Chinese electric vehicle manufacturer Kandi Technologies Group announced on January 28 that one of its subsidiaries has signed a sales contract for 3,000 K23 pure electric vehicles with Zhejiang Ruiheng Technology.
The vehicles will be launched into the ridesharing market by Ruiheng Technology as part of a five-year project launched by Kandi to sell 300,000 vehicles to the ridesharing market.
Kandi had been reported by short-seller Hindenburg Research on November 30, 2020, to have fudged revenues between March 15, 2019, and November 27, 2020, when they alleged that nearly 64% of Kandi’s sales revenue was related to undisclosed related parties.
Kandi’s stock price fell 28% that day and was subject to a class-action lawsuit by investors.
In the current lawsuit, investors allege that the company made misrepresentations about the company’s business and operations and compliance issues between March 15, 2019, and November 27, 2020.
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