Q1 2020 Kandi Technologies Group Inc Earnings Call
[music].
Greetings welcome to Kandi technologies first quarter 2020 financial results call.
This time, all participants will be in listen only mode.
Next question answer session will follow the formal presentation.
If anyone should car I figured assistance during the conference. Please press star zero from your telephone keypad.
Please note this conference is being recorded.
This time I'll turn the conference over to key why live well you may now be yet.
Thank you operator.
Hi, otherwise welcome to Apollo Technology School, so quite a 2020 <unk> earnings conference call the company well results today.
He is available on candies website.
He was talking about how do they called Dot com well that's today on this so we saw me, Ken founder Chairman and Chief Executive Officer.
[music].
She's financial officer.
Michel will be liver prepared remarks, followed by a question answer session.
Before we get started please note that todays discussion well, okay, well one looking statements.
Right.
Topic provision all feel quite Securities Litigation Reform Act of lighting I decide well one looking thing.
I'll be telling risks and uncertainties.
The company results, maybe materially different from that patients expressed today.
Thanks, so much more body and others.
It's included in a copy of the public finance [laughter].
The company does not assume any obligation to offset any forward looking statements, except as required under applicable law.
Reminder, this conference call I think recorded in addition audio webcast. This conference will be available on Ken Investor Relations website, I will now turn the call over to Kandis founder Chairman and CEO Mr. without me.
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So we don't like a shot gentlemen.
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Hello, Thank you all and Hello, everyone. Welcome. Thank you much one yes on the call today.
As you all know the coal the crisis impact of business in China and around the World you know first quarter mission lobby supplies that our running your went down I'm comfortable why shutdown, we do sell production.
Well its consumer demand.
Competition seems to be improving right now imagine slowly recovering and we all back to work in a gradually ramping production.
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There's not that went on our kids on can't probably got woman or why don't you.
Hello, even with this set back in the first topic here, we are optimistic about that because that's all candidates in our industry lending gleefully tell you why.
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Hello, I suppose you bought a they are back up a.
A couple on that support well, probably see I am I in venture off that they called Fabulous Appalachian Badness whopping model for purely electrical vehicles.
I am extremely gratified to our industry's regulators shift wamsi jacking badly sloppy to fully embracing it was only several important national mysteries, just published 81 paper about badly swapping the paper disgusted how's the government will promote this technology with me.
It's important policy, we have being a pioneer embedded incredibly well and allergy mom and Pops easily could you just wanted to best intelligence, Although maybe walk if something out industry, although support is coming at the local level.
It's actually hi, not it's going to benefit from the government. They are building outreach report just this week the Colombian pulp published a detailed plan all lighting 60 supporting policies.
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Okay got known food agent that she likes what things on that couldn't financing.
Well.
That's definitely no walking with them as well watch opportunity.
Well they broke out we've worked hard to find new opportunities that I love. The geology knowledge expertise, we have conducted market research and one that stands out is powertrain, well actually scooters and sounds balancing Houma boy, there's just some off your perfect well all electric motors and battery pack.
And it is quite large 10 million units, a year and a growing well how modified all products. What this market and Kent you agreement to cooperate with one of them either yes market, how Joe's chip.
Any all helping people up we may emerge our motor and the batteries Pops either way.
In call school imaging on call internal why single specialized.
College thing technology company and evaluate the possibility of LIFO gross capital.
In China.
Steve.
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The final exam for all team has done and the positive long term outlook for electric vehicles.
Electric vehicles are here to say comfy, so long a world to our in place and easy or they are positive environmental impact by operating that in this market for many many years, we are very well positioned to benefit Oh sealy accompanying phone shop as renting it will make a lot.
We are developing our GGR platform was birch, what's the right sheer program, which will drive a huge volumes off they called overtime and we are enjoying what market would cause she most recently he me at the very reasonable price.
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Let's now turn to question.
Operator. Please proceed.
Thank you.
That'd be conducting a question answer session.
If you like to ask a question. Please press star one on your telephone keypad and a confirmation total indicate your line and the question Q.
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One moment, please probably poll for questions.
Once again, it's star one to ask a question.
Thank you.
Our first question comes from the line of.
[noise] Harold covering a private investor.
Okay.
Yeah.
Okay My question.
Hello, Yes, okay.
Lots of negative publicity.
About U.S. listing of China companies that are not in the public company accounting oversight board the PC eight will be compliance.
Well the U.S. had been stable saber rattling for over 10 years.
Right thing to do you list these companies.
In the past nothing has happened that's but not so this time can mr. you can't take some time to explain why candy shareholders do not have to be concerned about de listing due to both <unk> structure and no PC. He will be registered thanks to candies recent how did you change.
Thank you.
I think it's a question who don't happen once you sure towards Israel and blow up I guess I think that make rational should this rush comfortable Sheila.
Oh, Hi, Jim away I'm quite Peafiel peak leasing they just won't bought all I can tell me what do you feel Jim bodies I like what I should should again, we sell downs is just when we're going to push it sounds like whats your national the husband meal fashion that Jason should be young.
Oh, we're taking a lot when she won't get them Kashi I wouldn't look how much they don't want banking I come your way anyway.
