BEIJING, March 28, 2022 (GLOBE NEWSWIRE) — Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) today announces that it has entered into a strategic partnership with Beijing Camping Club Sports and Culture Communication Co., Ltd. . (the “Camping Club”). Camping Club is committed to ordering at least 20,000 new energy vehicles from Kaixin over the next five years. The total value is around 6 billion RMB (equivalent to $938 million).
Camping Club is a modern sports and leisure tourism service platform, which sponsors the China International Camping Congress, a well-known event approved by the General Administration of Sports of China. China International Camping Congress, as the leader of China’s sports and leisure tourism culture, has become 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. He established a network of about a thousand camping bases and was instrumental in advancing the development of the sports and leisure tourism industry cluster across the country. The camping industry conforms to the mainstream of China’s tourism development policy, and China’s motorhome 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 conduct large-scale procurement and promotion of new energy recreational vehicles as part of its future business growth.
Mr. Mingjun Lin, Chairman and CEO of Kaixin, said, “Kaixin’s new energy vehicle business will focus on securing large orders from our strategic partners, accelerating the growth of global business scale through the integration of different scenarios, cross-border cooperation and cross-industry cooperation. common innovations. »
About Kaixin Auto Holdings
Kaixin Auto Holdings is one of the leading dealer networks in the segment of high-end used cars and new car sales in China. Supported by the rapid growth of the Chinese used car market and leveraging its own hybrid business model that offers both a strong online and offline presence, Kaixin is transitioning from a nationwide network of dealerships to one of the major players in the Chinese electric vehicle market.
Safe Harbor Statement
This announcement may contain forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, the 2021 business outlook and management quotes in this announcement, as well as Kaixin’s strategic and operating plans, contain forward-looking statements. Kaixin may also make written or oral forward-looking statements in its filings with the United States Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Kaixin’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including, but not limited to, the following: our objectives and strategies; our future business development, financial condition and results of operations; our expectations regarding market demand and acceptance of our services; our expectations regarding retaining and strengthening our relationships with automotive dealerships; our plans to improve user experience, infrastructure and service offerings; competition in our industry in China; and relevant government policies and regulations relating to our industry. Further information regarding these and other risks is included in our other filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kaixin undertakes no obligation to update any forward-looking statements except as required by applicable law.
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Kaixin Auto Holdings
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SOURCE: Kaixin Auto Holdings