Kaixin Auto Holdings Shares Up After Intention Order for 20,000 Electric Vehicles

Mar 28, 2022 By MarketDepth

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Kaixin Auto Holdings (NASDAQ: KXIN) shares jumped like 30% after the Company announced that reached into a strategic partnership with Beijing Camping Club Sports and Culture Communication Co., Ltd. (the “Camping Club”). Camping Club agrees to order at least 20,000 new energy vehicles from Kaixin over the next five years. Kaixin says that the total value is about 6 billion RMB (equivalent to $938 million).

“The new energy vehicle business of Kaixin will focus on securing large orders from our strategic partners, accelerating growth of overall business scale through integration of different scenarios, transboundary cooperation and cross-industry joint innovations.”

Mr. Mingjun Lin, Chairman and CEO of Kaixin

Camping Club is a modern sports and leisure tourism service platform, which sponsors China International Camping Congress, a well-known event approved by the General Administration of Sports of China. China International Camping Congress, as leader of China’s sports and leisure tourism culture, has evolved into a national fitness platform with strong brand and appeal after six successful conferences held in Wanning in Hainan Province, Qiandao Lake in Zhejiang Province, Ulanqab in Inner Mongolia, etc. It has established a network of around one thousand camping bases and played an instrumental role in advancing development of the sports and leisure tourism industry cluster across the country. The camping industry is in line with the mainstream of China’s tourism development policy, and China’s RV travel and camping industry will be the next trillion-dollar business segment. With the vigorous growth of China’s new energy vehicle industry, Camping Club plans to carry out large-scale procurement and promotion of new energy RVs in its future business growth.