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And then go woman to be calling for a moment goes okay. He's there would be a it'll be and all that much in you know when <unk> My God. She missing Gee I wasn't then go to your so I'll be there would you and I would be since that somebody you got to yet was <unk> well, what's your that's especially on Jim.
Oh shit shareholder should be less concerned all statements yourself, but because they are simply tils thing first of all candies like what's the company second which NGL you auditor macular TNT last year last quarter and Muslim BNP stopped.
Actually the inspection by PCL being coating walking paper.
Thank you.
Thank you.
Our next question, that's <unk> Arthur Porcari with corporate strategy. Please proceed with your question.
Good morning, Mr., who do you want a mystery about hopefully or health, it's been good and your family as well my comments [laughter] for background questions are primarily about the little known and understood former Geely Kandi JV no called things sharing which you Oh just barely mentioned.
Since you didn't cover that extensively.
I'm going to feel like I have to ask a few more questions. Because this is a subject it's been receiving rave reviews, all over the China media, including can be by name over just the past few weeks.
So a.
A little more expensive than I originally expected to be.
I see what can you tell back to Mr., who are going on.
Oh sure I suppose young Alphaform hockey one how to Tom I suppose as Giovanni I'm, The Guy who will say on San Carlos has now one dimension I should go I mean, what my dad, well batches I just kinda, let's go with Jim Besch cellphone, Sean and I feel good I'm, assuming that you handle myopic cheating.
Oh did not say Oh boy, maybe Sean Yes, I'm actually the bullish on kinda like why Ocean County that about though.
Please go ahead.
Okay that was not aware that short, finishing background first its 22% own by candy controlled and managed by Geely holding is dangerous largest shareholder and worlds largest privately held automaker.
And just the auto segment alone Geely holding owns eight global labels Drinker Volvo Lotus protons for others. All of this wholly owned exclusively by Chinese six wealthiest man be sure. So.
As mentioned recently can be through Fangsheng has received a lot of very positive pressure from geely in China.
It is now begun selling its first D.V. under the essential my thinking people brand compact that's usually named the Maple 30 X and with his second up to seven passenger easy. The Maple 60 be was approved just last week by the government. It's expected going sale in Q3 this year.
The past that onto him.
Sure I'm almost sounds usage I guess you like it actually I saw you got to Oh Gee local national G. O two al Gore cocky core taking that total ankle button, Josh I got.
Which meant that yeah, I see how she got I'm talking about how many young adult actually I love Basel I transcription, hi, I won't give much Washington, Y'all neutral, we actually don't watch I need to yield up they feel they add on any didn't either she's having a phone show how long can do not that's even though.
Let me show me you know about compete with yes, I, usually it's making them yeah, Populus, Oh, social taking up a phone which will finish it up in bunch why because you see the X.M. and bone been interesting I don't have any comments about other patio hold I think yeah. Thanks.
Stepping into one direction jump out Oh, you money that they.
I don't go channel, a joint maybe selling yet people, who yeah, my Blanche well, yes, well atrophy equine you know last year, but MTV, that's cool to see knocking down tropin anyway telephony, yet no should be.
She was that he said he thinks I'm sure, we'll see I play with July I'm quite sure Dohvinci. Please go ahead.
The media reports it both are easy clones of two of Keeley autos top selling gas cars vision next three and the GE alley, well the six TV.
Which.
Then on Sally goes on that's the bigger cargoes on sale in Q3 has not been priced yet the 30 ex that went on sale in may after subsidies can be purchased for an amazing nine to 10000 U.S. dollars, depending on the model version.
With incredible features usually only seen on mid to high end D. These as the media has reported.
Could you pass that on tool.
Gave up essentially that's not.
I'm sure should have doubts when I came tumbling bachelet children, but actually most of them agenda I see no Johan <unk>, helping you on brought in Australia that going and how do you know I can tell who should be how how Neil kinnock how to tackle.
Okay also reported by saying sharing in the beauty of they're very heavily was a schedule of 12 additional east to include a sports car and truck between now and 2024.
It seems to be a hidden assets its U.S. investors are not paying attention to.
We can be first can mr. he'll give us his take on this recent reporting and what potential he sees for Kennedy with distinction investment then have a few shorter questions.
I guess thinking I didn't meet your thought on that to onboard for say, it's cool the argument logging into all the all in Ohio Casino.
You know shy them to a great goodness your desktop or not we don't know I'm. Good woman, Jon Gosselin, certainly how does that they will go down.
Don't shut off a joke I don't jump on either one.
Oh My God.
Yeah, Okay from a TV show more check one are you calling out that sounds all golf and Uh huh.
Currently sits on the auto I said bookings on the yard.
Oh, Hi, Bosch and Conti, how much of that piece where.
She was your funding I guess.
The one center.
Yeah.
We'd be job ready the chalk robots Synthonics Uh huh.
Sorry for people that true thought I'd too. So you haven't bought for people to do it anyway My thinking that's where we also your thoughts all one yet so I'm not.
She didn't you and I said she took a she would cause that you got a bigger than.
She's sort of pushing owns a woman.
The other way.
Thank you everyone I told them when I got a.
Oh, hi, different guys <unk> cool, that's really nothing I'm not arguing that the guy one gets cause I'm very pleased on couponing email me.
So you can study.
