Kandi Technologies Group Inc. Q1 2023 Earnings Call
Yes.
Good morning, and welcome to the Kandi technologies first quarter 2023 financial results Conference call.
All participants will be in the listen only mode.
Should you need assistance. Please signal a conference specialist by pressing the star key followed by zero.
After todays presentation, there will be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad.
To withdraw your question.
Please press Star then two.
Please note that this event is being recorded.
I would now like to turn the conference over to <unk> IR Director. Please go ahead.
Thank you operator, Hello, everyone. Thank you for joining us on today's conference call to discuss candy.
The first quarter 2023.
Earlier today, we issued a press release covering the result, it's all fine.
The press release on the company's website as well as pharma worthwhile services on.
On the call with me today are Ms. Pamela Cole chairman of the board.
Doctor <unk> Chief Executive Officer.
And Mr. Alan <unk>, Chief Financial Officer.
Dockers, well deliver our prepared remarks in Chinese, which I will then translate after that we will have a Q&A session. Before we continue. Please note that today's discussion will contain forward looking statements made under the safe Harbor provisions.
After the U S Private Securities Litigation Reform Act of 1995 forward looking statements involve inherent risks and uncertainties.
The company's actual results may be materially different from the expectations back today.
But the information regarding these and other risks and uncertainties is included in our comparable public filings with accuracy. The company does not assume any obligation to update any forward looking statement, except as required under applicable law.
Please note that unless otherwise stated all figures mentioned during the call or in the U S. Dollars was bought let me now turn the call over to always say Oh short simple go ahead Dr.
That's all.
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Hello, everyone I'm, the CEO of Kandi technologies my name here.
Kitchen bone.
Welcome to today's conference call.
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Our first quarter, rather now off.
<unk> 2.9 million was down slightly from one year ago due to the strategic shift in business focus over 90%.
Although revenue was attributed to.
Sadly in placing sales of I'll also thankful and associate it.
Which nearly doubled year over year.
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Bush's overall gross margin.
Two the strong gross profits, we achieved positive net income for the quarter.
Significant improvement from the loss experienced last year.
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Incorporating fully electric vehicles into our product line not only aligned with our values of environmental sustainability and social responsibility, but also positions us as a leader in the industry.
We have felt were confident that our focus on this market will benefit us in the future.
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Our strong balance sheet and financial position put us in a unique position to capitalize on opportunities in this market and we are excited about the potential for growth.
Looking ahead, we are committed to delivering innovative and sustainable solutions to meet the evolving needs of all customers and the market.
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Now we will move on to the Q&A session, Jim that Paul and I will answer your question and with Chemo and Mr. Alan will provide translation boy English questions. Please go ahead and ask your question. If you have any questions and asking questions.
Proof way to ask the operator.
Thank you.
We will now begin the question and answer session.
To ask a question you May press Star then one on your telephone keypad.
If youre using a speakerphone please pick up your handset before pressing the keys.
To withdraw your question. Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
Bill.
Our first question is from the line of Mark Mclaughlin.
Within restaurants. Please go ahead.
Hi, good morning.
I'm, Mark Mclaughlin Xyrem, a family office in Jacksonville, Florida.
A little bit of background first thank you Mr. Hu for finally offering at least a partial unit guidance for 2023 unit guidance covering golf carts alone.
20% to 25000 units.
While not reported in the preferred press releases or announcements.
You are at least on record, saying that the year end.
On the year end 2022 to <unk> conference call to quote Mr. Hu Q.
So for the fiscal year 2023, we expect the sales during this year roughly to be 20% to 25000 pieces of golf carts to be sold in the U S market, because we have more in depth discussions in cooperation with Lowe's directly.
Great statement. However, it does beg the question.
Why haven't we seen this.
In news or press release.
So again the pack unpack your quote 20 to 25000 units would mean, a quadrupling of 2020 twos Golf course golf cart sales, which generated revenues of between which would generate revenues between 125 and $150 million.
In reviewing candy data on import key software for Q1. It appears you've already shipped 6500 units in Q1.
And this is at the high end of your forecast.
According to your earlier disclosure. So question do you have a further guidance update for Q2.
And for the balance of the year I have a few other questions as well, but if you would answer that.
Okay. Thank you and once you annualize the.
That's the only valuable upholds again.
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Thank you Tony.
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Thank you Sonya.
Please go ahead.
