A recent article by Sharesleuth raises questions about the veracity of Kandi Technologies sales figures of their Coco electric vehicle. Sharesleuth compared the overall Coco sales figure of over 3,700 to what they could piece together from calling the limited number of dealers in the US. Their figures point to less than 1,000 vehicles sold in the US, a main Coco market. Other figures that raise doubts include:
- Kandi said it sold 2,110 Cocos in its very first year on the market, which would have ranked it among the top companies in the industry.
- Although one of Kandi’s investor-relations representatives said the company took orders for 1,200 orders Cocos in Oklahoma in 2009, state records show that only 328 buyers claimed tax credits for Coco purchases.
- Kandi’s most recent SEC filings contain lower 2009 sales numbers for the Coco and other vehicles than the company originally reported — without any corresponding adjustments to revenue or earnings.
Kandi did not respond to any of the questions Sharesleuth sent them. Learn more: Wallstcheatsheet.com
