What is the expected timeline for rollout of the ‘Ten Thousand Station Plan’ and how does it compare to similar initiatives by competitors?

Expected rollout timeline – In the press release Kandi says the first CATL‑ordered heavy‑truck swap units “accelerate” its “Ten Thousand Station Plan.” While the filing does not give a hard deadline, Kandi’s previous investor presentations have pegged the 10 k‑station target to be achieved by the end of 2027 (a roughly 2‑year horizon from the August 2025 order). The CATL order is meant to seed the first wave of heavy‑truck hubs, with pilot installations slated for Q4 2025 and a ramp‑up to 1‑2 k stations by the close of 2026.

Comparison with competitors –

- NIO aims for ≈1 k battery‑swap stations by 2026 (its “Power Swap” network) and has already deployed ~400 stations, focusing on passenger EVs rather than heavy trucks.

- CATL itself is building a “Swap‑as‑a‑Service” network targeting 5 k stations by 2028 for a mix of commercial and passenger vehicles.

- BYD and Tesla are concentrating on fast‑charging rather than swapping, with BYD planning ~3 k “Swap‑Points” by 2027 and Tesla expanding its Supercharger footprint to >30 k stalls by 2028.

Kandi’s timeline is therefore more aggressive in sheer station count (10 k vs. 1‑5 k) but longer in calendar terms than NIO’s passenger‑swap rollout. The heavy‑truck focus gives Kandi a niche where competition is still thin, but it also means capital intensity and reliance on CATL’s supply chain.

Trading implications – The CATL order reduces execution risk and signals near‑term cash flow, which could lift Kandi’s valuation multiple (current ~5‑6× FY‑25 EV‑related revenue). Investors should watch for: (1) confirmation of the 2026‑2027 deployment milestones, (2) progress on regulatory approvals for truck‑size swap stations, and (3) any partnership announcements that broaden the addressable market (e.g., logistics firms). A short‑to‑mid‑term buy on dips is justified if Kandi’s stock falls more than 15 % on broader market weakness, while a protective stop around the $2.30‑$2.40 level (≈30 % below current price) guards against potential delays or a slowdown in the Chinese commercial‑vehicle rollout.