Okay.
So thank you for your question, so I'll ask them at the South, Florida Q2 of roughly around 6000 pizza upbeat all go up.
And for the half year Q3, we expect there'll be a <unk> that was up.
10000 pieces help the golf clubs.
Okay.
Okay.
How many pieces were sold in Q1, according to your press release today.
I'd say the table a woman the cause which I'm sure social a cheeky for Shiloh.
Digital.
Okay.
Yeah.
So for the first quarter of 2020, roughly around 3000 pieces of the Gulf Coast what vote.
Okay.
Another key point.
Is.
Deserves a press release was that Sandy was able to close on a new contract directly with Lowe's and to bypass the middleman Coleman.
A few questions looking at Loews website for a search of candy products. Some 16 items show up under golf carts in the candy brands, which seem to be the two seat utility golf cart with dump fed and wish and the six passenger ballparks, which by the way are showing available.
At Lowe's with both the AGM lead acid for <unk>.
12999, and the lithium batteries for $1000 more the more conventional for passenger candy cards still show up under Coleman on.
On the LOE sites with the AGM lead acid batteries question can management give more detail as to how kandi was able to secure this deal direct and where does this leave candies relationship with Coleman and what is the likelihood Lowe's will pick up new <unk>.
Andy products other than golf carts.
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Jim.
Please.
Hello, Ms Allison yes.
Hi, Good morning license hopefully they may kind of come to the company.
Hi, Susan.
Yes.
So as for your concern or question that person.
Brendan Coleman base, only one golf kind of available in the market, which is that four feet less battery models.
For the consideration primarily is the price and the gross profit however.
However to load that we hope to become a leader in <unk>.
<unk> more market in the field of the outdoor recreation of electric vehicles.
The lowest hopes that we attendee tempo by more diversified product to help them to achieve this goal.
And because of the.
Diversification of our product, we can customize the product for our customer Coleman according to their need and yet there is no conflict forced to supply our products to the lows. So in this year.
Likely that you would see more can be products at Lowe's.
Market.
Thank you for your answer to that and the Candy America website added a new $13999 heavy duty utility vehicle under the easy link called the cowboy in 10-K.
The husky lithium powered vehicle it's perfect for the.
Offer a perfect offerings to the lowest demographic, but nothing has been mentioned yet.
Do you anticipate Lowe's picking up this cowboy line as well and why arent we.
Telling the world how great we are.
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Okay.
You walk through with them.
Okay.
So Lowe's is well aware of our new product development. So, yes, didnt know about our new molded a cowboy your 10-K.
I believe that low this quarter considering getting product.
In the meantime, we have the plan to promote this product to auto retail and chase booth.
<unk> increased our established channels.
Yeah.
And what about more.
Visibility from the company and in terms of putting out press releases.
Introducing all this great news too.
The investing public which I'm sure would be exceedingly interested in this great company.
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Okay.
So based on our development and our operations, where we'll relief at the news and timely manner.
But we haven't released anything about Lowe's and the development of selling to them directly correct.
Hello.
And will we soon so people can realize.
This development.
But since you mentioned, the Honeywell Kung Yeung playing well.
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Hi.
Ken.
So total processing.
Hi, Hi, Jonathan Hi, Ondrej with at all.
So well actually.
At the moment.
In the early stage of the cooperation with load.
We're not going to disclose the knee with however, with light to consolidate and get our fundamental done and.
Wait until the cooperations becomes a more massive volume and we will disclose accordingly.
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Yeah, I appreciate that answer.
Any meal, there's always an appetizer.
To that end.
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Something else there relatively soon.
Okay. Thank you.
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Michael Go ahead, Matt Gillmor gentle.
Oh, okay. Okay.
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Sure Jamie.
Okay.
Thank you for your thank you.
Yes.
Very good now when you would go back to your numbers.
The unit guidance for 2023 as given on the year end 2022.
Conference call.
The unit guidance for golf carts alone was 20% to 25000 pieces.
And is that for golf golf carts alone via Lowe's I take it.
What about all vehicle units from the case 32, two golf carts to the Cowboy what is the total unit projections.
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Please go ahead ma'am.
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So how are you.
Hello again.
We can do that.
No my language.
After this call.
So the social mobile world.
Yes.
Thanks Keith.
Okay.
So yes first of all for your questions.
The estimate of about 20% to 25000 pieces of.
