Kaixin Holdings Stock Price, News & Analysis

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.

Kaixin Auto Holdings (NASDAQ: KXIN) has filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the SEC on April 29, 2022. Shareholders can request a free hard copy of the audited consolidated financial statements. Kaixin operates as a primary dealership network in the premium used and new car segment in China, focusing on the electric vehicle market amid the growth of the used car market. This report may contain forward-looking statements subject to risks and uncertainties.

Kaixin Auto Holdings (NASDAQ: KXIN) has entered a strategic partnership with Beijing Camping Club Sports and Culture Communication Co., Ltd., committing to supply at least 20,000 new energy vehicles over five years. This order holds a value of approximately 6 billion RMB (around $938 million). The Camping Club, a significant player in China’s sports and leisure tourism, plans to enhance its offerings with new energy RVs, tapping into China's booming RV and camping market, which is projected to become a trillion-dollar segment.

Kaixin Auto Holdings (NASDAQ: KXIN) has signed a significant sales order with Beijing Bujia Technology Co., Ltd. for 5,000 new energy logistics vehicles, valued at 1 billion RMB (approximately $156 million) across 2022 and 2023. This agreement marks the initial phase of a larger 10,000-unit order established in 2021. The strategic partnership aims to enhance Bujia’s logistics capabilities with Kaixin’s customized vehicle production, thereby fostering growth potential for both companies. A joint vehicle rendering release is planned at the 2022 China Carriers Conference.

Kaixin Auto Holdings (NASDAQ: KXIN) has announced a US$20 million strategic investment from multiple institutions to support its new energy vehicle strategy, with US$2 million already funded. The remaining funds are expected by the end of Q1 2022. This financing will facilitate the development of new energy trucks aimed for mass production and delivery in the latter half of the year. CEO Mingjun Lin emphasized the significant market potential for electric trucks in China, highlighting a shift from fossil fuels to electric vehicles.

Kaixin Auto Holdings (NASDAQ: KXIN) has appointed Mr. Wu Liang as the general manager of its new energy vehicles division. Mr. Liang brings over ten years of investment experience in TMT and automotive sectors, enhancing Kaixin's expertise in both internet and automotive industries. The company is transitioning to focus on new energy vehicles and has reported a surge in customer orders. Chairman and CEO Mingjun Lin emphasized the need for skilled management to achieve Kaixin’s strategic goals in the evolving automotive landscape.

Kaixin Auto Holdings (NASDAQ: KXIN) reported its financial results for the first half of 2021, highlighting a 205.7% increase in net revenues to $2.04 million. The company completed a reverse acquisition of Haitaoche on June 25, 2021, valued at $161.8 million. Despite revenue growth, Kaixin faced significant challenges, incurring a net loss of $144.2 million due to a full impairment of goodwill of $143.7 million. Looking ahead, the company anticipates sales revenues to exceed $150 million in the second half of 2021, leveraging combined resources for growth.

Kaixin Auto Holdings (NASDAQ: KXIN) has formed a strategic partnership with Beijing Shencheng Biotechnology Group, agreeing to supply 10,000 customized new energy trucks over the next five years for approximately $250 million. Shencheng, known for waste sorting and recycling, will utilize these vehicles for environmental projects across China. CEO Mingjun Lin highlighted this as a significant advancement in Kaixin's new energy vehicle sector, aiming for prototype releases in the first half of 2022 and expedited mass production and delivery.

Kaixin Auto Holdings (KXIN) has announced a strategic partnership with Beijing Bujia International Logistics, securing an order for at least 10,000 new energy trucks over five years, valued at over $500 million. Bujia plans to establish 300 automotive logistics warehouses and 1,000 delivery centers, integrating a fleet of over 60,000 trucks, with at least 30% being new energy vehicles. This collaboration marks a significant step for Kaixin's new energy vehicle business unit, as it aims to expand in the growing Chinese market.