For the first quarter Kandi reported net income of $1.6 million, up from $1.3 million in the year-ago quarter. Revenue grew 174% from the year-ago quarter to $40.2 million from $14.7 million.
EV products revenue increased 384.5% to $8.4 million in the quarter, up from $1.7 million in the first quarter of 2013.
"During the first quarter, Kandi has once again experienced the significant growth in EV related business sales," Kandi chairman and CEO Xiaoming Hu said in a press release. "We are satisfied with the financial results we have achieved in the slowest quarter of the year. The Public EV Sharing Project in Hangzhou is making modest progress and several other cities have approached us to discuss implementation of the project in their cities."
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TheStreet Ratings team rates KANDI TECHNOLOGIES GROUP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate KANDI TECHNOLOGIES GROUP (KNDI) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."