Business
Kaixin Auto Holdings Announces Order of 5,000 New Energy Logistics Vehicles
BEIJING, March 22, 2022 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) announces today that it has signed a sales order
About this update from Kaixin Holdings
[{"type":"text","content":"BEIJING, March 22, 2022 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) announces today that it has signed a sales order for 5,000 new energy logistics vehicles with Beijing Bujia Technology Co., Ltd. (“Bujia”). Bujia will be ordering a total of 1 billion RMB (equivalent to $156 million) worth of new energy vehicles from Kaixin in 2022 and 2023. The sales order is the initial implementation of the 10,000-unit intentional order reached between Kaixin and Bujia in 2021. Bujia is a leading automobile logistics service provider in China. Its service platform carries 6,490 automobile transportation lines with a capacity of 22,000 vehicles. Mr. Yadong Zhu, chairman of Bujia, said: \"The strategic partnership between Bujia and Kaixin has been built upon our complementary resources. Bujia is adding another empowering component to our platform in addition to current logistics, delivery and financing services. New energy logistics vehicles sales will enrich Bujia’s business model and increase our business growth potential!\" Mr. Wu Liang, general manager of Kaixin's new energy vehicle business department, said: \"The business model of Kaixin's new energy vehicles department is to establish strategic partnerships with platforms that have big sales potentials and to make customized production according to customer needs. Therefore, Bujia is not a mere customer. We are more like strategic partnerships with a lot of common interest.” In addition, Bujia is holding the 2022 China Carriers Conference in the second quarter. Kaixin and Bujia will jointly release renderings of the new energy logistics vehicles at the conference and conduct market promotion and pre-sales coaching to participating carriers in order to facilitate smooth delivery of sales orders starting in the third quarter of this year. 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 s...