Q3 2023 Kandi Technologies Group Inc Earnings Call
Greetings and welcome to the Kandi technologies third quarter 2023 financial results call. At this time all participants are in a listen only mode. A brief question and answer session will follow the formal presentation.
If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad. As a reminder, this conference is being recorded it is now my pleasure to introduce your host T Y La <unk> you may begin.
Thank you.
Hello, everyone. Thank you all for joining us on today's conference call to discuss <unk> results for the third quarter 2023.
Earlier today, we issued a press release covering the results you can find the press release on the company's website as well as from Newswire services.
On the call with me today are Mr. Xiaomi Hawks, chairman of the board doctors shade, Shang Dong, Chief Executive Officer, and Mr. Alan Laing Chief Financial Officer.
Doctors Dawn will deliver prepared remarks in Chinese, which I will then translate app.
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 of the U S.
They secured even litigation Reform Act of 1995.
Forward looking statements involve inherent risks and uncertainties.
As such the company's actual results may be materially different from the expectations expressed are today.
Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC 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 conference call are in U S dollars.
With that let me now turn the call over to our CEO doctors shooting bulb go ahead doctor dull.
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Hello, everyone and welcome to our conference call today.
I won't begin to discussing some of the highlights in the third quarter in the wake of our successful transformation from a loss to a profit in the first half of 2020 three.
Our continued profitability this quarter underscores the positive outcomes, we have again from our product transformation and initiate it.
These profitable operation serves as a testament to the strategic adjustments. We have made in recent years. Once you have paved the way for our success in the fully electric off road vehicle market.
So with the collective efforts of all employees our company achieved a comma latest net income of approximately six 3 million U S dollars. During the first three quarters was diluted earnings per share of eight cents.
This marks a significant improvement compared to the net loss.
Approximately 2.4 million U S dollars or diluted loss per share of three cents for the same period in 2022.
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Our subsidiary as the auto Sports finished the acquisition of the Northern group.
This further enhance ourselves pipeline by leveraging their extensive expertise and distribution channel.
This strategic move enabled us to further solidify our position in the market as demonstrated by our recently announced a partnership with rural King a giant in the American pardon me and home retail industry.
Are helping us expand by working with more stores delivering our products to a broader customer base.
They want women children say, you're telling me.
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Are these osama there Molly molybdenum always on sensor a woman machines Hunton don't think when we put out.
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With a T cell as a signal that you're showing any signs yet of what am I, saying this the sources, albeit with cool manner.
She one would change for the part of the solution being total so you'll see short term contacts you. Some woman tenet, whether you can tell me cool.
In addition, we recently displayed our new fully electric off road vehicles at the Mace days when the rules are.
Trade show that facilitates vendors access to a large and influential and network of independent farm <unk> Ranch and home retailers.
We received positive feedback and further enhanced our presence across various distribution channels.
For over to foster and I see all those sports marketing capabilities in the third quarter, we purchased a 75000 square foot Chevron's center and taxes, which is now operating.
This move will significantly boost to our marketing capabilities in the United States.
Yeah.
So I'm on the Austrian woman does ultra them again, and I said, what I, what I'm, saying they may sit on the same car.
Hum.
So the pendulum so not so much where you go you'll either theory mineral company I'm pretty sure it really depends on the sequel to true huge.
Kudos to function.
Well the cheap tremendous swisher syndrome.
Well my tone, but what are your critical change with Susan pieces, well meet with fishing hunting all the time, so I would say June or July.
We were confident in the car.
As we look for ways to 'twenty 'twenty four.
I am really focus remains to expand our presence in the north.
Oregon market, where the candies commitment to innovation and quality, we are positioned to meet the increasing demand for fully electric off road vehicles.
Walking substantial growth potential and capitalizing on opportunities. Additionally.
Additionally, we are committed to entering global markets and are confident that our.
Production and sales in 'twenty, 'twenty, four well experienced substantial growth compared to the current year.
Yes.
I mean, it seems like I said, we're not going to.
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The winter you won't find us in fact that Chris if he wants.
Now we will move on to the Q&A session Kimbell, who shall me and I will answer your questions.
And in this quinoa and Mr. Alan Lane will provide translation for English questions.
Go ahead and ask your question I'll play there. Please go ahead.
Thank you we will now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue.
