new-recommended-broker-banner new-recommended-broker-banner
Practice Stock Trading Your Capital Is At Risk

Kaixin Auto (KXIN) Stock Surges On News of New Energy Vehicle Business

Updated: 13 Aug 2021

Kaixin Auto (NASDAQ: KXIN) shares are rallying premarket on Friday after the company announced it has decided to establish a new energy vehicle (EV) business unit.


The unit, which will have EV R&D, production, and marketing teams, will be established due to the “Chinese government’s steady support for accelerated development of EVs and the rapid growth of EV market in China.”

“With Chinese consumers’ ever increasing recognition of EV, new energy vehicles are expected to become the mainstream consumer model in the auto industry,” the company said in a statement.

Kaixin has been in negotiations for mergers and acquisitions with several EV manufacturers with the hope of announcing progress on a deal soon.

The used car dealership firm stated that it is committed to becoming another player in the Chinese EV market, following Li Auto, NIO, and XPeng.

Its share price has rallied 24.55% on the news, trading at $2.08.

Should You Invest in Kaixin Auto Shares?

One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .