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What’s happening with Kaixin Auto Holdings (KXIN) stock?

Kaixin Auto Holdings (KXIN) is an important and innovative prime dealership network of used premium vehicles and their parts. The company has both an online and offline presence and is an established and key component of the Chinese EV market.

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The price of KXIN stock during the regular early trading session on January 13, 2022, was last checked to be $1.11 with no change.

KXIN: Events and Happenings

On January 03, 2022, KXIN reported about securing the commitment of $20 million financing from different institutions. This is the first batch of investment after the company reported its innovative EV policy. The financing will be utilized to develop the latest energy trucks for bulk manufacture and delivery during the second half of 2022.

KXIN: Key Financials

On December 29, 2021, KXIN reported its financial results for the six months ended June 30, 2021. Some of the key updates are as follows

Revenue

Total net revenue was $2.04 million for the first half of 2021 as compared to the same period of 2020 when it was $0.67 million and it represented an increase of 205.7% over the year period.

Net Income/Loss

Net loss for the first half of 2021 was $144.2 million as compared to the net income of $0.05 million for the same period of 2020.

On December 23, 2021, KXIN reported about collaboration with Beijing Shencheng Biotechnology Group Limited for the acquisition of 10,000 personalized energy trucks from the company over the period of 5 years. On December 01, 2021, KXIN reported the release of its energy vehicle future plan.

On November 15, 2021, KXIN reported that the sales increase of its POCCO EV models during October gained momentum to 8,661 units as announced by Henan Yujie Times Automobile Co., Ltd. The total sales of POCCO electric vehicle models surpassed 20,000 units for October.

Conclusion

KXIN stock is 49% down the past six months period due to the declining economic activities associated with the pandemic. The constancy in regular trading is the outcome of the uncertain market environment. The analysts are hoping that the company’s stock will progress with the new pipeline collaborations and past agreements.

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