The shares of Kaixin Auto Holdings (KXIN) had increased by 25.75% to $2.1 at the time of our last check in premarket trading. At the close of last session, KXIN stock was trading at $1.67, down -1.76% or $0.03. Shares of KXIN stock fluctuated between $1.6542 and $1.7099 throughout the day. The number of shares of KXIN stock exchanged on the day was 0.43 million, less than the company’s 50-day daily volume of 0.5 million and lower than its Year to date volume of 1.97 million.
In the past 12 months, KXIN stock has advanced 61.35%, and in the last one week, the stock has moved down -9.73%. For the last six months, the KXIN stock has lost a total of -56.74%, and over the last three months, the stock has decreased by -25.45%. KXIN stock has returned -55.23% so far this year. KXIN stock is surging following company’s move to enter in EV market.
What EV move KXIN Stock has made?
Kaixin is one of the country’s major dealership networks for premium used cars and new automobiles. As China’s used car industry grows rapidly and KXIN leverages its hybrid business model that combines its own dealership network with affiliated dealer network and value-added services, the company has transformed from a tech-enabled financing platform into a comprehensive nationwide dealer network.
Kaixin today announced that the company has established a new business unit focused on developing, producing, and marketing electric vehicles (EVs). In addition to the Chinese government’s sustained support for accelerated EV development, KXIN’s new corporate strategy has been made in light of the rapid growth of the Chinese EV market.
The Chinese consumer market, with its ever-increasing acceptance of EVs, is expected to lead the trend toward alternative energy on public roads. KXIN has been in talks with a number of EV manufacturers regarding mergers and acquisitions. KXIN will update the public as to the status of major business deals, if any. As a NASDAQ-listed company, KXIN plans to compete with Li Auto, Nio, and Xpeng in the EV market.
A similar move:
Kaixin (KXIN) was recently in discussion, in a similar move, with a leading RV retailer in China about collaboration and joint ventures to explore the rapidly growing RV market in China. The retailer owns RV dealerships and hosts RV expositions throughout China, in addition to its owner community website. RV sales are on the rise in China. As a result, the annual RV sales volume grew by 50% over the past three years, with over 69,000 RVs sold in 2020. KXIN and RV retailer plan to collaborate on the sales and rental of RVs and look for opportunities for the development and manufacture of electric RVs.
