Yahoo Finance Kaixin Auto Shares Surge 40% on Electric Vehicle Deal
By Sam Boughedda
Investing.com -- Kaixin Auto Holdings (NASDAQ:KXIN) announced a partnership with Beijing Camping Club Sports and Culture Communication, sending its shares surging 40% higher earlier Monday.
The agreement sees Camping Club agree to order 20,000 new energy vehicles from Kaixin over the next five years, equaling 6 billion RMB, equivalent to $938 million.
Kaixin, headquartered in Beijing, China, is one of the primary dealership networks in China's premium used car segment and new car sales.
"The new energy vehicle business of Kaixin will focus on securing large orders from our strategic partners, accelerating growth of overall business scale through integration of different scenarios, transboundary cooperation and cross-industry joint innovations," said Mingjun Lin, chairman and CEO of Kaixin.
Camping Club is a modern sports and leisure tourism service platform that sponsors the China International Camping Congress, a well-known event in China that, according to Kaixin, has evolved into a national fitness platform.
Kaixin stock jumped earlier but has since retraced and now trades around 31% above Friday's close.
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