Kaixin up on securing $20 mln funding
03/01/2022 13:16
** U.S.-listed shares of Chinese car dealership KXIN.O up
3.5% at $1.18 premarket
** KXIN says it has secured commitment of $20 mln strategic
investment from multiple institutions urn:newsml:reuters.com:*:nGNX4xhK91
** This is the first round of financing after co announced
its new energy vehicles strategy urn:newsml:reuters.com:*:nL4N2SM30I
** "The financing will be used in the development and design
of new energy trucks for mass production and delivery in the
second half of the year" - KXIN
** Stock fell ~69% last year
(Reporting by Tiyashi Datta in Bengaluru)
((tiyashi.datta@thomsonreuters.com))