Hi, Mike just not liking it might not I'm I'm supposed to pilot.
Okay, and what Cushing.
I think than I thought before you go gosh I'm not talking I think it if I got it looks at all a couple of switching Ah I bet you tested.
<unk>.
Since you have you know.
Yes, I do know that ever since the joint venture is over after that.
The Atlas Jets transfer is going to be.
Oh, the control managed to buy has really mostly and it's really has ever extends our business plan.
Oh slowing the function.
Until dominate the market share in the evening markets and the football for the first even model, but he act on vehicle, it's true up taking them off this year. That's why the the prices that's probably affordable, but that doesn't caught 16 16 me, there's a base all day.
Yes, absolutely empowered to cars that much needed model, but otherwise it's going to be modified to be the easy it's gonna be changed to the five did it. Therefore the car inside what are you comfortable and that's going to be many targeting the right sharing markets and the would be needs that are going forward I in the next.
Well here.
Function, it's going to really a many very very nice Oh high performance high standard easy, but by then I'm sure a company will keep the more capital of the information is available.
Okay. That's good answer actually that's covered a little bit my.
Next question, Okay, So let's see.
Yeah on the last conference call Mr., Hu, Oh security would likely not try to compete for parts business on the first loan on this first low price. He these 30 years.
We should also not be used for the QB extremely short wheel base disqualified from rightfully does he expect the new larger six TV.
What I see US now said is being prepared for the ride hailing program to use candies to be X or possibly also to use the candy batteries parts as well and to see if any idea what price range. The new Maple 60 V will be in.
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Hi, good pick 'em 80, who <unk>.
Oh, we are feeling the profits off evaluating a quick battery swap system for 16.
Excuse me and the price wars, though they call is you'll confidential at the present.
Okay. That's fair so it looks like we have a big where we're competing for the QB X is what you're saying for the six TV.
Okay I was wondering nominally get home attacking that you can go.
I don't think take lunch wants you to come close to one Dan.
Oh, Yeah, no I was a one didn't quite know how to them once you're going to address a sound way to younger Sean here.
ER quite warm isn't from your point, yeah sure that does that usually something that they do you.
We actually that's it.
I have just just walk me, though.
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Actual actually about.
HM.
On the Bobby swapping, it's actually right now are we are in discussion with.
Thank you Oh EBI <unk>. This is up all the the model and domestic off but sadly swapping of you'll know for Neil Sabby swapping the balance sheet ethics changed on Denise up a car on the bottom Buffalo Handy model is that exchange all aside from a.
From side you replaced the then you'll be called <unk> with the old one, but I believe that all cars. The most Oh man Dan They do differently in time, not even in the world and I know governments also very up knowledge you just kind of my Theres still were confident that is going to have a very good future.
I understand so this because that's a remodel of an existing gas powered car.
It would take it.
Debating whether they can do the modifications to use the side slide to paint it candy has the patent calling.
So I see what's going on there. Okay last question twice in the past four months. It was reported that same shang expected to sell some 30000 units this year.
It's sitting Geely auto sold over 140000 units of the.
Of the <unk> gas powered sister car of the 30 ex the vision X three just last year.
As Mr., who think thing she can still reaches 30000 go in spite of the covert 19 slowdown.
And with the 60 V, which is much larger coming next quarter.
Could that be easy candy reported last year that the JV would deliver 20000 abies to count Gillies White glove ride hailing company.
Oh I'm, sorry can you I would she goes that Oh my time, so yeah, okay, well I'll repeat it again twice in the last four months. It was reported this thing she is expected to sell some 30000 units this year.
Considering that usually horizontal.
Oh, sorry.
Well it just said units at the time, we didn't know what car was.
Okay.
Okay. So expect fell 30000 units this year, considering the Geely auto sold over 140000 units of the 30 axis gas power. It's just a car division extreme last year.
As Mr. Hu, finishing and still reach its 30000 goal for the extreme.
In spite of the cobot 19 slow down.
Yes, good that part first always the second part.
Okay, Hi, Sheila.
Yeah, Yeah, yeah, sorry, disposable job. Unfortunately, I think meal way My school summit on Showtime Mailchimp Moshe Thatcher somebody out not quite sure I'm not quite sure that you should have begun in that like T O choice to pipeline or that you National Hawks bought off what's unique how my life.
Yes, so she's somebody else that's almost half of on Joshing moved your though on sessions I used to that you want Oh, social high school lunch home on the omni and happy to the Oh, My God social mobile.
There's been a it's a common their time by accident would be that thing.
Thank goodness kind of is shown that you're not I mean, one fifth yet.
Hi, so they usually that's become a window would either then as the muscle.
[laughter] I have I want to say that I have thing there. It's LPL is working hard to walk you. This target a cheap well ever I do believe that does the pandemic, you'll not fully come time. So there was still oh, sorry impact in a market.
So I will say they are still trying to achieve that Paul.
Okay and the second part of my question was actually due at the six D.V., which is much larger it's coming next quarter.
That baby E V Candy reported last year, the JV would deliver 20000, abies Dickau Gillies White glove ride hailing company.
Remember last year right.
Hello.
It was gonna take 20000 of the cars would be JV. This is before picking sanctioning.
And I'm, just gonna be the cars, they're going to start moving over.
