and low-speed vehicles (LSVs) with an expanding electric utility vehicle lineup. Directly comparable to Kandi's crossover golf cart business that has historically anchored its revenue.
• E-Z-GO (Textron): Major golf cart and LSV manufacturer owned by Textron, with electric utility and recreational vehicles. Direct competitor to Kandi's crossover golf cart and low-speed electric vehicle product lines.
• Segway-Ninebot: Chinese-listed micromobility and personal electric vehicle manufacturer spanning e-scooters, e-bikes, go-karts, and self-balancing vehicles. Comparable to Kandi as a Chinese EV/mobility platform targeting both domestic and North American consumer markets.
• Gogoro: Taiwanese smart-scooter company whose core differentiator is a large-scale battery-swapping network for electric two-wheelers. Closely comparable to Kandi's China Battery Exchange business model of standardized battery swap stations for fleets.

Broad incumbents

• NIO Inc. Large Chinese premium EV maker that has scaled a passenger-vehicle battery-swap network (PowerSwap) to thousands of stations. Broader incumbent reference point for the battery-swap-as-a-service model that Kandi supplies equipment into via CATL/Qiji Energy.
• Yamaha Motor: Established Japanese powersports and golf car conglomerate with electric motorcycle concepts (e.g., TY-E trials) and a golf car business. Comparable as a broad incumbent in both motorcycle and golf-cart segments where Kandi/Rawrr and its LSV line compete.

Emerging players

• Arcimoto: US-based emerging manufacturer of three-wheeled electric vehicles for utility and recreation. Thematically comparable to Kandi as a small-cap pure-play in niche electric mobility, though much smaller and earlier stage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kandi Technologies Group