KNDI | Market Cap: $66.7M (07/13/26)
Industry:
Automotive Manufacturing
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DESCRIPTION

Kandi Technologies is a Chinese manufacturer of electric off-road vehicles and EV parts, focused primarily on the North American market. Kandi's core products are ATVs, UTVs, go-karts, and electric scooters used for leisure, outdoor recreation, agriculture, and site transportation. Off-road vehicles and associated parts represent roughly 95% of revenue. Kandi manufactures in China and sells into North America through two channels: indirect sales via Chinese import/export trading companies, and direct sales to U.S. and Canadian retailers and dealers. In North America, Kandi distributes through over 1,500 U.S. store locations and over 300 in Canada, spanning big-box mass retailers, outdoor power sports dealers, and e-commerce platforms. U.S. operations are run through SC Autosports, a wholly-owned subsidiary based in Dallas, Texas, where Kandi also conducts some final assembly and warehousing rather than acting purely as an importer. Kandi's profitability is driven by unit volumes and vehicle pricing, offset by manufacturing costs in China and distribution costs into North America. The business has notable concentration on both the supply and customer sides. Kandi has been deliberately winding down its legacy EV passenger vehicle business in China and shifting focus toward electric off-road vehicles for global markets. Kandi recently acquired Rawrr to broaden its electric off-road product portfolio, though that business remains early-stage.

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