In December 2025, Kandi Technologies Group entered a conditional agreement to acquire Rawrr Inc., a California-based company, for approximately $23.9 million in stock consideration, signaling intensified focus on the North American off-road electric vehicle market. This move aligns with Kandi’s core business concentration on electric off-road vehicles—primarily crossover golf carts, ATVs, and go-karts—which made up nearly 95% of revenues in 2025, despite an overall revenue decline amid challenging market conditions in China. While Kandi grapples with net losses driven by impairments and legal expenses, its expanding U.S. presence and ongoing R&D investment in new off-road vehicle models promise pathways for future growth, provided it navigates risks inherent to demand variability and trade uncertainties.