Press Star two if he would like to remove your question from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys, one moment, please while we poll for questions.
Our first question comes from Michael Pfeiffer from Oppenheimer and company. Michael. Please proceed hi, Thanks for taking my question a lot of Wall Street pundits have been warning U S investors away from China stock.
As well as electric automakers likely the cause of candies poor stock action. These last few months in spite of consecutive impressive jumps in quarterly performance in reality from a purely operational cash management view management looks brilliant in both selling its legacy gin, while facility for 60 million cash profit.
Plus the government subsidy to build a new replacement facility and selling a sign of base easy auto Gz Feng Zhang interest a former partner Geely for an additional 40 plus million profit.
Both just as the Covid epidemic began slowing chinas economy.
The JV sale to Geely looks particularly smart since Fang Shang has not shown up in the China media for years and seems to now have been terminated maybe you just translate that into skip to my questions.
Okay. Thank you popular ones you know, it's actually a choice that I shall I assume that comes at a whole variety of that Oh God. Those I think Amit what does she has her social reality go Michael Medical Kal you didn't know what she said she was all shop and that's illegal jaw Janaka now she felt some counties that places of work or <expletive> uncles that bullshit.
Without a young content through that yes, you bet.
Do you feel like kind of when he tells us that Nintendo goes that yeah, that's stuck with that chance sounds me like somewhere that then don't you took the year war social good I E.
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And you may all of that Oh, God I can't know Chi 12 under how social it's C. J since he got a chunk Walnut Utah.
Go ahead. Okay. Thanks, My question to management is to confirm or reject the theory that you clearly said candy apart from both the easy in China Investor concerns mentioned before the theory is candy with its new direction away from easy autos back to it.
Decades ago export legacy off road business is in the best of both worlds, particularly since it no longer does have.
No longer does have to rely on the internal sales in China Kandi as a conglomerate manufacturing in house, 90% of all parts first electric fleet, including chassis body parts motors lithium batteries and BMS in China, where the economy unemployment has slowed along with multi year lows on commodity.
Just like copper and rare Earth minerals, then shifts the vehicles are containers also at multiyear low prices to the U S where the economy is much better and there is a significant demand for low cost electric transportation. It is no wonder Candy C O as predicted gross margins in the 38% area. If you could just translate that.
Two small world of where things are well not just on it sounds like since you're the ones. You just have to fall that turns out what that is in Russia for Telus, yet so sure since that Oh, well, let's see if there's a comedy get outdoor show that make what Sally got drunk or called P. L. E E and they go to them with a trend towards that don't teach watches Osama.
She's on call it.
You have comedy tour, what mm single songs out yeah, and leap and don't see cool lifesaving rules make whatever he hadn't don't stay going to trial. It seems like even John Joseph opinion, I don't go away.
Female not that don't go wait to sell shorts, you'd always talked about that because you.
See that how do you feel you are doing which is all true quality sound to be women, who didn't know Chitra I hope. He won't go that tell me that she doesn't so bulk was hungry the Tim Tam don't gosh four children without your T V for a T V.
Does management agree with the stated observation is kandi aggressively attempting to expand its global school global exposure and if so which markets do you expect to add over the next 12 months.
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Yeah.
Is that all your questions I have one more after that but I'd like to hear his answer to that.
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Yeah.
So Vince for the question first of all death disability in certain countries are now selling our products. The company estimates that within the next 12 months there'll be most of the markets they kind of selling our products in the United States and we expect that it would be also be certain new cells.
In Europe and other regions. Thank.
Thank you.
And out of existing facilities, what would be the capacity for the bigger ticket items like golf carts U T Z E. T Z et cetera are using multiple shifts any big surprises over the next few months and if so what.
And that's why the viability or there sure sure of course, you know through a bunch of Allah par for total U T V. A T V.
From the time that we don't have to washout.
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Ohio was Douglas or something.
And my point anytime soon.
Sure sure.
That's the one to three months.
T cell activity of course going to look like.
Your thoughts on the tissue.
Watching.
How will the finishing tissue.
Yeah.
So we got it out production capacity as long as there's a market demand.
It doesn't capacity can meet their needs.
And then the company estimate you know that'll be suddenly needs I'm surprised us in the coming months. So please pay attention to that Eva measure would be kind of at least thank you.
Yeah.
Yeah.
