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Kaixin Auto Jumps 43% On $500m Order -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Kaixin Auto Holdings (NASDAQ:)After announcing to investors that it had made a $500m deal with Beijing Bujia International Logistics, a used and new car dealership, a 43% rally was seen in.

Beijing Bujia agreed to purchase at least 10,000 energy trucks from Kaixin in the next five-years.

Bujia is a Chinese platform for automotive service and retail logistics. It plans to create 300 warehouses of automotive logistics transfers and 1000 delivery centers. They will also integrate more than 60,000. New energy trucks account for 30%.

The Chinese market is hugely potential for the development of new commercial energy vehicles. Bujia is rich in resources for automotive logistic operators networks,” Mingjun Lin (CEO of Kaixin), said.

Kaixin’s first major order for a new vehicle business unit has been received. This gives us more confidence in expanding into new vehicle areas.

Kaixin — which launched a new energy vehicle business unit for EV R&D, production and marketing — At the beginning of December, its Strategic Plan for New Energy Vehicles was released. This plan sets a goal of producing and selling 50,000 new vehicles between 2022-2025.

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