Kandi Technologies Chairman Resigns with CEO Set to Step Up

Dow Jones10-11

By Dean Seal

The chairman of Kandi Technologies has resigned and will be succeeded by the company's chief executive.

The maker of off-road electric vehicles and lithium batteries said Friday that its board has accepted Xiaoming Hu's resignation as chairman.

Stepping into the chairmanship is Xueqin Dong, who in turn will step down as chief executive officer. Feng Chen has been appointed as Kandi's new CEO.

The leadership shakeup was one of several major changes voted in by the company's board at a recent meeting. The board authorized Kandi to pursue a potential initial public offering for its U.S. business and approved a proposed acquisition of industry peer Hangzhou Honghu Zhixing Technology.

Kandi's board also approved management's strategic growth plan for 2025 to 2029, which calls for the expansion of its two main business lines in North America, Europe and Southeast Asia.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 11, 2024 09:24 ET (13:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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