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Thursday, May 19, 2022

20,000 Vehicle Order Intention: Kaixin Auto Holdings (KXIN) Stock Rocketing Higher in Premarket.

Kaixin Auto Holdings (KXIN) is a novel and primary dealership network of the used finest vehicles and their parts. The company has an online and offline presence and is an established and key component of the Chinese electric vehicle market.


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KXIN stock price during the regular trading session of March 25, 2022, was $1.11 with a downfall of 14.6%. Its price rocketed as of the writing in the premarket session of March 28, 2022, by 56.7%.

KXIN: Events and Happenings

On March 28, 2022, KXIN updated on reaching a strategic collaboration with Beijing Camping Club Sports and Culture Communication Co., Ltd. Under the terms of the collaboration, Camping Club will order up to 20,000 new EVs from the company over the period of five years. The total worth of the collaboration is approximately 6 billion RMB. Camping Club is an advanced platform associated with sports and leisure tourism services that sponsors China International Camping Congress.

On March 22, 2022, KXIN reported signing a sales agreement with Beijing Bujia Technology Co., Ltd. for 5,000 new EVs. Under the terms of the agreement, Bujia will order up to 1 billion RMB worth of 5000 energy vehicles from the company during the two years period. The order is the preliminary application of the 10,000-unit global order reached between the company and Bujia in 2021.

KXIN: Key Financials

KXIN issued its financial statement on December 29, 2021, for the first six months of 2021 ended June 30, 2021. Some of the important updates are mentioned below.

Revenue

The company posted total net revenues of $2.04 million for H1 2021 in comparison to $0.67 million during the same half of 2020. The company reported a remarkable gain of 205.7% YoY.

Net Earnings/Loss

Net loss during H1 2021 was $144.2 million corresponding to the net earnings of $0.05 million during the first half of 2020.

Conclusion

The price of KXIN stock went down by 67% in the last year as the companies were hit by the economic recession in the pandemic. Its stock price sharply inclined in the premarket session as the company announced a groundbreaking deal with Camping Club Sports, which will help in the image building of the company.

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