Only indicate for the model the golf carts. It doesn't include any other <unk> such as the case. So if you are the 10-K.
In the meantime, we tried to expand our sales channels.
We consolidate our we saw is that hopefully we can have a better sales up this year.
And how soon this can be expect to get the case 32 pickup truck approved for sale under the farm soft rules as mentioned on the last conference call.
Non JFK Sunshine, so muscle now Keith and I welcome Sean Zhang from social.
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Michelle.
Thank you.
Hey, Matt.
Hey, Matt.
So actually we have all the approvals necessary for the sellers of the launch of <unk> in the U S market.
We estimate that will be roughly 2200 pieces of debt.
<unk> 32 in this year, but then it's ready to be launched in the U S market.
That's very good news.
I have to commend.
Financially the menu.
Management skills I'm looking at a huge jump in gross margins from 19, 8% in 2021.
On $30 million of sales to $22, six and 2022 and $71 million.
In sales.
Bigger number this year and a bigger gross margin that is spectacular when one considers a big inflationary jump into supply chain shipping and transportation most.
Most important question when you add up these other.
Our product offerings in addition to the golf carts.
And things look like Theyre really going to ramp up here.
Our low end what would you expect this year's approximate revenues gross profit and margins to be on a low and all in all the product offerings.
Thank you.
What what's your holding on South Florida.
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Hello.
So due to our graduate advancements help us.
Good judgment right.
The revenue will definitely increase.
Significantly and then the gross margin is roughly around the same level up that Q1 of this year.
Well I really appreciate your patience and I have the great deal respect for.
Youre still Youre management.
Yeah.
I congratulate you.
Thank you. Thank you.
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I have no other questions.
Thank you.
Operator next.
Thank you.
Our next question is from the line of private Investor. Please go ahead.
Mr Khan. Your line has been on mute. Please go ahead with your question.
Mr Khan.
Sure.
Brian has been on mute you can go ahead with your question.
As there is no response from the participants line May have a question to management that we move to the next question.
Sure.
Our next question is from the line of.
Mike Pfeffer.
From Oppenheimer. Please go ahead.
Good morning, Thanks for taking my question.
Which has to do with candies, new emerging lithium battery business from the 10-K. It seems that this is another hot sector for Kandi. The company reported battery sales in 2021 of only $4 $5 million with a 10, 8% margin. This impressively jumped five fold to $24 million in 'twenty two.
However, the gross margin went down to four 6% from what I can get out of the 10-K. It appears that almost all of last year's battery sales were sold to third parties, which in the current competitive environment in lithium vehicle batteries in China squeezes. The margins. However, this year as can be seen by Lowe's now offer.
The lithium battery option for Kandi golf carts, and the U S. One would think candies margins would increase significantly as would likely be reflected in total battery sales. If you could just passed on US asked three brief questions. Please.
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Thank you Danielle IOC go Lindsay go.
Go ahead.
Thank you am I correct in my assumption that last year's battery sales went to third parties.
What's your take on why is that just youre out.
You had celesio within judges issued Julia Donaldson, Angela Salvo sure Dale I think Samsung.
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Paul.
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Hi, Joseph content.
Could you just touch on.
Okay.
So for the past year to Ed <unk>.
Good at primary of lithium ion cells.
Good to have that third party customers.
So we felt a status report this year, we are going to have more.
Demand from.
The company itself. So of course in this case it will not be reflected on the consolidated a seller on the financial statements you will show a loss.
<unk>, South Kinder Lieven <unk> sector.
There's more demand from India.
The company transactions.
Thank you and then so as candy batteries only lithium and is it the goal to have all of the company's vehicles powered by its own lithium batteries.
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Yeah sure.
Okay great.
Sure Bob.
Yes, so basically we are going to develop cricket directions dumping Nathan.
And then could you give us a forward look at what the company is.
<unk> is expecting from the batteries division this.
This quarter and full year.
And that's all for me thank you.
And among gentlemen, Kilonzo sure Dan Shabaniyah.
With me too.
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When you look at that.
Okay.
And during the past year due to the surge.
Raw material price of those.
And then at Astellas materials, China market.
Hey Ali.
Uncertainty in the market of course, it hurts that demand and then ourself.
From the fourth quarter of last year until April of this year, our battery sector within the state of a net loss.
At present.
Domestic market the China market.
Raw material price up the batteries.
