Launches, installations and innovations carried on regardless through the second pandemic upsurge in Europe, the United States and Southeast Asia.
Kandi Targeted by Short Seller: In an effort to drive down share prices of one of China’s EV darlings, stock short seller Hindenburg Research accused Kandi Technologies Group of reporting fake sales and other misinformation. In a Nov. 30 report, U.S.-based Hindenburg claimed that more than half of Kandi’s sales over the previous 12 months were to undisclosed related companies, that it consistently books sales for which it does not expect to be paid, and that it has run through a series of auditors and financial officers, including two auditors who were sanctioned for their work with Kandi. It also said that Kandi’s vehicles are low quality. Kandi, which is based in Jinhua, China, refuted the accusations and said it will issue a detailed response at a later date. The price of Kandi shares on the Nasdaq stock market fell 18% in the week following Hindenburg’s report and lost a quarter of its value during December. Hindenburg acknowledged that it had taken a short position, meaning it could profit if the price of Kandi shares decreased.
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