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Kaixin Holdings (KXIN) is a prominent auto retail platform specializing in luxury used cars and imported new cars. The company is renowned for its comprehensive involvement in the research and development, design, manufacturing, and sales of electric vehicles. Kaixin places a significant emphasis on the innovation of next-generation autonomous driving and artificial intelligence technologies.
Kaixin primarily generates revenues from the sales of used cars, along with fees from its role as a channel partner for third-party auto financing and other value-added services. The company's diversification into new energy vehicles marks a strategic transformation aimed at aligning with future industry trends. Kaixin produces a variety of electric passenger and logistics vehicle models and is equipped with professional teams experienced in R&D, production, marketing, and operations.
Recent achievements include the inclusion of Mr. Lei Gu, a seasoned expert in automobile R&D, into its high-caliber team. Under the leadership of Mr. Mingjun Lin, Chairman and CEO, Kaixin is steering towards becoming a new energy vehicle manufacturer. The company has also forged partnerships and expanded its operations internationally, notably with Myanmar's New Power Auto. This strategic move aims to stimulate China's automobile export growth and foster Kaixin's competitive international market position.
Kaixin's commitment to sustainability is evident in its efforts to contribute to the goals of peak carbon emissions and carbon neutrality. By leveraging its expertise and innovative drive, Kaixin is at the forefront of integrating online and offline presence and diversified business operations, setting a strong foundation for future growth and market expansion.
Kaixin Auto Holdings (NASDAQ: KXIN) has announced the formation of a specialized technical team aimed at developing its Artificial Intelligence Generated Content (AIGC) system, named Happy Buy Car. This initiative follows prior efforts in enhancing the intelligent sales system. The new team will focus on researching AIGC and ChatGPT technologies, enhancing marketing materials with interactive dialogues and relevant content to improve automobile sales conversions.
The AIGC market is rapidly evolving in China's consumer internet, with applications across various sectors like media and e-commerce. As a key player in China's luxury car sales, Kaixin aims to leverage extensive data and tested models to enhance customer experience in car purchasing.
Kaixin Auto Holdings (NASDAQ: KXIN) announced a strategic partnership with China Automobile Import and Export Co. to create a joint export trading platform for new energy vehicles, targeting a total transaction volume of USD 10.8 billion over five years. CMC Auto is recognized as a key player in China's auto import and export sector, with a network spanning 59 countries and a significant acquisition of Alur Automobile Group, enhancing their capabilities in Central Asia.
In 2022, Chinese auto exports surpassed 3 million vehicles, including 679,000 new energy vehicles, marking a 120% year-on-year increase. The collaboration aims to capitalize on the growing demand for new energy vehicles, supported by favorable government policies and technological advancements in the industry.
Kaixin Auto Holdings (NASDAQ: KXIN) received a Nasdaq notification on March 28, 2023, indicating that it has not met the minimum bid price requirement of $1 per share. However, Nasdaq has granted the company an additional 180 days, until September 25, 2023, to achieve compliance. If the share price reaches $1 for at least 10 consecutive business days during this period, compliance will be confirmed. Failure to comply by the deadline may lead to delisting, but the company retains the right to appeal.
Kaixin is transitioning from a dealership network to a key player in China's electric vehicle market amidst the growing used car sector.
Kaixin Auto Holdings (NASDAQ: KXIN) announced a share purchase agreement to acquire 100% equity of Morning Star Auto Inc. for 100 million shares of Kaixin ordinary shares. This acquisition includes all assets related to the POCCO brand of electric vehicles, marking a significant step in Kaixin's transition into the new energy vehicle market. CEO Mingjun Lin emphasized the strong growth of electric vehicles in China and the company's commitment to expanding its market share through strategic acquisitions and investments.
Kaixin Auto Holdings (NASDAQ: KXIN) reported strong financial results for the first half of 2022, with total net revenues soaring to US$33.30 million, a staggering 1,532% increase from US$2.04 million in the same period last year. The gross profit also saw significant growth, reaching US$223 thousand compared to US$2 thousand in 2021. While the net loss narrowed to US$70.52 million from US$144.18 million, the company is shifting focus towards electric vehicles (EVs) and has taken steps to solidify this transition through strategic partnerships.
Kaixin Auto Holdings (NASDAQ: KXIN) received a notification from Nasdaq regarding non-compliance with the minimum bid price of $1 per share, as the company’s stock failed to meet this requirement for 30 consecutive business days ended September 27, 2022. Kaixin has until March 27, 2023, to regain compliance, or it may face delisting. The company will monitor its stock price and consider options if it remains below the threshold. Kaixin aims to transition from traditional dealerships to a significant player in China’s electric vehicle market.
Kaixin Auto Holdings (NASDAQ: KXIN) announced the production plans of its POCCO EV brand following Wuxi Morning Star's acquisition of Henan Yujie Times Automobile. Under new leadership, POCCO plans to produce 5,000 vehicles in Q4 2022, scaling to 100,000 by 2025, totaling 230,000 units. The brand aims to expand its dealership network from 400 to 3,700 over the next three years, targeting tier 3-6 cities in China. CEO Mingjun Lin emphasized confidence in achieving production and sales targets, focusing on smart mini new energy vehicles to capture market demand.
Kaixin Auto Holdings (NASDAQ: KXIN) has signed a binding acquisition term sheet to acquire 100% equity of Wuxi Morning Star Technology Co., Ltd., known for its POCCO electric vehicles. Morning Star, which produced over 40,000 EVs since June 2021, aims to rebrand itself as a pioneer in smart mini new energy vehicles. The acquisition is positioned for rapid completion by year-end, signaling Kaixin's strategic move towards enhancing its presence in the electric vehicle market, leveraging Morning Star's technological expertise and patents in electric vehicle manufacturing.
Kaixin Auto Holdings (NASDAQ: KXIN) has signed a strategic partnership with National Kangyuan Technology to deliver 5,000 new energy vehicles, valued at approximately RMB 2 billion (USD $295 million), for public health services over three years. This order marks Kaixin's first significant business acquisition post-TECROLL brand launch, indicating enhanced recognition in the new energy commercial vehicle sector. National Kangyuan focuses on smart medical testing services in China, and the new vehicles will support the national health system's data collection efforts under China's 14th Five-Year National Health Plan.
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