accused the Chinese automaker of faking sales and hyping its electric vehicle growth story.
The Chinese manufacturer, which went public on the NASDAQ in 2008, raised $160 million from US investors in November alone. The company's largest customer, which accounted for about 55% of its sales in the last year, shared a phone number with a Kandi subsidiary, and an executive with the company, according to the Hindenburg report.
Kandi told Business Insider it takes seriously any allegations of impropriety, and it would study Hindenburg's report."We intend to thoroughly research the accusations, investigate internally as needed, and offer a public response in the near future," a spokesperson said.Hindenburg, who has taken a short position in Kandi after extensive research, said it has photographic evidence to back up any claims of Kandi's"customer" inventory sitting in its own warehouse.
BarrieNJ I think they've phonied the numbers before, around 3 or 4 years ago if I recall correctly.
'Kandi'ngafika eMzansiAfrica 😂