Kaixin Auto accelerates on $938 mln order for new energy vehicles
28/03/2022 12:42
** U.S.-listed shares of Chinese car dealership KXIN.O
soar 61.3% to $1.79 premarket
** Stock top pct gainer among Nasdaq listed stocks and on
pace for best day since mid-Dec 2021, if gains hold
** Beijing Camping Club Sports and Culture Communication Co
Ltd agrees to order at least 20,000 new energy vehicles from
Kaixin over the next five years for a total value of ~6 bln yuan
($938 mln) urn:newsml:reuters.com:*:nGNX2Yrjy0
** Last week, KXIN signed a sales order for 5,000 new energy
logistics vehicles with Beijing Bujia Technology Co Ltd worth a
total of 1 billion yuan ($157.24 million) urn:newsml:reuters.com:*:nL3N2VP2LN
** In December 2021, KXIN set production and sales target of
50,000 new energy vehicles for 2022-2025
** Message volume on retail investor forum Stocktwits jumped
nearly 2% following news
** More than 2.5 mln shares of the Beijing-based company
have traded so far, compared with their 30-DMA volume of 700,700
** As of last close, the stock down 2.6% YTD
(Reporting by Devik Jain in Bengaluru)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))