Kandi Sees 2% Stock Drop After Mounting Losses in Q2

The Chinese maker of electric vehicles reported a loss of $7.3 million compared with an income at the same time last year.

Author: Belinda Zhou   

Shares in Kandi Technologies Group Inc. (Nasdaq: KNDI) dropped 2 percent Friday to $4.97 per American depositary share after reporting mounting losses for the second quarter.

The electric vehicle maker said in a statement today that its revenue in the three months through June reached $24.1 million, up 48 percent year-over-year. Net loss in the second quarter was $7.3 million, or 14 cents per share, in contrast to an income of $1.4 million, or 3 cents per share, a year ago.

Kandi manufactures off-road electric vehicles and EV components for sale in China and overseas. Earlier this week, the company announced that its wholly-owned subsidiary, Kandi Electric Vehicles Jiangsu Co., Ltd., received approval from regulators to be a pure electric vehicle production manufacturer.