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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kaixin Holdings | NASDAQ:KXIN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0037 | 2.98% | 0.128 | 0.125 | 0.1299 | 0.1355 | 0.124 | 0.1355 | 294,101 | 16:17:40 |
According to the terms of the Vehicles Supply Contract, CVC will meet the demands of Haitaoche and supply RMB2.0 billion (approximately US$300 million) worth of consumer vehicles for resale through Haitaoche’s networks in 2021, and the volume of supply will then increase by at least 20 percent annually during a five-year period, with a total contract amount of RMB 14.9 billion (approximately US$2.3 billion). The execution of the Vehicles Supply Contract constitutes the beginning of a strategic partnership between Haitaoche and CVC.
In addition to CVS, Kaixin and Haitaoche are actively developing other partnerships to expand its auto supply sources in order to meet the demands of both the executed sales agreements and forecasted sales.
Haitaoche is a China-based online retail platform for imported automobiles. Haitaoche is committed to developing into China's leading innovative automotive retail trading platform. Having established good performance record and reputation in the field of import car sales in the past years, Haitaoche is expanding its sales system into the field of electric vehicles.
Established in the mid 1980’s, CVC is a leading auto supplier in China, with rich resources in high quality electric vehicles, domestic cars, and imported cars at competitive price. It used to be the only company with the license to engage in imported vehicles business in China during some time period.
Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Kaixin may also make written or oral forward-looking statements in its filings with the 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 statement, including but not limited to the following: our goals and strategies; our future business development, financial condition and results of operations; the expected growth of the social networking site market in China; our expectations regarding demand for and market acceptance of our services; our expectations regarding the retention and strengthening of our relationships with used auto dealerships; our plans to enhance 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 documents filed 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 does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:Investor RelationsKaixin Auto HoldingsTel: +86 (10) 8448-1818Email: ir@kaixin.com
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