Yes.
Thanks.
Thank you.
Our next question comes from Joel Kramer.
This is a private investor Joe. Please proceed.
Oh I apologize. The next question is from Mark Cano.
Michael Please proceed.
Yeah, Hi, good morning, or good evening wherever you are in the world.
While the last comedy conference call alluded to global expansion, we have seen no press release or 8-K, confirming our rollout has been.
Case in point thought it appears it has over the past months.
Deep dive in the Internet came up with some interesting findings.
Just a discovery of a major you know I could kingdom dealer easy Shiloh UTV began selling the Kennedy you 10 buoy.
Under the brand name Shire mix E T D.
Four wheel drives however, shower is selling their motives for twice as much.
As in the U S a for $28303, including the E T.
Then soon followed by distributor Fairway E V limited that space Theyre, all U K, leading importer of high quality electric vehicles.
Serving the whole of the U K Republic.
And Ireland and Portugal.
Also offer the candy brands side by side Cowboy E checks and shortly thereafter, another discovery over distributed in Austria.
W. E T. Hundreds game behalf that claims as of the AR tens twenties.
20th of October 20th Street has a large talk available off can be cowboy Eaton at 19900 euros.
That's about $21300 plus V I T.
Keith if you can just translate this and then they come to my questions.
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Sedan Sushi, that's always been jealous Yamaha how many it's equal not sound hold their tuition economy, that's a class I <unk> sure, how Boyd and high sounds a social but with home Levine Josh on that.
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Joshi of mail I felt this year, which email.
It may appear all means they got to do the chocolate.
Would you want to hold off on my high Fives, Yeah, I'll delete those things all shop is a jaw, what's a handles G M. B H Thomas Hindrances you Sonya.
Yeah sure Yeah, Yeah, yeah.
How do you see a cow boy the quote unquote Couldnt go math all shows that I shouldn't you one Joe sent job at all yet.
Please go ahead with your question.
I had my questions firstly in the U S. It appears there's feature pack candy cowboy side by side is being retired.
$30999.
And the incredible cheap compared with Polaris kinetic premium at 29900.
So only a 10% larger lithium battery.
So to speak but it does range. Most addition speaks about this thing.
When do you think the cowboy at this very low price as a door opener to dealers.
Subsequent can be off road product.
As in the case of the European dealers. They must have added a huge margin built in the final price.
Second is the company planning on ever announcing the opening of a new international locations in the future to shareholders, which Kennedy's website will carry these global location and.
Good question is how is can be handling the international expansion.
And does it have growth projections and possibly countries for this sector over the next year and the fourth and last Christmas Laclede since.
Oh boy coach.
Yeah. Okay go ahead, Matt.
Yeah, I'm, sorry, I can't get slowed down can you just thought star you're just a first question, let's do one by one.
Okay. Let me go one by one them.
Yes for sure.
Yeah, India is it appears the future pegged kind of cowboy side by sides as being retailed 50999.
I'm incredibly cheap price compared to the Polaris kinetic premium at 29900, <unk>, So only 10% larger lithium battery with the highest speed, but that's right.
Additional specs about the same.
Using the cowboy at a very low price as a door opener to dealers for subsequent candy okra product.
As it did in case of European dealers. They must have added a huge margin built in different enterprise.
I'd love to hear what he might just yet, but when one comes out and talks about that make where they play that until we find some sort of true up on AG. It sounds you got to just have a door that that's not when it feels like I'm sure Cancun bore well Michel Bussi, you won't take one esher cowboy they'll get on trial I assume a roommate.
Hi, I had a soccer that youll ship glad pallet Oh my God.
Some headway on that sounds sort of Joanna Lau well excuse me for the two months now hold functionality on EMEA. If I can do about that although this is a oh boy I'm not hall and Gourmet you do see the chocolate I'm, having a workforce you couldn't go to Covent Garden leave engineering, a horseshoe well, many an uncle suddenly Oh delicious huh.
Okay.
Yeah, just a woman to you at that time in English to make what's the juices for T. J I think that might make what's the timeframe like what a chunk or not.
It's a bizarre.
Yes.
It sounds like C&I and though it was a cool yeah comes when I took a lot of time doing say, one but my dog.
Chocolate way Guy that's coming up.
