Kaixin Auto Holdings announced the launch of the first brand of new energy vehicles

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BEIJING, July 29. 28, 2022 (GLOBE NEWSWIRE) — Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN) today announced that it hosted the launch ceremony of the “TECROLLbrand in Beijing on July 28, 2022, which is the first new energy utility vehicle model launched by Kaixin. A delivery ceremony was held during the launch.

The electric logistics truck model is custom designed and manufactured for Beijing Bujia Technology Co., Ltd. (“Bujia”). The truck is made of aluminum with a total mass of 4.5 tons. It can be used in various scenarios including passenger car transport and emergency rescue. Its basic electrical components far exceed similar light truck configurations, with fast acceleration, strong climbing and low power consumption.

Mr. Guohua Yuan, President of Bujia, said, “With its ‘customized product + service’ solution, Kaixin targeted our needs for logistics turnover efficiency and cost reduction. The cooperation with Kaixin generates a synergy effect with our internal operation process optimization efforts, helping Bujia to create more ecological value for the automotive logistics industry. The annual sales volume of commercial vehicles in China reaches 5 million units with a market size of one trillion RMB. The release of Tecroll is a good start for Kaixin to enter the new energy vehicle market.

About Kaixin Auto Holdings

Kaixin Auto Holdings is one of the leading dealer networks in the segment of high-end used cars and new car sales in China. Supported by the rapid growth of the Chinese used car market and leveraging its own hybrid business model that offers both a strong online and offline presence, Kaixin is transitioning from a nationwide network of dealerships to one of the major players in the Chinese electric vehicle market.

Safe Harbor Statement

This announcement may contain forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, the 2021 business outlook and management quotes in this announcement, as well as Kaixin’s strategic and operating plans, contain forward-looking statements. Kaixin may also make written or oral forward-looking statements in its filings with the United States Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Kaixin’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including, but not limited to, the following: our objectives and strategies; our future business development, financial condition and results of operations; our expectations regarding market demand and acceptance of our services; our expectations regarding retaining and strengthening our relationships with automotive dealerships; our plans to improve user experience, infrastructure and service offerings; competition in our industry in China; and relevant government policies and regulations relating to our industry. Further information regarding these and other risks is included in our other filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kaixin undertakes no obligation to update any forward-looking statements except as required by applicable law.

For more information please contact:

Kaixin Auto Holdings Investor RelationsE-mail: [email protected]

SOURCE: Kaixin Auto Holdings

Source: Kaixin Auto Holdings

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