Kaixin Auto Holdings (KXIN) stock Under Corrections After Surging on New EV Intention Order

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On March 28, Kaixin Auto Holdings (KXIN) announced an intention order for 20,000 electric vehicles. The latest order follows a sale order of 5,000 new energy logistics vehicles. Following the news, the stock surged up in the regular session but the uptrend culminated in a downfall pre-market. Hence, KXIN fell under corrections in the after-hours to shed its gains from the intention order news.

Source: CompositesWorld

The news resulted in a nice gain of 31.53% during the regular session. The stock trended actively in the green during the regular session at a volume of 40.7 million shares. The volume of the session was a humungous 2,547% of the average. Consequently, KXIN stock fell prey to corrections in the pre-market and lost 6.16%. Thus, the stock was trading at a value of $1.37 per share.

The holding company, Kaixin Auto Holdings operates used car dealerships through its subsidiaries. The China-based company has a market capitalization of $159.24 million with its 143.46 million outstanding shares.

KXIN’s EV Intention Order

On Monday, the company announced entering into a strategic partnership with Beijing Camping Club Sports and Culture Communication Co., Ltd. Moreover, Camping Club has agreed to order at least 20,000 new energy vehicles from the company in the next five years. This total to a value of roughly 6 billion RMB (US$938 million approx.).

Camping Club which is a modern sports and leisure tourism services platform sponsors China International Camping Congress. Approved by the General Administration of Sports of China, China International Camping Congress is a well-known event.

Previous Order

It was only recently, on March 22 that the company announced signing a sale order for 5,000 new energy logistics vehicles with Beijing Bujia Technology Co., Ltd. As per the announcement, Bujia will be ordering new energy vehicles worth 1 billion RMB ($156 million) from KXIN in 2022 and 2023.

Bujia is a leading automobile logistics service provider in China.

KXIN’s H1 2021 Results

On December 29, 2021, the company declared its unaudited financial results for the first half of 2021.

In H1 2021, the company generated total net revenues of $2.04 million with an increase of 205.7% YOY.

Furthermore, the non-GAAP adjusted net loss from operations was $0.33 million in the period.

KXIN had a gross profit of $2 thousand in H1 2021 against that of $1 thousand in the first half of 2020.

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