Well, Mike Madsen said, yeah, Hello, Matt I see sensors I chatted, you talk to the person who's our sounds like.
So it had a chocolate ice and New York hurt either.
Oh, so that he knows them at all times.
You will find that the outdoor so you're talking about the deal.
10 days of younger.
Okay.
So that's a question, especially for.
The model is we are selling in U S and the model is we sell it in Europe Bear. The same then the reason why the price in U S. It's rather lower because right. Now you are smoking is our main focus really tried to tackle the more the market occupancy that's why we try to lower the price plus we are selling.
Our U S subsidiary S C O to sports.
That have a less you know layers of the channel that they should be with US and of course, you know the price you'll be considerably less in Europe, because the best show the mug up by our distributors in Europe, that's where the price is higher.
But that can be so good question.
Yeah.
Okay, Yes. Thank you for that and then the second question is the company planning on ever announcing the opening of new international locations in the future to shareholders because right now we only know where these.
These kind of things happening because these search the internet.
And.
Those shareholder friendly but.
Which and if they do which can do upside will carry this global locations.
I'm going to let you put down jokes. It tells you something I am census.
Census, I'll make whether it's a totally I mean, what's your time is jumbo call switching which is Oh gosh I'm a woman of course, you're also keeping group's Hong Kong. So going forward die of course see that window shades homeboy fills what what Laura. She quoted you had issued a corporate deal since he has stated that they will make sure hum.
I thought you were going through a licensure like simple truth.
A woman so I'll quickly paid by some amount of time that puts you well since that change or that.
But you somebody else I'm sure like to see.
Hunter system.
Uh huh.
What's you know what was essential to have to go home and they didn't don't see when we go into the more chance to highest.
Switching theater.
I'm not sure that you're somebody that you know so.
Would you have to sort of comment on your answer.
Oh Wow like we wish it sounds when I say this issue I see.
Currently we are trying to promote our pure electric off road vehicles around the world.
It's still in a rather early stage at the moment those bill as you mentioned above all have only purchase.
Vehicle prototypes and Theyre in the peso at each stage. So please stay tuned we'll definitely keep the market and it showed as opposed that with data update.
Yeah.
Okay. Thank you.
And my last question is.
Since you are selling the Cowboys, so cheap and it appears to be perfect for independent dealers. It was kind of going to hold back the cobalt from loops, Walmart and Amazon and use as a base to expand its independent dealer network.
Budget quantum so sure cowboy.
Cowboy Easter behind Us I'm not kidding, you sound quite that you get that Yamana stream Tonya Chin My mind and I Hope I feel its only goes all right.
So if you want to see them kind of door that says yeah, Tony that can sell Sean.
So the woman.
It goes to tango in Manhattan.
So don't go out Schindler philosophy.
Uh Huh, Okay Hunter, Jeff Hough for somebody in my woman, that's truck like a chalk huh.
So Tony your ducks lined up properly.
But many of them when it turns into the city itself.
Uh huh.
So in the U S market, we are selling our products through the.
Different type of that they should be with us they've been shadows and of course through at a supermarket lows.
We are discussing with sudden auto new supermarkets at the moment, but then the price will be consistent all over our different channels and in a considerable.
Appropriate reasonable level.
Thank you.
Yeah.
Thank you for taking my questions.
Our next question comes from Joel Kramer, a private Investor Joe. Please proceed.
Yes. Thank you it seems to me that the most bullish press release, they lead to a breakeven in the future is the recent announcement of the purchase of a new 75000 square foot distribution facility in Dallas suburb Garland.
Adding to its 2021 purchase of its first 50000 square foot facility, just a few miles away in Dallas.
Correct.
The initial facility, though having 50000 square feet.
Also being used as it.
Headquarters sales marketing support and show them.
I would assume that.
That would only have left maybe 30000 square feet for assembly and distribution.
Yes. This year, we should see some 20000 or more units assembled and distributed from the original 30000 square feet.
Should I continue killer.
Hum.
Let's let me translate.
So first okay.
And how does the ones you're touchwood, taking pop of the Siem, one gosh I'm tissue sample Oh, My God My life, she along with Centene bought into the social things I'll share a cause of it.
The economy, though will actually go see how big home look why don't you ship them.
