Chinese carmaker Kaixin Auto Holdings (Nasdaq: KXIN) is adding another purchase order to its books. The firm announced today a strategic partnership agreement with Beijing Shencheng Biotechnology Group Limited for an order of 10,000 customized electric trucks.
Under the agreement, the Chinese biotech firm agreed to purchase the “new energy” vehicles over the next five years for a reported total transaction value of US$250 million. The firm plans to use the trucks “for its environmental protection and resource recycling projects.”
“This is another major breakthrough of Kaixin in the new energy vehicle business,” said CEO Mingjun Lin. “We will accelerate investment and product development and strive to release prototypes in the first half of 2022 and to achieve mass production and delivery as soon as possible.”
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The agreement comes just weeks after the automaker received another intention order from Beijing Bujia International Logistics Limited for 10,000 electric trucks over five years. The total value of the order is approximately US$500 million.
Kaixin Auto last traded at US$1.41 on the Nasdaq.
Information for this briefing was found via Kaixin. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
