Benzinga | Dec 23, 2021 07:02AM EST

Kaixin Auto Reports Framework Deal For Order Of 10K Customized Electric Trucks, Total Value ~$250M

Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ:KXIN) announces today that it has reached a strategic partnership agreement with Beijing Shencheng Biotechnology Group Limited ("Shencheng"). Under the framework agreement, Shencheng agrees to purchase 10,000 customized new energy trucks from Kaixin over the next 5 years. The total value is around $250 million.

Shencheng is a well-known biotechnology company engaged in waste sorting and recycling in China. It plans to cooperate with local governments to implement waste disposal and resource reuse integration projects across China. Shencheng expects to purchase a large number of customized new energy trucks for its environmental protection and resource recycling projects in the next five years.

Mr. Mingjun Lin, Chairman and CEO of Kaixin, said: "This is another major breakthrough of Kaixin in the new energy vehicle business. We will accelerate investment and product development and strive to release prototypes in the first half of 2022 and to achieve mass production and delivery as soon as possible."