An interesting trend.
Hopefully they will have.
A positive impact.
And then hopefully our south will be improvement.
Thank you.
Thank you.
Okay.
Our next question is from the line of Walter Hill.
From <unk>. Please go ahead.
Thank you my question comes under two topics. The first has to do with the opening comments Mr. Hayne made on a prior conference call.
Pacifically you said, we will constantly launch new products and electric vehicle business to gain share and create more value for our shareholders I have questions in two related topics first while there was no company PR as previously mentioned on the new <unk> off road vehicle to Kandi.
<unk> E 10, selling for 13900, which recently appeared in the Candy website with no publicity available to shareholders.
Are there any other major surprises like the Cowboys on the near Horizon.
Okay. Thank you.
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Hi, Joseph.
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One question on the Guangzhou.
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Yeah.
Thanks again.
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Ken Nutrition solutions.
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Gentlemen.
Tommy Thomas internally.
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Our new model <unk>.
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Okay.
Hi.
Second topic is regarding to the haiku hey name.
100000 capacity EV manufacturing facility designed and built by can be a few years ago at that time. It appeared candy was going to produce most of its own.
Our fleet of Evs.
Questions on the topic or.
Hey, what vehicles and our parts specifically you are being manufactured or assembled in this facility.
How many units of various vehicles were built in this facility in 2022 and one.
Are your expectations in units do you expect to be built this year.
Does kandi also make its chassis body parts and <unk> or is it just the vehicle Assembly and date.
Do you attribute these this facilities close proximity to only a mile or two from the exports shipping port of high school.
It's been a major raising candy was able to have such a great year in China in 2022, while 90% of the China manufacturers have a bad are terrible years due to supply chain and transportation problems.
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Steve.
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Hi.
Yes, Phil.
For your first question.
So basically the.
Company's electric vehicles.
Including the electric vehicle components and then.
Highway vehicles.
Low speed vehicles.
Pure electric utility vehicles those.
Both cohorts.
ADB <unk> Tvs as well as the components of our electric vehicle 23.
All produce and manufacture high end and agility.
Yes.
On the on your mechanical enhance Julio so suddenly you empathize golf will party as well.
This is on a proven path.
Thanks.
Okay.
Amaya Junior.
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Alexander Paterson, Stendal, which Susan how are you.
Yes.
Okay.
So as for the second question.
Into 2022.
And then plan mainly pro Davis.
Golf cart with more than 10000 pieces.
Moreover, certain parts of the capability of electric vehicle package and indicate that the product has also been manufacturing in the last year.
This year, we expected that.
Production for the Gulf ports.
That will be roughly 20 to 25000 pieces and then there'll be honest with Greg Peters put our case 33 DVS.
For the case 23, UV package, we expect there'll be a small amount to the manufacturer as well.
And we'll just have a warranty.
Finance income.
When we bought Shanda syngenta silicon.
Oh boy.
Angela.
This is lee.
Okay.
So our high end then plant the facility is actually is a comprehensive full desk on site.
Our four major process thats off that comp manufacturing, including.
Sandy.
Welding painting.
Painting, and then the final assembly of the <unk> component.
So this legal entity.
Thank you.
Congo, Chile answer.
Yes.
Hi, Nicole.
How many in Congress will have Joshua.
Gentlemen, the schedule how much yet.
So therefore passes all sins in Congo.
Okay.
Yes, Dan.
For your last question.
Export shipping port in HEICO is close to our facilities.
Not a major reason that we are able to have a great year.
2022.
Indeed the capacity.
The exports in HEICO, it's relatively small.
Our.
Our full units during the past shift 2022.
Roughly 50% of all products with ship from the sudden Gen portal.
So hopefully I can address your questions.
Thank you yes.
My question. Thank you.
Thank you.
Okay.
Thank you.
Our next question is from the line of the porphyry.
With corporate strategy. Please go ahead.
Good morning, all.
Sorry, sorry.
Throw it over here so the best I.
Okay.
I wanted to end with some questions on reported Q1 numbers, which we just saw the <unk>.
First I want to make a few points to management for years candies investors have suffered in the stock market I know this sounds like a broken record, but it Brooks.
Just repeating again not because it does business failure quite contract at NASDAQ.
NASDAQ EV first mover it doesn't years ago, and the global AG sector kidneys survive against all odds, where there was a 90% likelihood any under capitalized.
