Kaixin Auto Holdings Releases Strategic Plan for New Energy Vehicles

Rhea-AI Summary

On December 1, 2021, Kaixin Auto Holdings (KXIN) unveiled its strategic plan for new energy vehicles (NEVs), aiming to develop medium-sized NEVs for logistics by 2025. The production target is set at 50,000 vehicles over three years. The company is enhancing its energy vehicle team and exploring mergers and acquisitions to solidify its position in the NEV market. CEO Mingjun Lin expressed confidence in the transition to this new business model, which comes after extensive review and plans for collaboration with strategic investors.

Positive

• Launch of a strategic plan for new energy vehicles.
• Target of producing 50,000 NEVs from 2022 to 2025.
• Focus on medium-sized commercial NEVs for logistics.
• Plans for mergers and acquisitions to enhance market presence.

Negative

• None.

BEIJING, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) today officially released its new energy vehicle strategic plan. The plan contains three key components. The Company will quickly expand its new energy vehicle team and start with developing medium-sized commercial new energy vehicles for intra-city and inter-city logistics applications in the initial stage. The production and sales target for the three-year period in 2022-2025 is set at 50,000 new energy vehicles. Kaixin will accelerate the goal of becoming a leading new energy vehicle company through mergers and acquisitions.

Mr. Mingjun Lin, Chairman and CEO of Kaixin, said: "The new energy vehicle strategic plan was formulated after four months of careful reviews and discussions. The Company is engaged in discussions with multiple strategic investors. Our management team is fully confident in transition into the new business model 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 is Kaixin Auto Holdings' new energy vehicle strategy?

Kaixin Auto Holdings plans to develop medium-sized new energy vehicles for logistics with a target of 50,000 vehicles by 2025.

What are the production targets for Kaixin Auto Holdings' new energy vehicles?

Kaixin aims to produce 50,000 new energy vehicles from 2022 to 2025.

Who is the CEO of Kaixin Auto Holdings?

Mingjun Lin is the Chairman and CEO of Kaixin Auto Holdings.

How is Kaixin Auto Holdings entering the new energy vehicle market?

Kaixin is expanding its NEV team and exploring mergers and acquisitions as part of its strategy.

What is the focus of Kaixin Auto Holdings' new energy vehicle development?

The focus is on medium-sized commercial vehicles for intra-city and inter-city logistics applications.