Kaixin Holdings Stock Price, News & Analysis

Kaixin Auto Holdings (NASDAQ: KXIN) announces strong sales forecasts for its POCCO brand electric vehicles produced by Henan Yujie Times Automobile Co. The MeiMei model has sold over 6,000 units since March 2021, and the newly launched DuoDuo model is projected to reach a combined sales volume of 15,000 units in 2021 and 50,000 units in 2022. The company aims to capture the small-sized EV market, which has seen significant growth in China, with new energy vehicle sales increasing by 205.4% year-on-year in the first half of 2021.

Kaixin Auto Holdings (NASDAQ: KXIN) announced on August 26, 2021, a binding term sheet to acquire 100% equity of Henan Yujie Times Automobile Co., Ltd., marking its entry into China’s small-sized EV market. Yujie, established in 2017, has a production capacity of 150,000 vehicles and offers innovative multi-functional EVs under the POCCO brand. The acquisition aims to create a competitive advantage in the rapidly growing EV sector, which is expected to reach 10 million units in five years. The deal emphasizes Kaixin's vision of building an EV ecosystem and enhancing its market position.

Kaixin Auto Holdings (NASDAQ: KXIN) announced plans to enter the smaller electric vehicle (EV) market in China, focusing on subcompact and minicompact models. The company is exploring mergers and acquisitions with various electric car manufacturers to accelerate development. With EV technology advancing and production costs decreasing, sales of smaller EVs in China are projected to reach 5 million units by 2025, highlighting a shift in consumer preference towards light and compact vehicles.

Kaixin Auto Holdings (NASDAQ: KXIN) has announced the establishment of a new energy vehicle (EV) business unit to enhance its capabilities in EV research, development, production, and marketing. This strategic decision aligns with the Chinese government’s support for EV growth and the increasing consumer acceptance of electric vehicles. Kaixin is also exploring mergers and acquisitions with various EV manufacturers and aims to position itself alongside established players like Li Auto, Nio, and Xpeng in the EV sector.

Kaixin Auto Holdings (NASDAQ: KXIN) announced plans for a potential joint venture with a leading Chinese RV retailer to tap into the rapidly growing RV market in China. Annual RV sales surged by 50% over the past three years, with 69,000 vehicles sold in 2020 alone. The collaboration will focus on sales and rental of RVs and the development of electric RVs. This strategic move aligns with the company's transition from a financing platform to a comprehensive dealership network.

Kaixin Auto Holdings (NASDAQ: KXIN) announced the resignation of Mr. Joseph Chen from its board of directors effective May 9, 2021, to pursue other business interests. Mr. Mingjun Lin has been appointed as the new chairman, alongside directors Mr. Xiaolei Gu and Mr. Deqiang Chen. Chen served as chairman since the company's inception, and the Board thanked him for his contributions. Kaixin, a key player in China's premium used car market, is transitioning from a financing platform to a comprehensive dealer network, capitalizing on the growing used car market in China.

Kaixin Auto Holdings (NASDAQ: KXIN) held an extraordinary shareholders' meeting on May 7, 2021, where shareholders approved all agenda items. These included a share subdivision, converting each existing share into two shares of a reduced par value, resulting in an authorized share capital of US$50,000 with 1,000,000,000 shares. Additionally, shareholders approved amendments to the company's Memorandum and Articles of Association, replacing the current documents with revised ones.

Kaixin Auto Holdings (NASDAQ: KXIN) has received NASDAQ approval for the acquisition of 100% share capital of Haitaoche Limited, following a share purchase agreement signed on December 31, 2020. The acquisition is subject to closing conditions, including shareholder approval of an amendment to the company's articles of association. The company anticipates the deal will finalize in May 2021, aiming to strengthen its position in China's premium used car market, leveraging both online and offline presence.

Kaixin Auto Holdings (NASDAQ: KXIN) has announced a cooperation agreement between its subsidiary Haitaoche Limited and Jingdong Century Trade Limited, aiming to penetrate China's burgeoning e-commerce auto market. The agreement targets total sales of RMB 9.5 billion (approx. US$1.4 billion) over three years, with an initial sales goal of RMB 2 billion (approx. US$308 million) and an annual growth of 50%. Haitaoche is focused on developing an innovative automotive retail platform, expanding its offerings to include electric vehicles.