Full Year 2024 Kandi Technologies Group Inc Earnings Call
Operator: Greetings, and welcome to the Kandi Technologies Full Year 2024 Financial Results Call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone Thank you. As a reminder, this conference is being recorded.
Greetings and welcome to the Kandi technologies full year 2024 financial results call. At this time, all participants are in a listen only mode.
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.
Kewa Luo: I will now turn the conference over to your host, Ms. Kewa Luo, Investor Relations Manager. Thank you. You may begin. Thank you, operator.
Speaker Change: I'll now turn the conference over to your host Ms Qinghua Liu Investor.
Speaker Change: Investor Relations manager. Thank you you may begin.
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Thank you operator, Hello, everyone. Thank you all for joining us on today's conference call to discuss <unk> results for the full year 'twenty 'twenty four earlier today, we issued a press release covering the results.
Kewa Luo: Hello, everyone. Thank you all for joining us on today's conference call to discuss Kandi's results for the full year 2024. 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.
Speaker Change: Can't find a press release on the company's website as well as from Newswire services.
Kewa Luo: Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involved inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed 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 statements except as required under applicable law.
Speaker Change: Please note that today's discussion will contain forward looking statements made under the safe Harbor provisions of the U S. Private Securities Litigation Reform Act of 1995.
Speaker Change: Forward looking statements involve inherent risks and uncertainties.
Speaker Change: Such the company's actual results may be materially different from the expectations expressed today.
Speaker Change: So our the information regarding these and other risks and also guarantees is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward looking statements, except as required under applicable law.
Kewa Luo: Additionally, unless otherwise stated, all figures mentioned during the conference call are in U.S. dollars.
Speaker Change: Additionally, all us otherwise stated all figures mentioned during the conference call are English dollars.
Kewa Luo: Before we continue, I would like to introduce the team joining me on today's call.
Speaker Change: Before we continue I would like to introduce the team joining me on today's call joining US army the phone Chen C E O and Mr. Liang CFO.
Kewa Luo: Joining us are Mr. Feng Chen, CEO, and Mr. Alan Lin, CFO. Mr. Chen will deliver his prepared remarks in Chinese, which I will translate after.
Speaker Change: Mr. Chen will deliver his please play casual remarks in Chinese, which Atwood frankly accolade.
Feng Chen: With that, let me now turn the call over to our CEO, Mr. Feng Chen. Go ahead, Mr. Feng. Hello, everyone. Thank you for your participation. In the past year, we have not only consolidated the leadership position in the field of electric and non-public roads, but also developed the strategic progress achieved in 2024 through the development of manufacturing capabilities and the expansion of the market coverage range. We have laid a solid foundation. I am proud of the team's determination and innovation.
Chen: With that let me now turn the call over to our CEO. Mr. Phones home go ahead, Mr. Chen.
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Feng Chen: 无论是董事会的战略指导,还是同事们在日常运营中的出色执行,同时我也衷心感谢同志们始终努力的支持与沟通。 Good day and thank you for joining us. Over the past year, we not only strengthened our leadership in the electric off-road sector, but also enhanced our manufacturing capabilities and expanded our market reach, laying a solid foundation for the strategic progress we achieved in 2024. I am proud of the resilience and innovation demonstrated across the organization. From our board's strategic guidance to our team's daily execution, and I appreciate the continued engagement of our investors. In 2024, we achieved a balanced and meaningful income growth. mainly thanks to the stable demand and support of electric non-public transport vehicles and the continuous optimization of geographical layout.
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Speaker Change: Although the past year, we not only strengthened our leadership in the last week of off road sector, but also enhanced our manufacturing capabilities and expanding our market reach lay a solid foundation for the strategic progress we achieved in 2024.
Speaker Change: I am proud of the resilience and innovation demonstrated across the organization from our board strikes me just guidance to our team's daily execution and I. Appreciate the continued engagement of our investors.
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Feng Chen: While growth is steady, we are still committed to investment in the future, continue to strengthen the overall product combination, promote the next generation of telecom technology development, and further enhance the wealth of the rich and powerful. With this prudent and firm strategy, we have successfully maintained our operating capacity and maintained a healthy and stable cash flow situation. In 2024, we delivered modest yet meaningful revenue growth driven by steady demand for our electric off-road vehicles and the ongoing optimization of our geographic footprint. While our revenue grew steadily, we continued to invest in the strengthening our overall product portfolio, advancing next generation battery technology and reinforcing our balance.
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Speaker Change: In 'twenty 'twenty four we delivered modest yet meaningful revenue growth driven by steady demand for all electric off road vehicles, and the ongoing optimization of our geographic footprint.
Speaker Change: Our revenue will grow steadily we continue to invest in the future strengthening our overall product portfolio advancing next generation battery technology and reinforcing our balance sheet.
Feng Chen: This disciplined approach enabled us to preserve profitability and maintain a robust cash position as we navigated involving market dynamics. The electric non-public platform is still Kandi's core business platform. Last year, we launched a number of new models to the North American market, including the 1110K multi-purpose electric car, a series of electric karts built for various users, which covers from enthusiasts to amateur players, as well as the MFL limited-edition golf cart. At the same time, Kandi has been actively featured in many golf cart exhibitions and industry summits, winning wide praise from retailers and participants. Our core electric off-road segment remains the engine of Kandi's Last year, we introduced several new models tailored to North Americans' preferences.
Speaker Change: This disciplined approach enabled us to preserve profitability and maintain a robust cash position as we navigate us evolving market dynamics.
