Kaixin Auto Holdings Announces Progress on Morning Star Acquisition
May 31 2023 - 7:00AM
Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN)
today announces that the Company is making continued progress on
the acquisition of Morning Star Auto Inc. (Morning Star).
Concurrent with the relief of the pandemic and the full recovery of
the Chinese economy, Morning Star's factory in Henan, China has
been operating at full capacity.
Morning Star mainly produces miniature electric
vehicles, which are popular among consumers in China's tier 3-6
cities. Over the past few years, it has produced and sold tens of
thousands of electric vehicles under the POCCO brand. China's
electric vehicle exports have experienced significant rapid growth
in recent years. There is strong demand for electric vehicles in
Southeast Asia, the Middle East, and Europe. Kaixin has received
orders for over 50,000 vehicles so far. At the completion of the
Morning Star acquisition, Kaixin will put the electric vehicle
export business as a top priority and vigorously promote overseas
expansion.
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 2021 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
historical facts, including statements about Kaixin’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: our goals and strategies; our future
business development, financial condition and results of
operations; our expectations regarding demand for and market
acceptance of our services; our expectations regarding the
retention and strengthening of our relationships with auto
dealerships; our plans to enhance user experience, infrastructure
and service offerings; competition in our industry in China; and
relevant government policies and regulations relating to our
industry. Further information regarding these and other risks is
included in our other documents filed with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and Kaixin does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
SOURCE: Kaixin Auto Holdings
For more information, please contact:
Kaixin Auto Holdings
Investor Relations
Email: ir@kaixin.com
Kaixin (NASDAQ:KXIN)
Historical Stock Chart
From Apr 2024 to May 2024
Kaixin (NASDAQ:KXIN)
Historical Stock Chart
From May 2023 to May 2024