We are delighted that we solidly grew our revenue. The sales of ATV and go-kart will continue with the high growth. The EV sales have begun to boost as the strong government support and our brand and technologies of pure EV started to be introduced in Jinhua, Hangzhou and other potential cities throughout China. We are very excited by the growing momentum for the EV demand and continue to see strong growth from ATV and go-kart sales. We will continue to work diligently with the regional government and industry partners to expand our EV sales distribution and network. With cooperative letters of intent we have signed recently, we are confident about the future growth of our EVs and becoming the leader in this market.
Actual sales of EVs during the year of 2011 trended up to 1,076 vehicles. To ensure the Company will be able to meet what it anticipates to be growing demand for its EVs in China in 2012 and beyond, the Company spent close to $10 million on new equipment in 2011, which, with additional future expenditures being planned, should permit expansion over time to a targeted production capacity of 20,000 to 100,000 vehicles annually.
"We remain very optimistic about the EV market in China and the leading role we believe we can play in it. We have been setting the stage for success for some time now and believe that 2012 will be a breakout year for Kandi and for what we see as a transformative industry worldwide. Most recently, in mid-March, we had very encouraging conversations with a key official who is responsible for the 20,000 EV project in Hangzhou in connection with a group led by him to inspect our facilities and test drive Kandi's electric vehicles. As a consequence, we are encouraged to be informed that 20,000 EVs will be able to launch in Hangzhou soon. Our discussion in regards to becoming the EV provider also is coming to a conclusion. Kandi's anticipated role in this launch would have an enormous positive impact on our Company and open many new opportunities if we are successful."
Kandi continues its progress toward becoming a leader in the pure EV market in China. Given our strategic relationships and investments, we believe Kandi is well positioned to anticipate growing demand for EVs. That said, we recognize that the organic development of markets for these emerging technologies will take time. As a result, we expect sales to grow modestly over the near term.