Kaixin Auto Holdings (KXIN) Announces POCCO EV Orders over 3000 Units in September

October 6, 2021 7:06 AM EDT

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) today announced that sales doubled in September over the prior month for the POCCO brand electric vehicles (“EV”) manufactured by Henan Yujie Times Automobile Co., Ltd. (“Yujie”), which Kaixin has signed a binding term sheet to acquire. Yujie launched two EV models under the POCCO brand, namely MeiMei in March of 2021 and DuoDuo in August, respectively. According to Yujie, orders for POCCO EVs exceeded 3,000 units in September, constituting a 130% increase over that of 1,300 units in August; the actual delivery in September was around 1,200 units, a 200% increase over that of 400 units in August. Total sales in the upcoming fourth quarter are expected to reach 11,500 units.

Mingjun Lin, Chairman and CEO of Kaixin, states: "The rapid growth of China's electric vehicle market has achieved a qualitative breakthrough in 2021, and this momentum will continue. Kaixin is fully confident in the future performance of the POCCO brand. In the meanwhile, Kaixin keeps seeking for more high qualify partners, and our new energy vehicles department aims at achieving the sales target of 120,000 units in 2022!"

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News

Related Entities

Definitive Agreement