Kaixin Auto Holdings (KXIN), an auto retail platform, has climbed 20.77% in the premarket trading session. Consequently, the stock was trading at $1.57 when last checked. During Monday’s regular trading session, KXIN stock gained a nominal increase of 0.78% to close the day at $1.30. The phenomenal performance in premarket could be attributed to orders for new logistics vehicles.
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The signing of Sale Order
Hours ago, KXIN announced to have signed a sale order for selling 5000 new logistics vehicles with Beijing Bujia Technology Co. The company said that it would order a total of $156 million worth of new vehicles from Kaixin during 2022 and 2023. The sales agreement between both of the parties is the initial implementation of intentional order between both Bujia and Kaixin in 2021.
KXIN Secured Commitment of Strategic Investment
On the 3rd of January, KXIN announced it have secured the commitment $20 million strategic investment from certain investment-related institutions. Out of that $20 million, $2 million had been funded. The company said that the remaining amount would be funded by the end of the first quarter of the fiscal year 2022. The financing would be used for developing new energy trucks.
Appointment of GM Energy Vehicles Division
In late December 2021, KXIN announced to have appointed Mr. Wu Liang as general manager of the new energy vehicles division of the company. Before joining Kaixin, Wu Liang was serving as a partner with certain investment-related companies. He has more than 10 years of investment experience in the TMT industry. Mr. Mingjun Lin, Chairman, and CEO of the company welcomed his induction to the team and said that his appointment would aid in the transformation of the company in the future.
What’s Ahead for KXIN?
Looking ahead, analysts are of the view that technical signals are pointing in a positive direction for KXIN stock even though it is existing in a falling trend. Hence, the stock holds an excellent buying opportunity for the investors.
