Benzinga | Dec 16, 2021 07:11AM EST

Kaixin Auto Holdings Announces Intention Order For 10,000 Electric Vehicles; The Total Dollar Amount Of This Intention Order Is Above $500M

Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ:KXIN) announces today that it has reached a strategic partnership agreement with Beijing Bujia International Logistics Limited ("Bujia"), which agrees to order at least 10,000 new energy trucks from Kaixin in the next 5 years. The total dollar amount of this intention order is above $500 million.

Bujia is China's leading automotive new retail logistics and service terminals platform. Over the next 5 years, it plans to establish 300 automotive logistics transfer warehouses and 1,000 automotive terminal delivery centers. Bujia will integrate a fleet of more than 60,000 delivery trucks participating in its logistics operations, of which new energy trucks will account for no less than 30%.

Mr. Mingjun Lin, Chairman and CEO of Kaixin, said: "The Chinese market has huge potentials for new energy commercial vehicles. Bujia has rich resources in automotive logistics operators networks. This is the first major sales order obtained by Kaixin's new energy vehicle business unit, which enhances our confidence to expand into the new energy vehicle area. Our R&D team is working on product design that satisfies Bujia's needs and is expected to be ready for release by first quarter of next year."