Benzinga | Aug 6, 2021 07:03AM EDT

Kaixin Auto Holdings Reports Will Establish A New Energy Vehicle Business Unit

Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ:KXIN) today announced that the Company has decided to establish a new energy vehicle (EV) business unit, which will quickly build up EV R&D, production and marketing teams. The corporate strategic move has been made in the context of the Chinese government's steady support for accelerated development of EVs and the rapid growth of EV market in China. With Chinese consumers' ever increasing recognition of EV, new energy vehicles are expected to become the mainstream consumer model in the auto industry.

The Company has been engaged in negotiations of mergers and acquisitions with a number of EV manufacturers, and the Company will announce the progress of major business transactions, if any, in a timely manner.

As a NASDAQ listed company, Kaixin is committed to become another player in the EV business following Li Auto, Nio, and Xpeng.