Kandi Technologies Group (KNDI) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $24.15 million in the quarter, against a net profit of $0.09 million in the last year period.    

Revenue during the quarter plunged 91.56 percent to $4.27 million from $50.66 million in the previous year period. Gross margin for the quarter expanded 235 basis points over the previous year period to 15.61 percent.

Operating loss for the quarter was $28.78 million, compared with an operating loss of $1.57 million in the previous year period.

Mr. Hu Xiaoming, chairman and chief executive officer of Kandi, commented, "Due to extended delays in receiving government subsidy payments, as well as the government's recent revisions regarding the new technical standards to the MIIT directory of recommended new energy vehicle models, or the Directory, that required re-submission of applications of new energy vehicles to be included in the Directory, the JV Company was not able to have normal production in the first quarter. By April 4 of this year, all of the JV Company’s five Geely Global Hawk EV models SMA7000BEV05 Kandi Model K12, SMA7000BEV06 Kandi Model K10D, SMA7000BEV07 Kandi Model K12A, SMA7001BEV25 Kandi Model K17, and JL7001BEV18 Kandi Model K11 received MIIT approval and are included in the updated Directory."

Cash flow from investing activities was $2.91 million for the quarter, up 137.31 percent or $1.68 million, when compared with the last year period.

Cash flow from financing activities was $0.48 million for the quarter, up 9.50 percent or $0.04 million, when compared with the last year period.

Cash and cash equivalents stood at stood at $2.04 million as at Mar. 31, 2017.