Summary

Most KNDI electric vehicle sales are to KNDI subsidiaries, not to the end-user.

The new EV parts business launched in Q1 resells battery packs at a loss to create the illusion of rapid company sales growth.

KNDI EV and parts sales appear to be related to inventory buildup for the Carshare project and may not be reflective of end-user demand.

KNDI appears to only have a 9.5% economic interest in the Carshare project.

There is no official company data to show how the Carshare project is doing financially.