Oh listen I'm going to tell when she goes yeah social.
Sometimes we'll let you got a yield should be the geological should that be some people die off on downstream tool, that's too well how cheap dealership attaching element. That's one of the gentleman talking probably go up on the Mogens you need that helps I was wondering why don't you how beltway y'all, Yeah My lounge law.
Josh Joshi called neutral way away coal phone calls you got a couple of just some more oh, we sell she's out. So I was just <unk> auction profile now my down the sequential should which will she did a little should lead to control.
Oh, yeah, because that's what I can nuclear queued up I've also dominated although net that's I'm pretty sure.
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Good.
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Mmm food and wine on their part kind of hoping you could push.
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So my P. neither show.
Yeah, not Peter what Oh, I only my good friend in fact, I fall I assume that all the there was a week and I bet you I know you're Ritchie with other Keith was I'll get off quite a significant part not going I mean.
Oh, Okay actually out when we were releasing the news last year about the cooperation with help us onshore and there was a deep on cars album was going to to be using but I've heard the 60 V. A has a better performance I I expect that that's going to be.
We deploy today at hospitals lunch real a program.
Okay, well like I said that was last but just one little side question I'm curious why last week the company announced they were cdthirty $4 million as a down payment on the 76 million dollar payments Virgin why I'm curious why that wasn't even brought up as one of the features even a subsequent to that because it didn't show up in this quarter's numbers.
But we didn't put that the press release or even Mr whose opening statement.
Just a point.
I'll tell you go I thought when you go from 1000 feet, Oklahoma. So actual dollar Dupont that's easy chair wasn't a lot I take a male itself, but she too yeah I understand your mills I only want up you know what you'll see the.
Okay, how she thought.
Hi, Shaquille O'neal a woman she body near you know thanks, George is a woman yeah, yeah publishing negotiate or whatnot.
[noise] proactive.
No.
Okay. The filter into its not a we need yeah, but we do have done mission and that tends to filing.
And but we knew we didn't mention that because this was saying that this already released in the last last week. So personally and therefore, we did include that just in a recent developments in the 10-Q.
One last question what do you see think it will close.
Officially close.
Oh for you close off the land purchase it changed that the sale of the JV.
Close we report.
Reported as being closed on our books.
Oh wait Oh, just but that's the question before you ask it was the money that we see from that we got the first bank, we gotta payment for 34 million, but that was reported Oh no. One knows I always thought some quarter, we're going to report the numbers for our books when do you see expect.
Oh, I'm, sorry, Oh I can make a 25. Good question you asked before was about the 34 million wish we see received from ideally a lot I said you I'm sorry, I meant the Gen. Y. I caught you off I mean, no matter what.
What does it right now.
But right now you're you're asking about gili.
Gili I went out right now I'm asking about Gen Y when does okay can argue that the clubs.
The they'll ramp I put it on their books for our earnings numbers you know.
Okay I touched on what exactly sure Mike Mike you ought to do the he did a Florida just yesterday on commercial accounts without that.
That's a pullback I'll mention Sanjay away.
It did thought I'm not going I got bought out into redeemable.
Mysql, saying that the first pain her well be a reflected on this quarter's that's the quarter that we just released and it's gonna be reflecting this book.
HM come on like quarterly GAAP metrics yesterday.
Sure not because actually horse in county.
Got you keep honor should be thinking that you'd be bonnie shouldn't be gosh, we're down there.
Oh, our Emilie just just to emphasize that that's where we see the a money in may so it's not going to do so I found a on the books. The however, we did mention that in the 10-Q.
Well I realize that's been a simpler alright, that's enough. Thank you very much mr., who stay healthy.
Oh. Thank you all did you like.
Next question, it's been a line of Michael for now with focused <unk>. Please proceed with your question.
Yes. Thank you my question relates to a little more.
Detail, what you're drilling and have battery a graduate strange.
[music].
Okay.
We will be completed totally in the house with all candy.
Arch and technology.
What were they have to get hurt from.
Part of the simply from outside.
<unk>.
Hello can you see a woman Tommy you all little bit skipping the beginning.
Hello.
Hello.
Yes, I'm, sorry movie PDL, one would tell me a little bit keeping the beginning.
My question relates around your you Jan <unk> and crew.
Hey, Rick Strange technology.
What are your day rate patch.
Be completed totally by candy or subsidiaries.
Or where they need to source from outside suppliers for a portion of the battery patch.
Okay. That's how do I want you show me I'm called Oh by the infusion would hesitate a shut down so oh I'm talking how to go in college bound high share a woman. She all it just before the somebody a light I think that's at the manager that even though.
I don't find it simply Robert tickets is all doing lots is that it does that do what how many minutes ago.
Hi, it isn't manufacture within Allergan popped out of facility.
And.
It seems like you're taking advantage of Oh significant.
In this opportunity and these scooters and battery packs.
And Mr. <unk> guidance on consolidations.
What are talked about in the press releases when they might actually be completed.
I'm, sorry can you repeat one more time.
And.
Today's press release, we talk about the opportunities where the battery packs and consolidation with the other candy subsidiary and Oh, I guess subsidiary and to further huh.
Consolidation with it out so like distribution company.
Mr Who'd give us some guidance on when these consolidations might be completed.
