Source | official account: capitalwatch
March 30thCondi (Nasdaq: KNDI)The results were announced, but expectations of the company's entry into the US market boosted investor hopes, and the company's shares rose 7 per cent.
The Jinhua-based electric carmaker said its net loss in 2020 increased by 47 per cent to $10.4 million, or 19 cents a share. Revenue fell 43 per cent year-on-year to $76.9 million, according to the report.
Sales of electric car parts, which account for most of Condi's revenue, fell 63 per cent to $40.6 million, while off-road vehicle sales rose 31 per cent to $29.8 million. Sales of electric scooters, electric self-balancing scooters and related components rose 161% to $5.8 million.
Hu Xiaoming, chairman and CEO of Condi, said in a statement: "in 2020, shops and facilities around the world were blocked and closed due to the spread of the COVID-19 epidemic, challenging all aspects of the economy. Although our business in China fully resumed in early March 2020, sales of electric vehicle parts, one of our main sources of income, have been severely affected by several outbreaks. "
"looking ahead, we have a lot of growth opportunities," he added. We are committed to building our business in the United States, and we are pursuing an online ride-sharing service for electric vehicles approved by governments in third-and fourth-tier cities. "
Condi introduced its K23 and K27 EV models to the US market in August last year, and the company has obtained permission from the US Environmental Protection Agency ((EPA)).
"Condi is now making some changes to meet the requirements of all federal motor vehicle safety standards, (FMVSS)," Hu said. At the same time, some features are being improved to suit the tastes of American consumers. "
A short selling report from, Hindenburg Research last December had a big impact on Condi. The company said in its report that Condi falsified revenue by falsifying sales to undisclosed subsidiaries.
Hu Xiaoming denies the allegations, but Condi's shares have not yet recovered from losses. Condi shares rose to $6 on Tuesday, but are still below the level of $14 in November 2020.