Kaixin Auto Holdings Announces Appointment of Wu Liang as General Manager of New Energy Vehicles Division

Rhea-AI Summary

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.

Positive

• Appointment of Mr. Wu Liang as general manager to drive new energy vehicle strategy.
• Increased customer orders indicating strong market interest in new energy vehicles.

Negative

• Transitioning focus may create operational challenges and uncertainty during the change.

BEIJING, Dec. 31, 2021 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ: KXIN) announces today the appointment of Mr. Wu Liang as general manager of the Company's new energy vehicles division. Before joining Kaixin, Mr. Liang served as partner with investment companies such as WeRoadshow Investment and GuoRong Capital. With over ten years of investment experience in the TMT industry, he has shifted his investment focus to the automotive and new energy vehicles industry in recent years. Prior to the investment profession, Mr. Liang worked in the internet industry for nearly ten years. He served as executive officer with several internet companies. During his tenure as general manager of the TradeSmart platform of Huicong.com, Mr. Laing led the company’s internet e-commerce strategy. His rich experience in internet industry and expertise in products and operations makes him a valuable asset for the growth of Kaixin 's new energy strategy.

Mr. Mingjun Lin, Chairman and CEO of Kaixin, said: "We welcome Mr. Wu Liang as general manager of the new energy vehicles division. Kaixin is currently transforming into the new energy vehicles industry and has obtained a large number of customer orders. We need a professional who knows both the internet and automotive industry to help manage the operations in order to achieve Kaixin’s grand goals under the 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 significance of Mr. Wu Liang's appointment at Kaixin Auto Holdings?

Mr. Wu Liang's appointment as general manager is significant as he brings extensive experience from the investment and automotive sectors, which is essential for driving Kaixin's new energy vehicle strategy.

What impact does the new energy vehicle strategy have on Kaixin Auto's operations?

The new energy vehicle strategy is expected to transform Kaixin's operations, emphasizing the need for skilled management to navigate potential challenges during this transition.

How has Kaixin Auto Holdings' customer orders changed recently?

Kaixin has reported a significant increase in customer orders as it pivots towards the new energy vehicles market, signifying strong demand.