Okay. Okay I just wanted to do downhole, nothing has more than double and appealing dangling wonderful Malone, but.
Did that she had a goal.
On call well uncle, Yeah, genealogist true, hoping to legal action against Saddam what I'd say that overall couldn't wait I know <unk>, Oh gosh, that's cool and has on lays out potentially something I'm willing to share Gilman she can do.
I see a whole Jewish commercial nickel I notice that.
Did you the factor.
Yeah woman, Bob Granola, I'm, calling you where you consistent on against this will you consistent Duncan. She grew on me jump up popped up and where you got the only cookie the <unk>.
Am I took a woman's insight paging since that day I forgot the guy a pin cool.
Since the Mt preaching to Mount Kilimanjaro, otherwise shop.
Mhm, continuing to kind of cool summer Treaty Eaton Eminem.
Okay, well need on food figuring out what might happen I people.
On the within I liked your hobbies too so he's always too much into why specialized powertrain technology company because <unk> why is that specialize in the battery pack. The other one gets us specializing Apollo trying I think gives us great combination should put two together but.
We already saw the work this year, however, depending on how this progress and we still need to evaluate the possibility whether we can be money in China on so it's still very early to to us to estimate when.
Just one one final question.
Oh and electors theaters, there's been some discussion about having Walmart as a as yourself distributed the U.S.
Mr who give any color or guidance on buying opportunity.
And so when you do share a woman just young who actually going together, that's all we want warm up and she goes to control the.
Just some more you know what I can give us some of that equally.
Okay.
The there's someone as a single.
Yeah, I, just you how lifelock and usually.
Oh, yeah, so well see a novel American and I've got did you cannot show you could actually go on and so from and so on you and I believe the this is any minimum until fiscal <unk> since I didn't see if again, so that mountains again for what they tend to cause.
But didn't central now can do so now can you confirm what you might say woman.
Yes, what are the eye towards the decision I'm not going to do whatever I don't I won't mention died teacher tied to what you if somebody I eat you know you deploy guy bands on T.I.P.J.
Well, we're finding that there could be Vietnam, I mean, yeah sure into this is how you see I want it yeah.
It's a hard yeah, Oh, hi, Jeff I'm not.
Okay, that's usually our children Goma said how that make a.
So I need to Viacom do that she could so it seems I want my good friends that she can I add onto my thing to me I thought that that Mike could you.
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Oh I'm well last year, we find this comes how did you feel to cool by production off that powertrain for the scooters and balancing scooters, Oh, we see a lot of potentially in this market because.
We used the life so badly for the easy which has a very high quality and but because of the pandemic. This contract has been delayed a if go up and down maybe is contents. We think the contract will be a continue and to complete a in this year and.
And also I like to all pointed out a is oh, we realized that the Hoover boy, a which is up a balancing scooter has a lot of potential every year there was 10 million.
On that in sales and the number still going and this industry is heavily protected by Palin and Ah. That's how we are thought to discuss with the how Joel.
Hi, Joe Chip and we'd like to utilize Dolly expertise from two subsidiaries and how and one comfortable to combine their resources expertise together to be calm the supplier in this industry and so one thing is the market is.
Very large stocking has the patent and <unk> <unk>.
To emphasize that check the how chip companies now we right now a working on Oh, you operation Oh collaboration a they have about a 598 padding in this sector. So when we think that this market is huge for us to Oh.
On to going to.
Thank you.
Yeah.
Thank you.
Your next question comes on line of Mark Miller, a private Investor. Please proceed with your question.
Hi, Thanks, So I think you covered it I was going to ask about this.
The previous question was but did I hear.
That you said the 77 million dollar contract. It was announced last year were 71 million.
That is gonna be completed and this year.
Yes, I missed the thing is.
It is being delayed because of the a pen down there, but if it sounds a pandemic is being content Oh.
We think that is.
This can be completed this year.
Oh it was on hasn't special I take a win I want to once you do how should I wondered if we thought that I have that you're in yeah, well Morgan deal that you well, yes. She can you buy them or I should be who are taking into each in philadelphia onto the why I use data well, yes, I can yes nonbank huh.
Hey, why am I right did you present, you've gotten into winter.
Yes, yes, he confirms that it's about 10, Dan as being controlled the rest of the contract 71 million Lovey are completed hopefully okay. Good I'm just wondering what one more here I guess following up does candy make the motors or the battery packs for these units.
Oh for the Oh boy, yes. So.
That's mostly on Oh, one once you do show again show holiday the on.
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Are those patented.
I tell me Shapell y'all his Oh my God.
Patent just yet.
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I've got just for your Vincent carpets, and again I guess.
People can't forget I Miss it.
Mrs, saying that bad way it has its 35, but.
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Uh huh.
Who looked like in the balancing I scooter these caught us half pattern.
Okay, well, thanks for taking my questions and stay well keep up the good work.
Thank you very much.
The next question comes from the line of Michael Pfeffer with Oppenheimer. She was your question.
Hi, Thanks for taking my questions.
Regarding S C auto sports and easy sales in the U.S. is it safe to assume the 25% tariff is making it very hard to compete with the likes of the new easy many a popular global brand, which has been priced at the same MSRP or 29500 U.S. dollar.
