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China

Kaixin Auto Holdings Announces Order Of 10,000 Electric Trucks

Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) announces today that it has signed a sales order for 10,000 electric trucks with Beijing Shencheng Biotechnology Group Limited (“Shencheng”). Shencheng will be ordering 10,000 electric trucks with a total value of US$600 million from Kaixin during 2023 to 2025. The trucks will be used in its waste recycling business.

Shencheng is a well-known biotechnology company in China, specializing on urban waste sorting and recycling business. It has set up plans to carry out waste treatment business operations in Xinjiang, Guizhou, Guangxi, and Yunnan provinces. This sales order is the implementation of the 10,000-unit intentional order reached between Kaixin and Shencheng in December 2021. Kaixin aims to custom design two new energy truck prototypes for Shencheng in the second half of this year and achieve mass production and delivery in 2023.

Mr. Wu Liang, general manager of Kaixin’s new energy vehicle business department, said: “The signing of the sales contract with Shencheng is another major achievement of Kaixin after the sales order with Beijing Bujia Technology Co., Ltd., which demonstrates our business strategy focusing on producing custom-built new energy vehicles for strategic partners has gained market recognition. Although China’s electric trucks are currently in their early stage, we expect the peak sales season will come soon. Kaixin will stride forward and enhance market recognition with sales performance.”

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.