So when I say Gee I, yeah, what Michael Might've shook out watching fall into it shows if you hold it you only got thrown out of the books all I can't fill out and goes yours shall I should not say Dallas dozens of Texas. So it sounds really oh, yeah mm tool out there just for the Jewish Russia C angle.
One some volumes, but yes, that's what make well that's an important social she's ha and take them to the cause I'm gonna tissue right.
17th.
How is that not a chronology or someone can fall in should not simply you'll natural jonker our pace on that.
Please go ahead.
Thank you the additional 75000 square feet, but pure distribution and assembly, because theoretically increase capacity by 150%.
Or.
Cause some 50000 units.
And then the same press release to see Oh.
Candi North America also said, we now intend to drive growth through geographic penetration across the U S and additional distribution centers will be key.
Falling demand in a timely and cost effective manner.
So my questions or one.
Am I interpreting the content of that recent press release, along the line.
Management's thoughts.
And if so is it safe to assume if this capacities reached over the next two years revenues approaching 500 million could.
Could be feasible.
Yeah.
Okay, let me translate so far.
Okay.
I'm not real wide you got shuang attempting a bunch of young and south of Hudson yards tower, Chicago's downtown not to call them by me by suddenly Angel sure Y'all, one part not that one friend someone calls we will not consummate let's see I'll hop out.
What that make what should that be true.
How quickly can pull cost out.
Instead of what were the ones you share what's your potential easier I think he would have.
Uh huh.
So what you see on the Wow, what's out what I spoke to you on that.
I don't yet know.
Until the time that you just saw close to that so he was I'm joking, we may yet Joshi Christina.
Okay.
Oh Man say classical Matt Schindler fire intrusion, there's a weird thing.
But it shows when they leave.
She doesn't have a chance to meet whether it's social I couldn't agree with him.
Somebody on your knee shoulder to shoulder with kitchen remains on I'm going to assume in the mobile solution.
Okay.
So the purpose of purchasing a new warehouse in Garland, Texas is to increase our capacity.
With the better fundamental ourselves in the states, we will definitely increase in a more significant manner.
Oh go up that says target is estimated to be close to 500 million we'd be in the next two years.
Thank you.
Okay.
Okay.
When a prize comfort school the C O anticipated continuation of candies, 38% gross margin through year end.
Is this still look to be realistic.
And also well it was just a small piece wall Street veteran gross investor.
This novel rare included Candy and a strong recommendation of a couple of weeks ago.
Congested a compound annual growth rate.
A G or.
So tansey of 25% from now to the year of 2030.
So he'd be correct.
Thank you Okay pardon me I'm a negotiated so I thought she can be off where you saw the C. O U E coms of the Maui dump box yourself at my side about the euro.
[laughter]. She tells me I'm doing it with a hunter Chicago, Oh, I see I.
Sure, Chris, Yes, and so I know you like what you have to send that hung on circles. The July John Lewis never Lovie Leah how does he goes from Jong Han to India as well are currently approved Yamaha.
Maybe your confidence at all in Sunny Sunny Yeah, Comdata for quite some time really jump out offshore I think of Coty a ton CMI.
Okay.
Yeah.
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It is oh sounds about right.
You said you were giving him on it is offensive.
Yes.
I'm, a thorn I N T E C.
It goes straight, Tennessee, It sounds to me I want to do that.
Our country.
Uh huh.
No Mike.
Yes.
Okay.
One thing that I've been path.
Hmm.
So I wonder if at all but anyway.
Hey, Joe finishes out and figure out it sounds familiar with them and they've got their own car T and <unk>.
You talked about life and so we've got.
To go watch it at that.
Yeah.
You were saying you haven't kind of warm hormone positive.
Bob You said that that's a citizen in your opinion.
So Joanna hassle, that's a figure.
King.
Got it.
Okay.
So first of all what we got in our gross profit margin actually in the second caught up this year. The margin was up 32% and average gross profit margin from January to September nine months was 34, 3%. So it depends on the development.
Market conditions it.
It is estimated that the gross.
Gross profit margin for the whole year, 2000, and traded three it'll be up about 30%.
And then we got a the the estimate from Lewis Nov. Nevertheless, Ah you know, we believe that you know in certain years of the foreseeable future as we can meet or even exceed 25% but of course. It is hard to tell you because it's such a target.
You know Ian you out.
So we will try our best to do a chip definitely thank you.
Yeah.
Thank you.
Yeah.
