Benzinga | Oct 15, 2020 02:49PM EDT

Why Kaixin Auto's Stock Is Trading Lower Today

Kaixin Auto Holdings (NASDAQ:KXIN) shares are trading lower on Thursday, selling off following Wednesday's strength. The stock surged Wednesday after JPMorgan issued upbeat commentary on the overall Chinese new energy vehicle market.

Kaixin Auto Holdings is a provider of own and used car dealership. It focuses on brands such as Audi, BMW, Mercedes-Benz, Land Rover, and Porsche. The company primarily generates revenues from sales of used cars, as well as fees obtained from a role as a channel partner for third-party auto financing and other value-added service providers.

Kaixin Auto Holdings shares traded down 30.81% to $1.37 on Thursday. The stock has a 52-week high of $2.19 and a 52-week low of 40 cents.