- Kaixin Auto Holdings KXIN has signed a binding term sheet to acquire EV manufacturer Henan Yujie Times Automobile Co Ltd through new share issuance.
- Henan Yujie specializes in small-size multi-function EVs.
- The deal marks Kaixin's official entry into China's small size EV market and will be a notable M&A transaction after establishing the New Energy Vehicle Unit.
- Henan Yujie's factory in Mengzhou has an annual production capacity of 150,000 vehicles.
- Kaixin said it would negotiate further details of an acquisition agreement with Yujie consistent with the term sheet.
- Price Action: KXIN shares traded higher by 0.62% at $3.27 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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