Why Are Kandi Technologies Shares Plunging Today? - Kandi Technologies Group (NASDAQ:KNDI)

Kandi Technologies Group Inc KNDI reported third-quarter FY21 sales of $16.8 million, a decline of 10.3% Y/Y.
EV parts sales fell 61.9% Y/Y to $3.2 million, Off-road vehicles sales declined 23.6% to $6.8 million, while Electric Scooters, Electric Self-Balancing Scooters, and associated parts surged to $6.3 million.
Gross profit declined 29.7% Y/Y to $2.7 million, with the margin contracting 450 basis points to 16.4%.
The company incurred an operating loss of $(9) million versus $(2.4) million last year.
The company held $156.77 million in cash and equivalents as of September 30, 2021.
EPS was $(0.10) versus $(0.03) the prior year.
"We expect the EV-related business recovery to take time. Our restructuring of this business segment resulted in lower sales of EV products and parts," said Hu Xiaoming, Chairman, and CEO.
"Within EV parts, battery pack sales were impacted by supply chain constraints hitting the whole industry," Xiaoming added.
Price Action: KNDI shares are trading lower by 18.7% at $4.2 on the last check Tuesday.