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Speaker Change: Our acquiring luxury offer all soccer might remain the engine off candies business last year, we introduced several new models tailored to north Americans preferences, including the innovator E Hong K utility vehicle.
Feng Chen: including the innovator E10K utility vehicle, a new lineup of electric go-carts built for everyone from entry-level riders. two seasons off-road in Thulia. as well as our limited edition NFL golf cards. Meanwhile, Kandi made a strong presence at multiple golf card expos and industry summits, earning widespread praise from dealers and attendees. At the production end, we are also continuing to improve the flexibility of operations.
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Feng Chen: Through a targeted upgrade to Taiwan's manufacturing base, we have further improved productivity flexibility and response speed, better matching and constantly changing customer needs, while maintaining high standard product quality and manufacturing efficiency. Behind the scenes. We are enhancing our operational resilience. Food Targeted Upgrades to Our Taiwan Manufacturing Focus. These improvements have increased our flexibility and responsiveness, enabling us to better align production with shifting. Customer Demand While Maintaining High Standards of Quality and Efficiency.
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Speaker Change: We are enhancing our operational resilience, so targeting upgrades to all the Taiwan manufacturing fulltime. These improvements have increased our flexibility and a brief we bought responsiveness, enabling us to better align production was shifting.
Speaker Change: Customer demand, while maintaining high standards of quality and efficiency.
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Feng Chen: In order to better realize our strategic goals, the company has recently launched a new management incentive mechanism, which directly links senior executives' rewards with key performance indicators. 这一举措以显著激发了高层团队在销售挣扎,运营优化与新产品开发等方面的积极性,从而带动公司整体业务的持续改善。 To ensure we deliver on our ambitions plans, we recently implemented a management incentive program that aligns leadership rewards directly with key performance metrics. This initiative is already motivating our senior team to push harder on sales growth, operational excellence, and new product development, ultimately driving improved results across the company.
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Speaker Change: To ensure we deliver on our ambitious plans, we recently implemented a management incentive program that aligns leadership only work directly with K performance metrics.
Speaker Change: This initiative is already a multi meeting our senior team to push harder on sell school growth operational excellence and new product development ultimately driving improved results across the company.
Feng Chen: Looking to the future, our strategic focus is clear and clear. We will continue to launch innovative battery and whole vehicle solutions. We will expand the network of retailers and deepen strategic cooperation. At the same time, we will accelerate the development of the U.S. localization layout. One of the important advances is that we have reached cooperation with CBAK Energy Technology. In the U.S. localization production of lithium-ion batteries and battery packs, by bringing production closer to the mid-range market, and actively utilizing clean energy-related incentive policies, Kandi is building a solid foundation for sustainable long-term growth.
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Feng Chen: Looking ahead, our priorities are clear. We will bring forward innovative battery and vehicle solutions. Spend Our Dealer Network, Deepen Strategic Partners and execute our U.S. localization roadmap, highlighted by our recent partnership with CBAK Energy to Localize Lithium. Lithium cell and pack production in the United By aligning production closer to end markets and leveraging clean energy incentives, we are positioning Kandi for sustainable long-term growth.
Chris: Looking ahead.
Chris: Priorities are clear.
Chris: I'll bring forward innovative battery and vehicle solutions expand our dealer network deepen strategic partnerships and execute our U S localization roadmap.
Chris: It's by our recent partnership with CB 8-K energy to localize lithium.
Chris: Lithium cell and pack production in the United States.
Chris: By aligning production closer to end markets and leveraging clean energy incentives, we are positioning <unk> for sustainable long term growth.
Feng Chen: Finally, I firmly believe that the series of measures we have taken in 2024 have significantly strengthened Kandi's platform capabilities, and have prepared to seize more opportunities for development in the future. Thank you to all our employees, partners, and shareholders for your trust and support. In closing, I'm confident that the steps we have 2024 have strengthened Kandi's platform and prepared us to see new opportunities.
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Speaker Change: In closing I'm confident that the steps we have taken in 'twenty 'twenty four have strengthened candies platform and prepare us to seize new opportunities I want to thank our employees partners and shareholders for their trust and collaboration.
Feng Chen: I want to thank our employees, partners, and shareholders for their trust and collaboration.
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Kewa Luo: Thank you, Mr. Chen, and thank you, everyone, for joining today's conference call. As noted earlier, there will be no live Q&A session for today's call. If you have any questions following today's presentation, please email us at ir at kandigroup.com or gary at blueshirtgroup.co. We will respond to all inquiries within the next five business days. Please note that our responses will be limited to the information that has been publicly disclosed and will comply with the applicable FCC regulations.
Chris: Thank you Mr. Chen and thank you everyone for joining today's conference call.
Chris: Earlier there'll be no live Q&A session for today's call.
Chris: You have any questions. Following today's presentation. Please email us at <unk> at Kennedy Group Dot Com.
Gary: Gary at Blue shirt group Taco.
Gary: We've always gone to all inquiries within the next five business days. Please note that always one says we've been limited to the information that has been publicly disclosed and we will comply with applicable SEC regulations.
Kewa Luo: This concludes our conference call. Thank you and have a good day. Thank you ladies and gentlemen.
Gary: This concludes our conference call. Thank you and have a good day.
Gary: Thank you ladies and gentlemen. This concludes the conference call. Today you may disconnect. Your lines. Thank you for your participation.
Operator: This concludes the conference call today. You may disconnect your lines. Thank you for your participation.
Gary: Yeah.
Gary: Okay.