Hey al.
Barbie bought out however, candy not only survive. These 14 years with finds itself today in some parallel universe, where this debt free company stock is trading around $3 about $1 off its all time low and 85% below 22 50, all time high.
Which was I think 2014, it's also trading at discounts to $3 two.
Cash.
Okay.
Also traded a discount is $3 21 in cash of 45% discount at a 5% in quarter book value and all of this at a time when Canada is now rapidly growing with its Igor card business at Lowe's and others as well.
While 90% of sex Tech stops, particularly in the EV sector are seeing a significant business and stuff.
This has to change.
I guess that part on to Mr. Hu. Please go ahead.
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Go ahead.
Okay, well as we don't Kandi has never had used an actual full service sell side brokerage or investment banking firm to raise any money, but in turn that just means kandi has.
No credit of analysts to opine to give comfort to funds.
So they avoid the stocks what is the company going to do if anything to try to attract wall Street analyst.
Not putting out press releases about the solution.
That's question one.
Oh, well, there's also an annualize harmony gold Neil Young clarify Jason.
Mike.
My fault.
Thank you shed light vehicles.
I would like to thank you Gabor.
But maybe.
Thank you John .
Hey, Christine.
What's your question.
Well that was the question.
What is the company.
Okay.
What is the company doing anything to attract wall Street analysts.
Okay.
Thank you Manuel.
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Thank you Judah novel novel portion, which interesting data here.
Thank you Shannon.
Okay.
Good morning.
Jamie.
Yes, Paul.
Bob.
Hi, guys.
The Wuxi team thing.
Thanks, Tom.
Hey on the Chinese women.
So total.
Yes.
Sure.
This is wilco.
Jim Johnson.
Sure.
Thank you Susan.
Okay.
We have one at.
Paul.
<unk> hundred 50 ramp up this week you saw some of that.
Jamie I would kind of increase in June .
Thank you for your thoughts.
<unk>.
Hi, Jonathan.
Kevin Im going to switch if you could call.
Let's switch gears.
Good morning, guys, Hey, Thank you CFO Amit.
Thank you.
Hey, guys thoughts on where you might have.
Yes.
First of all thank you very much for your support.
For our company.
We appreciate your suggestions.
In recent years.
It's totally competition in our China.
Electric vehicle market.
We have been forced to make some very prolific.
Adjustments in order to survive.
Well, yes, I think the captive market witnessed the data support right we always adopt.
Adopt the model.
Many of these.
Our goal is always and hence our fundamental Inc.
Well.
So you can tell that from this quarter. Finally, we can turn our efforts at the.
Net income to net income.
Net loss to net lease company in this current quarter.
With our stronger fundamental with better performance in terms of the magnitude and on our revenue.
This kind of data can be recognized by the market and also by the analyst with Andrew will come back to us and.
Our company. So yes, basically I will go into Q to Allison detrimental a stronger and better.
Okay.
Lack of breaking news types of press releases, we've only had two in the past 12 months and we used to do 30 or 40 of these whenever doing Stephan just China.
Now we've added.
In the last few months, we've added three new 10 to $15000 vehicles.
No press releases on any of these three just since the last conference call.
By the way that's happening we've added.
ISG worldwide none of these.
U S based vehicles were being press release. Her response was along the lines of the responsibility to announce these projects go through Candy America not candy the parent company that has its own anti American referred to as its own PR company.
While this sounds totally ridiculous it true this policy has got to change.
In Prs out the U S.
With more than 75% of your product sales of big ticket items in the U S.
Should even further increased product sales, thank you, where Tesla stock would be if they ignored sharing new product updates through news releases with its shareholders.
Wouldn't exist.
Don't advertise.
They don't have dealerships.
Anyway pass that on.
Also sort of being boosted changes to advisors and Baskin Robbins.
Thank you, Joe and Jim Allison lines, LTE Schaeffler with Algonquin.
Hi, Bob is on Cologuard like Joe Wilson, Wang Ken Goldman.
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Vincent.
So you have that.
Women I should let Shaun so those are the funds that.
Jonathan your women's at Goldman Sachs.
Sure.
Hey, guys.
Great. Thank you.
Hey, guys good morning.
Hey, guys pop with Athena Chevette silver.
Hey, Jamie.
Thanks, again for your concern and advice.
Again.
Surely we would take the status and it won't go up.
