Kandi Technologies drops to all-time low on Q3 results, trade war impact

seekingalpha11-18

wundervisuals/E+ via Getty Images Weighed down by an 18% drop in sales due to changes in the sales model for fully electric off-road vehicles, China’s Kandi Technologies (NASDAQ:KNDI) swung to a loss ...

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In 2019, the Trump administration imposed a 25% tariff on auto parts and vehicles imported from China to counter China’s extensive subsidies on its automotive industry and anti-competitive practices. This year, the Biden administration expanded those protections to include a 100% tariff on imported EVs from China, a policy that is expected to be continued when Trump returns to the presidency in January 2025.  Kandi (KNDI), which currently sells recreational vehicles through a partnership with Lowe’s including the recent launch of NFL-branded golf carts, stands to take a significant hit to profits from prohibitive trade policies. In 2023, sales outside of China accounted for three-quarters of Kandi’s total sales, versus a little over half in 2022. Of the $123.6M in total sales, 85% comes from the sales of off-road vehicles and the associated parts.  Therefore, to offset the impact of 100% tariffs in 2025, Kandi (KNDI) plans to invest $100M to establish a lithium battery manufacturing and battery pack facility in the U.S. with an initial annual capacity of 1 GWh. Construction is expected to take 18 months to complete and to generate approximately $230M in annual revenue at full capacity. 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