10:00 AM EDT, 10/11/2024 (MT Newswires) -- Kandi Technologies ( KNDI ) said Friday its board has approved several initiatives including a management proposal to buy Hangzhou Honghu Zhixing Technology.

Financial terms of the acquisition weren't disclosed.

Kandi also said its board has allowed the company to seek a potential initial public offering of Kandi America, its unit in the US.

In addition, the board has also approved the new management's growth plan for the 2025-2029 period, the company said.

The growth plan's highlights include Kandi's focus on expanding its two main business segments: electric off-road vehicles and lithium battery manufacturing in North America, Europe and Southeast Asia, Kandi said.

Among other financial goals, the sales of off-road electric vehicles are expected to result in annual revenue of $185 million, $248 million, $357 million, $423 million, and $526 million from 2025 to 2029, Kandi said.

Also, in 2025 the company plans to invest $100 million in the US to set up a lithium battery manufacturing and battery pack facility, it said.

Kandi said Thursday it has named Chief Executive Xueqin Dong as board chair, following the resignation of Chair Xiaoming Hu. The company also named Feng Chen as Dong's successor as chief executive. Chen has previously served as CEO of Time Space Electric Vehicles and CEO of Hangzhou Lightning Mobility Technology, it said.

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