Allergies as the unknown Candy K 23.
And if so what does can do you have plan to address this.
Dictate when you should think about question just one he should Glenn I want to the neglect Oh.
The other sports with having ultra then it sounds Ritchie <unk> Oh, Okay comes down to where you are spending also potentially one nine does it change William unhappy that she will not seem high. This I'll begin on shore <unk>, Yeah, Yes, why managing go South and I can go well stay on the Hong Kong Dee Ann Johnson Chanel Jelacic.
Just a lunch.
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Yeah, I'm teachers' unions, I don't think they're not for many of them make woken up to.
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Obama you put that might not go streak of nuclear forgot <unk> Vivus accruing and go.
Yeah, and go town de Dalmatian day pretty tight.
Oh gosh I remember.
Oh I just think we have a lot of potential kind of benefit because first of all well. We all play our cars are placed by four full 7500 west Federal tax credits, which you can of course Mugabe on the website and second of all I'll eat approved for that you put he kind of like registration in the U.S.
Let's say by and his team essay and a when they think about assembling the elite English and to reduce some costs by west deal, Oh, I'm, saying way some ideas well keep them okay informed.
I'm just another question or two how far off road vehicle sales holding up in the second quarter and what are the.
Expectations.
It when you Michael I thought I need to Oh, I saw woman that they go to myself with them yeah unusually yeah.
Hi, forgotten she'd like junior people will go into that make what might that feet on call Tonkel do my color.
Good thing and apartment communities, which I find if I'm for couldn't even though.
Hi, it's really.
Surprising and all but you know bars the way that this year. The automobile sales. This is extremely good.
And so while we expect that but it's going to stop loss yourself.
Great and then what type of arrangement or do we have with Jinping and also selling their K 27 or other products in the U.S. and lastly, any new updates on the Jinping relationship which might include using their massive international dealer network to export.
Candy Easy's. Thanks.
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I'm, a they're not going on because oh, well make sure that but that teaching I somebody else. We need you eat we got poor guy not something that has to be Austrian either from a p. Archie though I want my because other pushing in part.
Okay. Good continually why make what's the don't fall ammonia Tonight right Yeah the tree.
HM two questions first Oh, our cooperation with Jim home.
As many trucks back, especially if the.
Joining produce model pay 27, and the sometimes is so cooperation together in domestic by sharing market I do believe that both things are progressing well, even though it it is impacted by that pandemic, but I think I feel.
And Oh right track going.
And what kind of take 27, I asked me probably by the mouth to an end of this month, if everything goes mostly a where we'll start shipping the cost through the glass.
Thanks, a lot.
Thank you.
Your next question is from the line of Mark can do with swiftly for future. Please state your question.
That's good evening Mr., who are.
Good morning Tivo.
Yeah.
A few questions here and just an angel for these fish.
From a risk PR. It appears the 300000 government to cut its third and fourth tier city ride hailing using kind of east like the.
Okay, 23, I think that rigs change.
Begun to try both before the virus it late last year injunction.
This was a partnership with a GP and to the deal in a recent published also direct into new MRR, who gave very clear explanation.
Bottoms Big round the partnership in general and its unique business model along this responsibilities of each partner.
And that is how each will get paid.
For the sake of many shareholders who are on this call will read the transcript we have not seen that interview and Mr. Hu Chevron's us what she said we used to view and when he finished I have a few more Christians.
Oh, Thanks for question I'm getting a popular can go like Tom I, especially want it just sounds launching behoove you want me to what you well Miss engine intrusion or someone else I think I told you I think Kashi to show Josh is only going to pay our she's done it took a truck I see a question on yet.
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Yeah, Doug and what they're saying, what's your thought on legal Walt.
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[laughter].
Light show and they call line is actually a Tri Party alliance. The ball is currently the largest swept battery by sharing compete in China, we stay approve unlike by showing platform license.
Oh Gee, how has more than 2000 dealer resources in Q3 and tier four city leak nationwide. Therefore can do we'll use it.
Experience in influence in this field to promote the formation lump that complying your ride sharing alliance.
I think we'll utilize its dealer resources.
To support the gross off the line in a way for Oh, well be responsible for operations also by showing project.
Doug a comply by showing a line it's composed of purely latches Baker manufacture right showing off later and operating platform energy supply, which is the battery swap and and Swabbing and truck drivers and the profit certain E Com bomb All party Oh.
The Oh, Oh from this industry chance a this to say purely electric vehicle manufacturers generate profits from a cross sell I ride sharing off later and operating platform generate profits from rent and a platform. You said you see a energy supplier.
Generally crossfit batteries swapping.
And that's why we're generally income from the at the operation.
That's pretty much what I on setting to avail.
Okay very good thing and now here a few more efficiently.
How's the young can see tried going all and when does he expect new cities together.
Oh, yeah. When he was on Wednesday on comes Love do but one of them Young English commercial plus you know trends should die.
I don't I'm presuming a good thing thing you might pop up and what thing keep in mind I'm I presume athlete to put up keeping up with your modeling.
Yeah, we've been coming your email how many within different types of physics. It sounds Jami M. One offensive or defensive achieved all time high front door that.
Thank you on carbon pipe it seems to me Im instant feedback.
