BEIJING, Jan. 11, 2021 (Globe NEWSWIRE) — Kaixin Car Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) these days introduced that Haitaoche Limited (“Haitaoche”) has entered, by one of its subsidiaries, into a 5-calendar year cars offer contract (the “Vehicles Offer Contract”) with China Countrywide Vehicles Imp & Exp Co., Ltd. (“CVC”) on January 11, 2021. Kaixin entered into a definitive share order agreement with the shareholders of Haitaoche on December 31, 2020, pursuant to which Kaixin will acquire 100% of the share capital of Haitaoche from the shareholders of Haitaoche.1
In accordance to the phrases of the Automobiles Supply Deal, CVC will meet the needs of Haitaoche and supply RMB2. billion (about US$300 million) value of shopper cars for resale by way of Haitaoche’s networks in 2021, and the volume of supply will then maximize by at least 20 % each year in the course of a five-calendar year period of time, with a complete deal total of RMB 14.9 billion (around US$2.3 billion). The execution of the Autos Provide Contract constitutes the commencing of a strategic partnership in between Haitaoche and CVC.
In addition to CVS, Kaixin and Haitaoche are actively building other partnerships to increase its car supply resources in purchase to meet up with the calls for of each the executed sales agreements and forecasted income.
Haitaoche is a China-primarily based on the internet retail system for imported vehicles. Haitaoche is fully commited to developing into China’s primary modern automotive retail trading platform. Acquiring established very good overall performance report and track record in the industry of import motor vehicle revenue in the earlier decades, Haitaoche is increasing its sales system into the industry of electric powered automobiles.
Proven in the mid 1980’s, CVC is a primary vehicle provider in China, with prosperous resources in large top quality electric powered autos, domestic autos, and imported automobiles at competitive price tag. It used to be the only enterprise with the license to have interaction in imported cars small business in China all through some time time period.
- Particulars of the definitive share order arrangement were disclosed by Kaixin in its 6K filing on 1/06/2021. Topic to the approval by Nasdaq and other closing problems, the Company anticipates that the Acquisition will close by March 31, 2021
Safe Harbor Assertion
This announcement includes ahead-hunting statements. These statements are created below the “safe harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. These forward-wanting statements can be discovered by terminology this kind of as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and identical statements. Kaixin may well also make created or oral ahead-seeking statements in its filings with the SEC, in its yearly report to shareholders, in push releases and other prepared products and in oral statements created by its officers, administrators or personnel to third get-togethers. Statements that are not historic facts, such as statements about Kaixin’s beliefs and expectations, are forward-seeking statements. Forward-seeking statements require inherent hazards and uncertainties. A amount of aspects could cause actual outcomes to differ materially from people contained in any ahead-searching statement, which include but not restricted to the adhering to: our objectives and methods our foreseeable future company improvement, economic affliction and results of functions the anticipated development of the social networking site market in China our anticipations regarding desire for and industry acceptance of our expert services our expectations pertaining to the retention and strengthening of our interactions with utilized vehicle dealerships our designs to increase person encounter, infrastructure and services offerings competitiveness in our business in China and related federal government policies and polices relating to our marketplace. Additional data pertaining to these and other pitfalls is incorporated in our other paperwork filed with the SEC. All information presented in this push launch and in the attachments is as of the day of this push release, and Kaixin does not undertake any obligation to update any ahead-wanting statement, besides as required underneath applicable regulation.
For additional info, remember to get hold of:
Kaixin Automobile Holdings
Tel: +86 (10) 8448-1818
E-mail: [email protected]