Kaixin Auto Stock Gains On Plan For Entry Into Compact EV Market, Seeks Mergers And Acquisitions

Used car dealer Kaixin Auto Holdings KXIN has announced entry into the smaller size electric vehicle (EV) market in China.
The company’s new energy vehicle unit has launched development plans focused on smaller EV models in the subcompact and mini-compact categories.
Kaixin is also discussing mergers and acquisitions with several electric car manufacturers to speed up the process.
Kaixin expects the move to capture the younger generation of consumers in Chinese cities, who prefer vehicles of lighter weight and smaller size.
Price Action: KXIN shares are trading higher by 14.8% at $3.34 in premarket on the last check Tuesday.

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