Kaixin Auto Holdings Announces POCCO EV Orders over 3000 Units in September

Rhea-AI Summary

Kaixin Auto Holdings (NASDAQ: KXIN) announced a significant increase in sales for its POCCO brand electric vehicles, with September sales doubling compared to August. Orders exceeded 3,000 units, marking a 130% increase from 1,300 units in August, while actual deliveries reached around 1,200 units, up 200% from 400. The company anticipates reaching 11,500 total sales in Q4. CEO Mingjun Lin expressed confidence in the continued growth of the electric vehicle market in China and aims for 120,000 unit sales in 2022.

Positive

• Sales for POCCO EVs doubled in September, with orders reaching over 3,000 units.
• Actual deliveries hit around 1,200 units in September, a 200% increase from August.
• Q4 sales projections are high at 11,500 units.
• CEO sets a target of 120,000 unit sales for 2022, indicating strong future growth expectations.

Negative

• None.

BEIJING, Oct. 06, 2021 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) today announced that sales doubled in September over the prior month for the POCCO brand electric vehicles (“EV”) manufactured by Henan Yujie Times Automobile Co., Ltd. (“Yujie”), which Kaixin has signed a binding term sheet to acquire. Yujie launched two EV models under the POCCO brand, namely MeiMei in March of 2021 and DuoDuo in August, respectively. According to Yujie, orders for POCCO EVs exceeded 3,000 units in September, constituting a 130% increase over that of 1,300 units in August; the actual delivery in September was around 1,200 units, a 200% increase over that of 400 units in August. Total sales in the upcoming fourth quarter are expected to reach 11,500 units.

Mingjun Lin, Chairman and CEO of Kaixin, states: "The rapid growth of China's electric vehicle market has achieved a qualitative breakthrough in 2021, and this momentum will continue. Kaixin is fully confident in the future performance of the POCCO brand. In the meanwhile, Kaixin keeps seeking for more high qualify partners, and our new energy vehicles department aims at achieving the sales target of 120,000 units in 2022!"

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; the expected growth of the social networking site market in China; our expectations regarding demand for and market acceptance of our services; our expectations regarding the retention and strengthening of our relationships with used 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 were Kaixin Auto's sales figures for September 2021?

Kaixin Auto's sales for September 2021 doubled to over 3,000 units for the POCCO brand electric vehicles.

What is the expected sales target for Kaixin Auto in Q4 2021?

Kaixin Auto expects to reach total sales of 11,500 units in Q4 2021.

How much did deliveries increase in September 2021 for Kaixin Auto?

Deliveries for Kaixin Auto in September 2021 increased by 200% to around 1,200 units.

What is the significance of Kaixin Auto's sales growth in 2021?

The sales growth indicates a strong momentum in the Chinese electric vehicle market, which Kaixin aims to capitalize on.

What is Kaixin Auto's long-term sales goal?

Kaixin Auto aims to achieve sales of 120,000 units in 2022.