Kandi Technologies Group, Inc. (NASDAQ:KNDI) Q4 2022 Earnings Call Transcript

Arthur Porcari: I’m sorry, I carried off. I would say my question basically was, well, I guess — some of it got pretty much answered on the last actually — there was an question for me. I’m actually responding back to the answer he made. So, let’s talk about something else here now. On these numbers, you said that we had — at that time you put out that press release some 7,000 had already been sold into the United States, and that was still back, if I remember right, the end of November, how many carts did we deliver for all of 2022? I’m sure it will probably show up when the numbers show up. They’re not here yet. So, for the benefit of everybody here, how many golf carts do we actually sell that got booked in 2022?

Kewa Luo: So, your question is, since 2022 November, how many golf cars have we sold until today or for 2022?

Arthur Porcari: Yes, all of 2022, how many were sold for all of 2022? And how many were you made both?

Kewa Luo: In 2022?

Arthur Porcari: Right.

Kewa Luo: Okay.

Hu Xiao Ming : So, there we have two parts of the sales. One is the sales between our Hainan and our U.S. subsidiary, SC. For that part, we sold roughly 10,000 pieces of the golf carts from our China and then U.S. subsidiaries. And for the U.S. sales under the SC companies, we have sold roughly 7,000 during 2022.

Arthur Porcari: So, you’re saying you’ve done 17,000 units in 2022?

Hu Xiao Ming : 7,000 — 7,000 pieces.

Arthur Porcari: I will say 10,000 plus 7,000.

Hu Xiao Ming : So, the 10,000, as I mentioned, we have two parts, right? One is the sales amount of China to SC. Of course, that will be eliminated in our consolidated financials, but we want to show that how our internal operations stand for, right? So, 10,000 is from our Hainan facilities to SC and then 7,000 is really selling to the external customers. we have on the book.

Arthur Porcari: Well. At that time also, actually, even prior to that, November, you already got the new contract, I guess, from Coleman for another 4,800 units, but this time instead for the whole year was only for the one quarter. Is that correct?

Kewa Luo: I’m sorry, say one more time?

Arthur Porcari: Okay. What I was saying is that for the — you’ve got that additional contract that came — was announced by the company for 4,800 units for Coleman, but only for the — to be delivered in the first quarter. I guess my two-part question on that is will they all be delivered in the first quarter 4,800? And if so, what would that bring the total up to — total sales through the first quarter? I realize the first quarter is not over yet. But I mean, you have expectations to do, let’s say, another — at least the 5,000 in the first quarter? And if so, how much more?

Hu Xiao Ming : So, we expect that the sales of the golf cart vehicles to our end customers or extended customers of roughly 3,000 pieces of the golf carts during the first quarter.

Arthur Porcari: So that would bring the total up to 10,000 then?

Hu Xiao Ming : Yes, more or less, there will be an aggregate of 10,000 pieces of the golf carts sold by the end of. Yes, so more or less, yes, you’re correct.

Arthur Porcari: Okay. Well, obviously — so that’s how many that will be at least transferred to SC? Or do you expect that’s how many that will actually be sold to the end user?