The awards and many did.
In terms of.
Operations, and then our promotions, but we definitely will take you.
Alright, and consideration upcoming IOP.
<unk> plan Dan.
Yes, we tried to find to Ed Thanks, a lot Tony.
My pleasure. Thank you.
Yes.
Okay. Let me just kind of wrap it up here for a few questions that has to do with the numbers that just came out today I just had a chance to take some quick brief look at it.
We mentioned on our last conference call about this important key software.
Mailable too.
Those of US who are members of our chat form subscribe to it.
And they are pretty good about carrying all the shipments back and forth with solid international.
One liter containers.
So there is software that tracks the global move and international tanker shipping sector kidney exports from 6600 vehicles to obtain 5900 golf carts and 700 <unk> ease in Q1, which would put us on par to reach the high end of Mr. Who is 25000 unit guidance for the year.
Yes.
I'm sorry can you slow down was the number you said okay.
600.
6600 vehicles were showing up as the handoff parts now maybe that's mislabeled when we put them in containers, but I think you have to be pretty honest about that and some 700.
Cvs.
So.
Okay.
Yes in Q1 that would put them in part to reach the high end of this figure was 25000 guidance for the year.
Hey, good morning.
Ed.
Hi, John Hi, John slides.
Okay.
So <unk> got when you spoke to the Linzess question answer the Barclays Al Mckee, Belgians need overrun gentlemen, uncle team to the Pandora on floor.
Thanks for that Keith.
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Joseph Please within ultra high band with Wilson like taking a foreclosed on pipe.
Keith I'll, let.
Josh J D with people, who have the aikido Vishal Shah.
Please go ahead.
Okay.
In Q1.
Let's see here it would seem that the revenues would be higher in that.
We only reported $22 million this quarter this quarter and total revenues Bolton Zynga has done about the same kind of important to you about the same number of vehicles, 14% to 15000 total.
Now I guess.
I guess, what we really need to know is what the company showing such high margins to start with.
We've been told the candies goal is to provide almost all the drivetrain parts and batteries that numbers should increasing overall for total revenues when even know Kenny batteries at periods in the U S. So if we've taken the average retail price of say $10000 per unit, how much candy gross of this and what is the timeframe between shipments to the U S.
As anticipated sales to retailers.
When you do that again.
Alan.
Thank you.
Gave apart.
Okay.
Yes that would be great. If we can come again at that question. So the kind of thing.
Great. Thank you.
Okay.
And apparently it appears that we have shipped almost 15000 units in the two years according to import.
Key to the United States.
And.
In the last two quarters I am sure it sorry.
$14 15000.
Last quarter of last year in the first quarter of this year, but we've only booked so far maybe 10 balance it yourself.
Last I don't know what 'twenty, two answers coming doesn't break that out.
But I'm just kind of curious.
The average price is $10000 and retail.
What should that generates per unit to kandi.
Okay.
Alan Wifi and <unk>.
Maybe we'll find out.
With Rosa question, you're wondering there's a lot of parcel of J&J <unk> with <unk> capital.
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Paul mentioned that figure.
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Hey, guys I wanted to check with you so that Shannon how are you.
So also places us.
No it hasn't.
Okay.
Okay.
Agenda chop yet.
Got it.
Hey, guys.
Hi, guys.
Okay great.
Women.
Foster Creek phosphate curious Tommy.
Thanks, Jonathan.
Got it so when you talk about competitive data.
The import and then ourselves of course, they had some kind of the lag time, because we recognize our stylus based on revenue recognition methodologies by the U S. GAAP and of course there'll be some kind of a timing difference.
Between the South and then import.
I'm able to export to the grid.
So that U S market.
Okay.
Can you be more specific.
90, plus 90 days 60 days.
And also.
Bottom line.
$10000 sticker price.
What are we actually sell it for $3 4000 5000.
Yes, we would ultimately booking revenues.
Good morning, and once you do those Yang Zheng Shlomo. This allows managers that ASIC Joseph hears a lot yet.
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Since it does open up how long is it about Google and then beyond.
Duval Goldman diversify themselves at the door.
Okay.
Hey, Dan.
So thanks for that.
Question.
It really depends on the actual Dallas.
Really.
Todd.
And the timeframe it depends on how we fulfill our.
And how we can meet the requirement to recognize the revenue. So it depends on how that transaction get closed in the U S. So that's a definite timing.
