Kaixin Unleashes Production Plans

Kaixin Auto Holdings (NASDAQ: KXIN) announces today that POCCO EV released its vehicle production plans.

After Wuxi Morning Star Technology Co., Ltd. acquired 100% equity of Henan Yujie Times Automobile Co., Ltd., the new management team under the leadership of President Lei Gu took over the operations of POCCO EV, which produces the MeiMei and DuoDuo brands of mini electric vehicles. POCCO EV recently released its production and sales plans for the next three years: 5,000 vehicles in the fourth quarter of 2022, 50,000 vehicles in 2023, 80,000 vehicles in 2024, and 100,000 vehicles in 2025.

With a total planned output of 230,000 units from 2023 to 2025, the POCCO EV brand is expected to achieve its target of becoming a leading pioneer in the smart mini new energy vehicles business. In addition, POCCO EV plans to expand its current sales network of 400 dealerships to 3,700 dealerships within the next three years.

Mingjun Lin, chairman and CEO of Kaixin, said: "We are fully confident that POCCO EV will achieve its production and sales targets. POCCO EV focuses on meeting the demands of customers in tier 3-6 smaller cities in China, who favor utilities and economy in vehicle purchases.

“The application of its technologies in the smart cockpit and digital network connection will help POCCO EV gain a privileged position in the competitive market!”

KXIN shares fell three cents, or 2.7%, to 95.4 cents.