Hi, I'm wondering how are your phone I thought you censorship answer that.
Hi, guys shouldn't how quick.
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Sure I know you actually need a licensee watch your do though trial patients and although like sadly quite well as a child is.
Already approved for optimism Khan.
So, but ultimately dairy operations have not truly started again due to the pandemic. There are many dealers nephew <unk> a tier three tier four cities wanting to join the alliance after one called sauce automation and Oh, what the Pandemics welcome coach aware.
Going to hold up offline meeting with dealers or some tier, we and chip with city to sort out, but new cities to be added by then I will keep everyone. A informed on how many decisions will be added.
Okay I got in addition to the 10-K 23, which will still probably for right. She really does can you have a second fortyg easy expected for release this year. If so even if nothing specific for now can you give us some idea of precise in December.
And I just was just with yellow I told you know <unk>, obviously on July not Holistically, Yeah, I'm, just I'm focusing on 12 is that yes, well, while sohu rely just on the held discussions going on like also means yeah, Oh exercise alkali Ah lisanti.
Mmm bring everything any okay I sound plays a key thing I'm familiar with significant problem.
Oh, well going to upgrade the the orange in old pay 23 model. This year, but now there was no new models to be launched.
Okay.
On the last Cc Mr., who said that you do covert 19 viruses.
The government was temporary discouraging to release of right healing assuming this temporary block has lifted have you already added new cities and if so how many off.
And when would you expect Tristan.
Yeah sure that sounds today based on Oh, Oh, Gee, probably it's really just thanks, Yeah, Hi, <unk> Oh Cook will he take I guess I want to try to sell more or less selling days I. Just can't you can actually get well Oh now what most people are doing that.
And then just im not sure wages I just would you like you don't lie.
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On most of this question I was an engine in Oh, I'm questioning a but like I said actually bring other pandemic steel naturally content will still need to be a have the temperature check whenever we go into public and and leaving a public places and we still have to practice social just.
Same thing and that the logical major any group meetings I still not in cause you to be hosted a therefore, we own <unk>. What we can do why now is that all the prepare we should work and hopefully once the pandemics fully content. We are going to move forward quickly by then I will.
A lot certainly report on the progress we have made and encoding how many cities in the plants were going to have to move forward.
Okay, and then novelist fishing will tend to be selling the catering history here or other needs to consumers in China and if so what says that network will be you'd be using.
Quickly how about your whole might be I feel comfortable himself or herself as a shelf Kelley sounds like its you've had up you know because you won't play the one oh.
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Paradigm that some or whatever and your answers on just okay. One here because I knew it took a huge don't let other dahlia preference.
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Right Okay.
Okay Twentyth, we model is going to only going to be a used for the right showing program in China.
Oh self now.
This car.
Tom will also be sold in America.
Therefore, we're not using the anyhow that party or any other sales channel. It to two seldom pay 20 fleet. That's the our internal self team and once this being deployed that I expect the <unk> the sales volume for between Threeq going to I'm going to be.
And no America, well conduct sell so I see dealers sell channel.
Okay. Good. Thank you for taking my questions and look forward Joseph Foresi Yeah.
Thank you very much.
Thank you.
Two questions from the line of Terry make little Moore with CJS Securities. Please proceed with your question.
Thank you for taking my call.
A couple of questions.
Continuing on ARX <unk> question about the gym facility.
Well, we right now in our current facility like how close are we to exiting it and turning it over and being fully paid and then the second part of that would be a what's a new facility like how big will it be.
How much would cost in won't be we produce there.
Oh, well the only this year. He had said I'll tell you went all the equation huh.
Oh, well into the field you can't wellness Moshe Hornung goal of Bunge Huh.
Tick up after the childish multimedia the whole bunch a whole commercial Oh. Please go ahead of the open colleges and she wants your question she couldn't catch me on the trial.
Oh I seem to be quite soon within that same thing you didn't see if im not create jobs will give them and hyperacute. So soon do you guys 75 years the payment.
Gentlemen, weakening yen Ida took a time I'm UGI sound I guess swanky bombing.
When you're looking at how might not those lead times and get go or.
I might seem going out on this it's always tend.
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Gives us the gena you CISA do not bother you think seems onto a whole 92 quick funding true jonathan's on your your time be Dixon and pushing me that time be yeah can do for the economy for units.
The new land plot right now is being all levels by the government and we are expecting this to be delivered to us.
Into for construction a in July 2020.
The new land, Paul will occupy approximately 100 acreage by the construction area will be equivalent to the old factually, which is about 100000 square meters.
Because the olfactory buildings, where all single storey building, whereas the neil's actually building well before story building. So the construction pure rate plan to be about six to two a month.
Oh, well moving immediately Apis actually buildings, all fully completed ends of will produce.
Exist, a will well will produce existing product then probably saw mom intelligent mobility really product that's well.
Also I like to mention bad.
Going to be up still going to be all home base has wonderful candy.
The new headquarters for Candy, Okay, Yes, [laughter] him.
Okay. One other question kind of from a different subject regarding geely and the transfer equity transfer agreement.
He may still okay, maybe some $30 million.
It's been paid off how much is outstanding and when do you expect candy to be paid in full and its candy still high debt to fund the JV Prior Hebei province sales and if so.