30 days or 60 days and export and it says look in Asia.
So again, we recognize all of it.
Based on that U S GAAP requirement and so to make sure.
The numbers are fairly presented.
As for the margin roughly for each pieces of debt golf carts modal roughly OLED $30, 30% gross margin for <unk>.
Which pieces of the Gulf Coast.
That's an incredible level of if I can address.
I mean, that's great. That's an incredible number if you do 25000 golf carts alone this year.
If you can somehow.
Yes $5000 per Clark.
At 125 million with a 30% margin.
Anyway.
Last question has to deal with could you address the drop in the lithium battery sales and expectations for this division the balance of the years.
England, John Dugan for women, Dan Doron Kishore.
Sure.
G&A with Jonathan valuation wise European shutdown.
John that you got Yang.
Okay.
Okay.
Yes, Hi, gentlemen.
Yes MTV.
Hey, guys.
Okay.
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Well, thank you Vince.
Thanks, Jonathan.
Yes, Thanks, Tony.
The time charter.
You May go ahead.
Trends.
Dan.
Sure Jonathan.
Yeah.
So as a question.
At all similar answers to a former.
Question is from another investor fill basically that's two reasons contribute to a decrease episodes of leaving iron sales.
First of all is that certainly in the China market.
During the past 2020 through the raw material price off the batteries.
Search significantly.
So and that cost of all the uncertainty and heard that demand and other cells in the domestic market of China.
Second of all we have started to adopt more and more.
Ill leave it himself.
Our own products.
As such.
Such as the golf course, and other products because best considered asset in the company itself.
We have not because we have not recognized that our consolidated financials.
There'll be eliminated so basically we recognized those cells.
U S GAAP and so soon as noted with the intercompany transactions will not be presented separately.
Okay.
I'm, sorry, I said that was the last question I guess.
Wondering if the comment over here if you will.
Sure.
Is it unreasonable to expect that $150 million to $200 million in revenues. This year I mean, just based on.
The off price alone.
Not just based on that overall.
I'm sorry.
I ask Alex Baskin Robbins will give you 200 million revenue.
Testing for this whole year.
When you have with Iraq and Russia.
Jack <unk> you Jim.
Soil does fall short of that E mail volume.
Thank you.
Okay.
Yes.
Sure.
Okay.
Okay.
Yeah.
Okay.
Okay.
Alright.
Good evening guys.
Yeah.
So for our forecast, we believe that there will be a roughly.
$150 million, even more that pop out with a 200 million USD.
<unk> for this year.
I'd say look at shift that go fast.
Fantastic and then one last thing it's been nine years since we've had a shareholders day in the United States Mr. Hu at management.
I think we are due for another one what's your thoughts on that.
Hum.
And Janice Lavazza with Wisconsin, with all Amit what I can for the yen and euro.
Your line is nil Asia, Russia Hall, Glenn Kelman Gore Menthol Nicolai Jane Halton.
Meanwhile, John Kinney Kelvin Engel.
Thank you.
Ken.
Yes.
So our plan is once the transition.
So first associates.
A different demand will become stronger.
We will come to the U S market to meet up with all the investors.
Sounds like you're already already almost there if you can do 150 to 200 million. This year. So it will be a record all time company.
And with great margins.
We will do our best anyway.
Just an observation. Thank you very much and hey, great job on getting this new product line in place. Some press releases, let the public know it'll help your dealers that will help everybody they will sell more vehicles shareholders.
<unk>, maybe more shareholders, we can bring it.
But thank you very much.
Hi.
My first among none will kind of Coca Cola is from the line Hi, Sheila Johnson and Johnson, Jonathan What's your playbook.
Oh sure Tom Vishal Guttenberg era.
Okay now Jenny Johnson.
Holly T bills, Jason Great Alan.
The nation's laid out Wednesday.
Okay.
Thank you very much.
Thank you.
That was the last question for the question and answer session I would like to turn the quantum tobacco <unk> Luo IR director for any closing remarks.
Thank you again for attending today's conference call. If you have any additional questions feel free to contact all of it.
I am.
Paul Cheng, who will share or via E mail to contact me directly IR at Kennedy Group Dot Com, we look forward to updating you on our next earnings call. This concludes our call for today. Thank you you may now all disconnect.
Okay.
Okay.
Thank you.
Conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Yes.
Okay.
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