Kaixin Auto Holdings Announces Appointment of Mr. Lei Gu as Strategic Advisor to New Energy Vehicle Business

Rhea-AI Summary

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.

Positive

• Appointment of Mr. Lei Gu as strategic advisor may enhance the new energy vehicle strategy.
• Mr. Gu's extensive experience in the automotive industry offers potential for improved innovation and market positioning.

Negative

• Concerns may arise regarding continuity and experience gaps in executing the new energy strategy.

BEIJING, May 27, 2022 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) announces today that it has hired Mr. Lei Gu as the strategic advisor to lead development of its new energy vehicle business. Before joining Kaixin, Mr. Gu was senior technical expert with Ford Motor and had served as CTO and vice president of BAIC Motor, a Fortune 500 company, president of BAIC Motor Engineering Research Institute, board director and CEO of BAIC and Mercedes Benz Technology Center, president of Chery Automobile Engineering Research Institute, and president of Linktour Motor. He earned a Ph.D from Northwestern University and a Ph.D from University of Science and Technology of China as well.

Mr. Mingjun Lin, Chairman and CEO of Kaixin, said: "The development of our new energy vehicles strategy needs top technical talents, but more importantly forward-looking directional guidance. With his profound knowledge and rich experience in the automotive industry, I believe Mr. Gu will be a big boost to the implementation of Kaixin’s new energy strategy!"

About Kaixin Auto Holdings

Kaixin Auto Holdings is one of the primary dealership networks in the premium used car segment and new car sales in China. Supported by the rapid growth of China's used car market and leveraging its own hybrid business model that offers both strong online and offline presence, Kaixin is in the process of transforming from a nationwide dealerships network to one of the important players in China’s electric vehicle market.

Safe Harbor Statement

This announcement may contain forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook for 2021 and quotations from management in this announcement, as well as Kaixin’s strategic and operational plans, contain forward-looking statements. Kaixin may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Kaixin’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our goals and strategies; our future business development, financial condition and results of operations; our expectations regarding demand for and market acceptance of our services; our expectations regarding the retention and strengthening of our relationships with auto dealerships; our plans to enhance user experience, infrastructure and service offerings; competition in our industry in China; and relevant government policies and regulations relating to our industry. Further information regarding these and other risks is included in our other documents filed with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kaixin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

Kaixin Auto Holdings 
Investor Relations
Email: ir@kaixin.com 

SOURCE: Kaixin Auto Holdings

FAQ

What is the role of Lei Gu at Kaixin Auto Holdings?

Lei Gu has been appointed as a strategic advisor to lead the development of Kaixin's new energy vehicle business.

What previous experience does Lei Gu have related to the automotive industry?

Mr. Gu has held significant positions at Ford Motor and BAIC Motor, including CTO and vice president.

How does Kaixin Auto Holdings plan to expand in the new energy vehicle market?

Kaixin aims to leverage its existing dealership network and new leadership to enter the electric vehicle market.

What impact could Lei Gu's appointment have on Kaixin's business?

His extensive automotive experience may lead to better strategic direction and implementation of new energy initiatives.

What is Kaixin's strategy in the current automotive market?

Kaixin is transitioning from a dealership network to become a significant player in China's electric vehicle market.