Kaixin Holdings Stock Price, News & Analysis

Kaixin Auto Holdings (NASDAQ: KXIN) has signed a binding acquisition term sheet to acquire 100% equity of Wuxi Morning Star Technology Co., Ltd., known for its POCCO electric vehicles. Morning Star, which produced over 40,000 EVs since June 2021, aims to rebrand itself as a pioneer in smart mini new energy vehicles. The acquisition is positioned for rapid completion by year-end, signaling Kaixin's strategic move towards enhancing its presence in the electric vehicle market, leveraging Morning Star's technological expertise and patents in electric vehicle manufacturing.

Kaixin Auto Holdings (NASDAQ: KXIN) has signed a strategic partnership with National Kangyuan Technology to deliver 5,000 new energy vehicles, valued at approximately RMB 2 billion (USD $295 million), for public health services over three years. This order marks Kaixin's first significant business acquisition post-TECROLL brand launch, indicating enhanced recognition in the new energy commercial vehicle sector. National Kangyuan focuses on smart medical testing services in China, and the new vehicles will support the national health system's data collection efforts under China's 14th Five-Year National Health Plan.

Kaixin Auto Holdings (NASDAQ: KXIN) has commenced operations at its new energy commercial vehicle headquarters in Suzhou City, Anhui Province. The local government’s supportive policies are expected to enhance the development of Kaixin's electric vehicle (EV) business. Recent achievements include the launch of the "TECROLL" EV brand and the delivery of the first electric logistics truck. Anhui Province offers significant backing to the new energy vehicle sector, with Suzhou’s city council prioritizing Kaixin's efforts in its "14th Five-Year Plan," providing various incentives.

Kaixin Auto Holdings (NASDAQ: KXIN) has secured $700 million in investment commitments from institutional investors, aimed at facilitating its acquisition of a new energy vehicle manufacturing company. The investment will be in the form of convertible preferred shares, priced at a minimum of $2.00 per share. Since establishing its new energy vehicle department in August 2021, Kaixin is advancing in negotiations with potential acquisition targets. The Chairman, Mr. Mingjun Lin, emphasizes the importance of this capital to support the acquisition process, with an announcement of the target company expected in August.

Kaixin Auto Holdings (NASDAQ: KXIN) launched its 'TECROLL' brand of new energy commercial vehicles on July 28, 2022, in Beijing. The first model, an aluminum electric logistics truck, is customized for Beijing Bujia Technology Co., Ltd. Designed for efficiency, it boasts superior electrical components, fast acceleration, strong climbing, and low energy consumption. The annual sales volume of commercial vehicles in China is approximately 5 million units, indicating a significant market opportunity for Kaixin in the electric vehicle sector.

Kaixin Auto Holdings (NASDAQ: KXIN) has launched the brand TECROLL for its new energy commercial vehicles and delivered its first electric logistics truck. TECROLL symbolizes continuous progress and aims to meet the growing demand in the Chinese market. In partnership with Beijing Bujia Technology Co., Ltd., Kaixin has started the delivery of an order for 5,000 electric logistics trucks. This initiative marks a significant step in Kaixin's transformation towards becoming a key player in China's electric vehicle sector.

On July 5, 2022, Kaixin Auto Holdings (NASDAQ: KXIN) announced the resignation of Mr. James Jian Liu from its board of directors, effective June 30, 2022, due to personal reasons. Mrs. Lucy Yi Yang, the company's CFO, will take over as a director starting August 1, 2022. Mr. Liu has been a board member since the company’s inception, and the board expressed gratitude for his contributions. Kaixin continues to focus on transforming into a significant player in China's electric vehicle market while maintaining its presence in the premium used car segment.

Kaixin Auto Holdings (NASDAQ: KXIN) has appointed Mr. Lei Gu as a strategic advisor to spearhead its new energy vehicle business. Mr. Gu holds extensive experience in the automotive sector, having previously worked with Ford Motor and BAIC Motor. The Chairman and CEO, Mingjun Lin, expressed confidence that Mr. Gu's expertise will significantly enhance Kaixin's new energy strategy implementation. Kaixin is evolving from a dealership network into a key player in China’s electric vehicle market, capitalizing on the growing demand for used cars and electric vehicles.

Kaixin Auto Holdings (NASDAQ: KXIN) has signed a sales order with Beijing Shencheng Biotechnology Group for 10,000 electric trucks valued at US$600 million, to be delivered between 2023 and 2025. The trucks are intended for Shencheng's waste recycling operations across several Chinese provinces. This agreement follows a previous intent established in December 2021. Kaixin plans to develop custom prototypes in the latter half of 2022, aiming for mass production next year. The management views this contract as a testament to their strategic focus on customized new energy vehicles.