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Kaixin Auto Shares Surge 40% on Electric Vehicle Deal -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Kaixin Auto Holdings NASDAQ (Investing.com) announced a partnership with Beijing Camping Club Sports and Culture Communication, sending its shares surging 40% higher earlier Monday.

Camping Club has agreed to purchase 20,000 energy vehicles from Kaixin in the next five-years, which is equivalent to 6 billion dollars or $938 million.

Kaixin is a Chinese dealership network based in Beijing. It is the largest in China for both new and used cars.

Kaixin chairman Mingjun Lin stated, “The new business in energy vehicles of Kaixin is focused on securing large contracts from our strategic partner, accelerating business growth through integration of different scenarios and transboundary cooper and cross-industry jointly innovations,”

Camping Club, an online platform for leisure and sports tourism, sponsors the China International Camping Congress. This well-known Chinese event has, Kaixin says, evolved into a national platform for fitness.

Kaixin shares jumped earlier, but have since retraced their gains and trades at around 31% higher than Friday’s closing.

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