Kaixin Auto Stock Pops On Order For 10,000 Customized Electric Trucks

Kaixin Auto Holdings KXIN has reached a strategic partnership agreement with Beijing Shencheng Biotechnology Group Limited for supplying its new energy trucks.
Under the agreement, Shencheng will purchase 10,000 customized new energy trucks from Kaixin over the next 5 years. The total value of the deal is $250 million.
"This is another major breakthrough of Kaixin in the new energy vehicle business," said Kaixin CEO Mingjun Lin.
Price Action: KXIN shares are trading higher by 15.6% at $1.63 in premarket on the last check Thursday.