Benzinga | Jan 3, 2022 07:07AM EST

Kaixin Auto Holdings Announces Commitment Of $20M Strategic Investment From Investors

Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ:KXIN) announces today that it has secured commitment of US$20 million strategic investment from multiple investment institutions, of which US$2 million has been funded. The remaining is expected to be funded by the end of first quarter of the year. This is the first round of financing after Kaixin announced its new energy vehicles strategy. The financing will be used in the development and design of new energy trucks for mass production and delivery in the second half of the year.



Mr. Mingjun Lin, Chairman and CEO of Kaixin, said: "The truck market is huge in China. It is currently in the critical stage of transition from fossil fuel vehicles to electric vehicles. We have chosen the correct growth path and adopted a practical development model without incurring excessive costs. We see a promising future and appreciate the encouragement and trust of investors in us!"