Our next question comes from Arthur Porcari from corporate strategies Arthur Please proceed.
Thank you.
Glad to see this week, they can be America announced the rural King.
Hardware store chain with 130 stores 13 states, calling it quote a milestone for candy and strategic expansion and quote.
However, when candy and its lowest corp.
I'll, Mark and opened at Amazon store over this past year.
Well, having already sold thousands of golf carts judy's outlets to date Kandi has yet to he'd been publicly announced any of these relationships.
So that alone call those mega relationships milestone.
It is to understand that it's hard to understand the logic behind Candy stealth girls business plan, how do you potentially millions of dollars of effectively free additional publicity for candies, new products affecting dealers consumers and shareholders. Kim We'll go ahead and give them that right now.
Okay.
Peak I'm talking I'll kind of I'd say the things you're talking about how do you make on your thoughtful Joshi tenure like rural King Daniel E bikes sanction call somebody and say Oh My gosh. It sounds like you all I know again I can read that the Dod is house yet.
And that's not a joke.
Country gun laws go warm up JC I'm sure well woman told me all kind of young said, Oklahoma Golf course, yet.
There's a whole lander needs yeah go through they hold on to what he wish him up with C me on top to CME in say the take home center myself Twingo outgoing pool, what happened the whole that's why Nike collocation going through that do you mean do we.
South shore that eye surgery.
Social yourself say social suddenly got we don't.
Hum.
How do you feel like I said, yes go ahead.
Okay. My case in point is right at one year ago in late October a personal visit to Lowe's I noticed the golf carts out front.
Not even knowing the candy was even making golf carts that at that time I took a closer look and to my surprise I found the candy name and logo on the inspection plate I posted this would pictures on the Kandi private chat as most know lows as the nation's top retailer with 2300 stores.
I've been checking back with a product manager, who tells me that Kandi golf course had been hot sellers and his store.
This past August one week after the last conference call. Another member of our chat or discovered the world's top retailer Walmart with 4600 stores have just added candy golf carts to their online store with free delivery within five days.
And curiously, both lowes and Wal Mart at least for now are offering candy golf carts exclusively.
Few days later, another stealth release of Candy golf carts. This time through can be opening its own store at Amazon in each case, not only full line of golf carts, but also a full offering of candy parts and accessories.
It never works from Sandy in the media about any of these three.
Go ahead with that right now.
That union.
Bye bye.
Downstream as a whole we all see no Michel how do you handle that you'll you got T. All women kaki.
Agenda, you took off which were near Silicon via Hotmail Torch, we haven't put a young boy they take a con call I don't know what they want to go back to the Cal cannot share that with me you go out and none has helped them yet I hope you agree that your whole not a woman that leeway you go Oh, and yes, sorry, just a warm up that.
Well, that's how many are you finding that you're gonna economy the car for torchlight.
Yeah. So as you said yourself I'm looking I'm kind of like a woman and those that know us well why am I didn't yeah, Oh, Tom Delbanco on how much you have email kind of going through that sure I can take control and died.
Sure so without social.
So he and I will come to you the costs, which are not Oh me, you'll find someone but that's not that's all I have.
So neither you know what I'm trying to get their sound yet.
Does it have made them so long as that we'll negotiate 10 glut.
Yeah, Charles all I can.
So.
Touches all comedy that she's like hunting seismic which is I'll call. It a J.
Yeah, My contactless and social.
Okay, well it well, it's no surprise to U S consumers and independent dealers. Most golf carts are made in China, when it could be a surprise to see candy cards and other off road vehicles that theyre offering.
Yeah.
As I think somebody already said earlier today kandi as a conglomerate that makes.
Virtually 90% of each golf cart.
But on top of that it's also on NASDAQ and.
That to me is a big sales point I doubt seriously if any of the other people out there that are making these golf carts and try and compete with US and then other similar type stuff.
And then on NASDAQ for 15 years.
Anyway, obviously, neither loves Walmart or trying to keep candies name on a quiet.
Since each had numerous sponsored ads all over at Google and other websites highlighting the candy brands along with their name and by the way most of them had four plus star ratings, which is a real complement to the company.
Okay pass that on and I'll get back into my questions are do you mean, what sounds like a little yellow life or not a casual shoes and boots, you're glad hunt or does your cough, which are those just from what you saw him to talk about either.
