Welcome to our dedicated page for Kaixin Holdings Ordinary Shares news (Ticker: KXIN), a resource for investors and traders seeking the latest updates and insights on Kaixin Holdings Ordinary Shares stock.
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 commenced operations at its new energy commercial vehicle headquarters in Suzhou City, Anhui Province. The local government’s supportive policies are expected to enhance the development of Kaixin's electric vehicle (EV) business. Recent achievements include the launch of the "TECROLL" EV brand and the delivery of the first electric logistics truck. Anhui Province offers significant backing to the new energy vehicle sector, with Suzhou’s city council prioritizing Kaixin's efforts in its "14th Five-Year Plan," providing various incentives.
Kaixin Auto Holdings (NASDAQ: KXIN) has secured $700 million in investment commitments from institutional investors, aimed at facilitating its acquisition of a new energy vehicle manufacturing company. The investment will be in the form of convertible preferred shares, priced at a minimum of $2.00 per share. Since establishing its new energy vehicle department in August 2021, Kaixin is advancing in negotiations with potential acquisition targets. The Chairman, Mr. Mingjun Lin, emphasizes the importance of this capital to support the acquisition process, with an announcement of the target company expected in August.
Kaixin Auto Holdings (NASDAQ: KXIN) launched its 'TECROLL' brand of new energy commercial vehicles on July 28, 2022, in Beijing. The first model, an aluminum electric logistics truck, is customized for Beijing Bujia Technology Co., Ltd. Designed for efficiency, it boasts superior electrical components, fast acceleration, strong climbing, and low energy consumption. The annual sales volume of commercial vehicles in China is approximately 5 million units, indicating a significant market opportunity for Kaixin in the electric vehicle sector.
Kaixin Auto Holdings (NASDAQ: KXIN) has launched the brand TECROLL for its new energy commercial vehicles and delivered its first electric logistics truck. TECROLL symbolizes continuous progress and aims to meet the growing demand in the Chinese market. In partnership with Beijing Bujia Technology Co., Ltd., Kaixin has started the delivery of an order for 5,000 electric logistics trucks. This initiative marks a significant step in Kaixin's transformation towards becoming a key player in China's electric vehicle sector.
On July 5, 2022, Kaixin Auto Holdings (NASDAQ: KXIN) announced the resignation of Mr. James Jian Liu from its board of directors, effective June 30, 2022, due to personal reasons. Mrs. Lucy Yi Yang, the company's CFO, will take over as a director starting August 1, 2022. Mr. Liu has been a board member since the company’s inception, and the board expressed gratitude for his contributions. Kaixin continues to focus on transforming into a significant player in China's electric vehicle market while maintaining its presence in the premium used car segment.
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.
Kaixin Auto Holdings (NASDAQ: KXIN) has signed a sales order with Beijing Shencheng Biotechnology Group for 10,000 electric trucks valued at US$600 million, to be delivered between 2023 and 2025. The trucks are intended for Shencheng's waste recycling operations across several Chinese provinces. This agreement follows a previous intent established in December 2021. Kaixin plans to develop custom prototypes in the latter half of 2022, aiming for mass production next year. The management views this contract as a testament to their strategic focus on customized new energy vehicles.
Kaixin Auto Holdings (NASDAQ: KXIN) has filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the SEC on April 29, 2022. Shareholders can request a free hard copy of the audited consolidated financial statements. Kaixin operates as a primary dealership network in the premium used and new car segment in China, focusing on the electric vehicle market amid the growth of the used car market. This report may contain forward-looking statements subject to risks and uncertainties.
Kaixin Auto Holdings (NASDAQ: KXIN) has entered a strategic partnership with Beijing Camping Club Sports and Culture Communication Co., Ltd., committing to supply at least 20,000 new energy vehicles over five years. This order holds a value of approximately 6 billion RMB (around $938 million). The Camping Club, a significant player in China’s sports and leisure tourism, plans to enhance its offerings with new energy RVs, tapping into China's booming RV and camping market, which is projected to become a trillion-dollar segment.
Kaixin Auto Holdings (NASDAQ: KXIN) has signed a significant sales order with Beijing Bujia Technology Co., Ltd. for 5,000 new energy logistics vehicles, valued at 1 billion RMB (approximately $156 million) across 2022 and 2023. This agreement marks the initial phase of a larger 10,000-unit order established in 2021. The strategic partnership aims to enhance Bujia’s logistics capabilities with Kaixin’s customized vehicle production, thereby fostering growth potential for both companies. A joint vehicle rendering release is planned at the 2022 China Carriers Conference.
FAQ
What is the current stock price of Kaixin Holdings Ordinary Shares (KXIN)?
What is the market cap of Kaixin Holdings Ordinary Shares (KXIN)?
What is Kaixin Holdings' primary business?
How does Kaixin generate revenue?
What recent strategic changes has Kaixin made?
Who is the current CEO of Kaixin Holdings?
What notable expertise does Kaixin's team possess?
What international partnerships has Kaixin established?
How does Kaixin contribute to sustainability goals?
What kind of vehicles does Kaixin produce?
What is Kaixin's role in promoting autonomous driving?
What are some recent achievements of Kaixin Holdings?