<unk> when do you expect candy to receive it.
Oh. Thank you all on have you won't see she has a wonderful to like.
Okay.
Initiative and I'm sure, it's actually managing equal Chen homes, and there's a whole not jihad felt much anti junior high kinda talking about that then can all buttoned up development centers within not let me tell me tell me what Nielsen seem to hits yet. So we'll have nailed offline you get the punish him, which will not show muscle doll.
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Which ends on I'm asking you about you do not to what did you do we I mean <unk>.
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Oh, you get by doing.
Okay.
Sure that nothing that you are you continuing that trend to use yeah yeah.
That's somewhat challenging, but yet, but we're talking huh.
No my pay another use over time, that's Oh, Yeah, you can't I body.
Yeah teaching her really semenya, sometimes and get the buttons on my how much of that and I'm like I said, Mike Farrell.
That you're not true what upward Yeah. You mentioned, you end up with cat food and calling your call you may fall.
Thank you supposedly a follow up I got I follow him into the amendment to loosen and good not.
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Yes, I can think I sort of it.
Oh, the the after they translate to Geely should generally RMB 560 million a us off right now we have received.
330 million RMB and the remaining balance is 186 million RMB.
And us off the first quarter this year the receivables from the joint venture a as totaling RMB 120, Emile yet and Oh I have just see how much time, because the the pandemic everything.
I think delayed on so we thought we were happy not keeping that discussions with Gilly, hopefully oh and the remaining balance will be paid and another thing I saw the subsidy we have heard from some government new stuff. They will stop in pain, So why stopping paying a I think.
But apparently the receivable will also be paying off quickly after that but if you want to ask exactly time on it.
Hard to predict.
Oh I totally understand thank you very much for taking my questions.
Thank you.
Thank you.
Next question from one to John Cronin with <unk> private Investor. Please proceed with your question.
Yes, good morning, and hope all is well I asked several questions. The first one is.
What did tick conservative estimate of the number it's easy cars. They will that can be will actually sell 2020 in China.
And next question.
Why is it we seem to be in the correct price segment.
And with the impact of coal trade and now presumably have access to healy distribution and marketing white its candy consistently feel less cars in most of it competitors is it because of design problems. The margin what is holding up sales.
And can we expect things to change as it may 2020, well rested you're seeing accelerating sales.
Such as video Geely be why didn't Tesla.
Oh, Okay, there's not one that you show them on the owning elements I wish I, we brought in Ocala Dol Nigel show.
It's almost sensuous tissue lucky that how much more she'll I like to do you need Oh go if I'm in fee and a.
Yeah, the bone Joel I wish him a woman themselves, which was the so who knows with them at the Oh, well my cell phone uncle, she that Oh, Yeah woman, Neil how the social exactly like the idea because a lot de novo <unk> Ah ha high once you have all that much was all about how should a long way well done.
Sure, Yeah, which Oh woman the Kishore whether share woman does he is Oh, Molly Sonya, there's a slide on woman that he kind of social.
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The theme for two reasons for why is that actually that piece, what I decision goes on Mega funny I could not.
And your lunch and just for younger assuming a than that because I'm here to really be job.
Uh huh.
Right.
Yeah.
D cases show through one of my son's each on yeah.
Okay.
And I can make Uh huh.
Oh.
Yes, the joint venture, which you'll have joint venture to sell cars, but I have to say our easy compare chill out most of those that TV in the market, it's not competitive.
Or other TV offering however, once the joint venture being a managed to by GE Healy on day has completely changed the product portfolio stands right now they have very high standard nice design and great performance.
He and I believe that it's going to change everything in the that the easy self going to be ramping up going forward.
Okay do you have an exact number at the he'd be conservative gets on how many are gonna be selling in 2020.
Are you are asking a social I'll join Oh, I see a company E B cell talking with you.
Yes.
Okay Candy evasive.
Andy on how should one on your mail you got a b Yelp also Gucci comedy, let's begin on trucking in a social thing she bushel.
Downtown.
I don't disagree dock Ondeck here, Oh, My God, I put something I got to open the phones in the BSA.
I would estimate can be 23, well have about 2000 E. B cells for this year Oney K Twentyth way this does not.
Include pay 27.
Okay. Thank you very much and stay well.
Thank you.
Thank you at this time it fits into a question answer session I'll hand, the flow back to management for closing remarks.
[noise] Hi, guys. Yeah go away at times, Adrianna down roughly what I doubt Andy could you give 'em. So could you quantify and we see one minute to know woman Junkies you know when he owns all the chip would only be the hall based on can you hear about.
They want my quick because it easier for instance, a woman she back sorry, I forgot what we.
Hi, John teaching team with a Gerardo Nucor Yamato when T. I M I wouldn't that too faced with the I see a woman that well do that crunchy boomer ticking back up again.
Hi, Thank you, ladies and gentlemen, well I tend to they call on behalf of the board of directors and management team can be technology school I like to reaffirm our commitment we're continuing to work diligently to maximize shareholder value by focusing on growing our E business and delivering strong operational result.
Thanks, very much for your support they look for what you're talking with you next call. If you will have any additional questions. You haven't had chance to ask please don't hesitate to contact our Investor Relations Department. Thank you Goodbye.
This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.