Sure me I can see out of it.
Just yet cause they should come to your costs, which are telecom in fact from what you thought you might come to your question haven't seen how this yet she loves uncle Yamana she'll come easy you got that make or not the alkylation I'm sure the ones.
That may go a year without asking and Alicia finish all wounds, yeah, I'm thinking that might have a loss.
Uh Huh, Yeah, my scene socially Tioga County Courthouse Young kind Oh man go back we'll go where it's you'd have that he had hope on Oh God Allah shall not gone dark comedy European Python, Your Colorado pins lunches outdoors.
Sure.
Sure.
Go ahead with your question Okay. Here's my questions why has can he'd been hiding special relationships with three of these top world's largest retailers. It would seem that something as simple as I can be public press release announcing the affiliations and products, but not only be greatly right publicity for candy and at star.
Price, but also drive new business from shareholders and others, who seat see these news releases connecting to these retailers given even more comfort to prospective buyers knowing that China's E cards are from a longtime NASDAQ listed company.
Does this release of rural King signaled Kandi will once again start putting out more press releases on these type of new location openings.
Well it sounds good I wish them luck honey all in mind, Juicy couture and central to it I'm sure Shaun Kelley of course, all clients yet.
What kind of being a local guy fabrication, one o'clock subtle can have enough. That's why our whole you said, having a bad connection I might've like Hudson Once you know what they call me that I say hone Julian it's Jim Herzog, who are watching of course, you won't go do a bunch of cool yeah. I can you know we're seeing good door.
So what are the legal shall I felt like during the year.
Yes.
So it actually is.
So you want to show them, what it does it almost sounds like that your share taking con do you make all your factual.
Hurricane a corporation, we're not sure about that your whole contemplates two agenda, a wake of Dow Kun Cai so she's going to say so it tells me that seems out of China, that's well once it.
The solution a million tons of them millions.
So I'm Gonna block, who as you put it to them.
Yeah.
So don't want now probably see them understood well might be she'll go through them and assume a needle shangaan are cool.
With me on my side, Chris you want to find the means of switching the human Cody.
Cool.
You should have a cornea woman union.
Most of the firms you have Washington.
So you said the woman, especially if they don't I shouldn't leave any English on chip in it.
Well, there's certainly a season what are some of them will be.
Nobody wants a woman yamana should wish him to hide that switches.
We're going to do it faster than that should we use all the time can cause it somehow the only way you sound as Saddam Hussein.
Tim O'shea women's truthfully, we probably shouldn't mean Joseph.
You can put it on the table to know he showed a functional outcome that jumped out to a phone call.
So first of all we are not hiding Ed is it not at all.
It does where we tried to publish news as you may know we have to consider interest of other parties like our customers or our partners are sometimes you know.
Those parties they have their own concerns.
Whether it'd be I feel comfortable that any other thoughts.
It was to release.
We released the name in the press release and sometimes because if they.
They don't want to do that we would rather not publish then taking the chance or ways to do that.
Definitely don't want to jeopardize our relationship with our customers and our partners that is the reason why we think that trust.
Got it.
We would not try to Oh interest expense up all the parties.
And definitely we don't want to cause any inconvenience to the audit.
So Moreover, we got into a Walmart and Amazon are there actually are still in the early stage of our products.
So as you May know each company has its own way of selecting the suppliers and products.
It usually takes more than six months of the budget passed they are prototypes they before they move on to the next step.
The reason why we have not published those statements in the past they tried to do.
Maintained a rather conservative approach, we wanted to wait until everything is clear it's called the great people, we make so that'd be with to help you understand our approach. Thank you.
Yes that does make sense and curiously a watch.
Watching the Walmart website, and they started out with just four carts on it now as about a week and a half two weeks ago now they have like all our products as far as golf carts. They have the six passenger on there they've got the one with the dump trucks on there plus they have a lot of our parks I think went from effectively for.
Locations.
But you can click on to now it's more around Thirtyish. So I guess, that's a good sign that they feel like we're moving along pretty well, but anyway, let me get onto my next question here then.
Yeah.
Let's see.
Just two years ago not much was happening not much was happening again, he was putting out as many as 45 press releases a year since that time. It appears they can't do the parent company is no longer playing out much in a way a P ours other than financial releases instead now with P. Ours, we are getting seem to be generated by Candy America.
