Benzinga | Jan 3, 2022 08:50AM EST

Kaixin Arranges $20M Investment Commitment From Multiple Institutions

* Kaixin Auto Holdings (NASDAQ:KXIN) has secured a commitment of $20 million strategic investment from multiple investment institutions.

* The company noted $2 million of the investment commitment had been funded, with the remaining to be funded by Q1 end.

* The company plans to use the investment in developing and designing new energy trucks for mass production and delivery in the second half of the year.

* "The truck market is huge in China. It is currently in the critical stage of transition from fossil fuel vehicles to electric vehicles," said Mingjun Lin, Chairman, and CEO of Kaixin.

* Kaixin Auto Holdings is a dealership network in the premium used car segment and new car sales in China.

* Price Action: KXIN shares are trading higher by 3.51% at $1.18 in premarket on the last check Monday.