Kaixin Auto Holdings Announces Order of 10,000 Electric Trucks
GlobeNewswire “Press Releases”
BEIJING, May 10, 2022 (GLOBE NEWSWIRE) — Kaixin Auto Holdings (Kaixin or the Company) (NASDAQ: KXIN) announces today that it has signed a sales order for 10,000 electric trucks with Beijing Shencheng Biotechnology Group Limited (Shencheng). Shencheng will be ordering 10,000 electric trucks with a total value of US$600 million from Kaixin during 2023 to 2025. The trucks will be used in its waste recycling business.
Shencheng is a well-known biotechnology company in China, specializing on urban waste sorting and recycling business. It has set up plans to carry out waste treatment business operations in Xinjiang, Guizhou, Guangxi, and Yunnan provinces. This sales order is the implementation of the 10,000-unit intentional order reached between Kaixin and Shencheng in December 2021. Kaixin aims to custom design two new energy truck prototypes for Shencheng in the second half of this year and achieve mass production and delivery in 2023.