But it seems to be some confusion here both companies, you're using different PR reps and wire services. So many investors using kandy.
He was Kennedy who used to seeing on the global business wire press releases, where Candy America uses Z business wire. So they don't necessarily show up in the same services.
Considering sandy the parent has both a VP of Investor relations and in my opinion, a worthless international PR firm Blue shirt group why is tending out putting out less news outlets growing exponentially.
I'm Gonna Mickey as you know with you sure with all of you that anyway to kind of go kind of Ah why am I, So I'm going to cheat I realize you'll ship closer that's sequential Oh and I can say it was like how that I'm counting and crazy goldmine now not taking a cookie panels I feel like I'm going to go a lot.
Soy or the country that choices I get how you're feeling with yet you don't call. It what it is that Sunday night isn't that all essentially yeah see you what types now.
Now why am I, telling me or some guy the Kenyan accounting, Samsung and actually got so hot that Oh, and I forgot English she got her how to teach out some income away from our highest department assumption our sounds a bunch of Nash is not what you'll see is that non international countries.
How do you imagine that you had no tie boy.
It doesn't pay to showing off I mean, you're not going to topple us toward our social casino.
I do not tissue constant youll face Honda I haven't seen anywhere else I believe yeah, yeah, I'll sort of housekeeping, one golf E. Nacho mail tied what she had a home run.
So you can yes, I just had that had a child they seem ICL County factually. He said he might not those you'll call me Michael Thoughtfully and she said she is younger until she had told him that Eli.
And county, how do you make all your my lounge, Apple Torno talking 491 a share.
Global Newswire Yahoo economy, what do you have a business that's why it. So you should see the Rogers Johan Dwight comes on County line, we'll go through that and not mail showed all Joshi.
So we should kind of education of what.
Carnitas Yoshi sushi tissue com team of bankers for going into the third day I do want to point out about comedy hold yourself onesie that see Oh, how cool that he got was that what kind of I mean, I would tell you that got you that Oh wobbles that wish him luck Huntington's.
Uh huh.
I'm Julia Qin got Michele haul I would say, Bob where she won't call Xiaomi in Kentucky G Gena.
But you know again, a woman a ton.
So you wouldn't have been sued a social and cultural differences.
We've kind of been someone that shouldn't recur.
You mean, the change which is intelligent decision.
In the past two years due to our debt did you see the marketing approach we have adhered to the approach up few words, many deep ongoing we will plan to or we find its way into a related publicity methods and makes it adjust.
But they all your suggestions so thank you for your opinions.
Okay. Just a couple of last here I am intrigued by your comment I think it was your comment earlier for us to stand by for a big announcement I guess, you wouldn't want to share any more on that for now. So let me just go on to my last question, which I'd like to direct to Mr. Hu.
Over the past few years Kandi has bought back some $3 5 million shares in open market purchases with its record growth spurt underway cash of $245 million, which is seems to be going up every quarter or about $3 a share in cash profitable stock trading at $2 under book value and below working capital.
His management prepared to at least take a look at re instituting possible share buybacks.
Yeah.
Mr I want everyone Tonight.
And so I'm not sure Oh don't worry about it.
So sure there's an element that is with that man I E. A woman that kick off I'd tell me in the Gotcha Gotcha.
Oh quite caught me a woman.
That's one thing.
So quaint Colquitt County, Utah.
Oh.
Yeah.
I took a women's as I call it change on like where you're at someone's home.
Yeah.
Yeah. We are considering these this issue and we will take action in the appropriate time, but thank you.
Good. Thank you very much and really looking forward to that 500 million over the next two years.
Thank you good job.
Okay.
You guys are you selling them. So it's not like I should tell him and I'm glad that all cause you to sell her show that about it.
Hi, operator, do we have any additional questions.
It does not look like we have any other questions I still just will conclude our question and answer session.
Wow.
Well I would like to try one went back over to why I'm, okay, well below for closing comments.
Thank you Oh, well, then they'll one pillar.
Uh huh.
Akshay.
Alright. Thank you again for attending today's conference call. If you have any more questions you may contact us via email at I R. Atkins equals dotcom, we look forward to updating you on our next earnings call. This concludes our call for today you may now all disconnect.
Yeah.
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Yeah.
Yeah.
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