Why Kaixin Shares Are Surging Today

Kaixin Auto Holdings KXIN is trading higher Monday after the company announced an order for 20,000 electric vehicles.

Camping Club has agreed to order at least 20,000 new energy vehicles from Kaixin over the next five years, valued at approximately $939 million. With the vigorous growth of China's new energy vehicle industry, Camping Club plans to carry out large-scale procurement and promotion of new energy RVs in its future business growth.

"The new energy vehicle business of Kaixin will focus on securing large orders from our strategic partners, accelerating growth of overall business scale through integration of different scenarios, transboundary cooperation and cross-industry joint innovations," said Mingjun Lin, chairman and CEO of Kaixin.

Kaixin Auto Holdings is one of the primary dealership networks in the premium used car segment and new car sales in China.

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KXIN 52-Week Range: $0.82 - $3.73

The stock was up 30.2% at $1.44 at time of publication.

Photo: Pixaline from Pixabay.