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Kaixin Auto Holdings Announces Commitment of US$20 Million Strategic Investment from Investors
BEIJING, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) announces today that it has secured commitment of
About this update from Kaixin Holdings
[{"type":"text","content":"BEIJING, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) announces today that it has secured commitment of US$20 million strategic investment from multiple investment institutions, of which US$2 million has been funded. The remaining is expected to be funded by the end of first quarter of the year. This is the first round of financing after Kaixin announced its new energy vehicles strategy. The financing will be used in the development and design of new energy trucks for mass production and delivery in the second half of the year. Mr. Mingjun Lin, Chairman and CEO of Kaixin, said: \"The truck market is huge in China. It is currently in the critical stage of transition from fossil fuel vehicles to electric vehicles. We have chosen the correct growth path and adopted a practical development model without incurring excessive costs. We see a promising future and appreciate the encouragement and trust of investors in us!\" About Kaixin Auto Holdings Kaixin Auto Holdings is one of the primary dealership networks in the premium used car segment and new car sales in China. Supported by the rapid growth of China's used car market and leveraging its own hybrid business model that offers both strong online and offline presence, Kaixin is in the process of transforming from a nationwide dealerships network to one of the important players in China’s electric vehicle market. Safe Harbor Statement This announcement may contain forward-looking statements. These statements are made under the \"safe harbor\" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as \"will,\" \"expects,\" \"anticipates,\" \"future,\" \"intends,\" \"plans,\" \"believes,\" \"estimates\" and similar statements. Among other things, the business outlook for 2022 and quotations from management in this announcement, as well as Kaixin’s strategic and operational plans, contain forward-looking statements. Kaixin may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission (\"SEC\"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not hist...