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BEIJING, 31 May 2023: Kaixin Auto Holdings (NASDAQ: KXIN) announced today that it is making progress on the acquisition of Morning Star Auto Inc. The relief of the pandemic and the full recovery of the Chinese economy have allowed Morning Star’s factory in Henan, China to operate at full capacity.
Miniature electric vehicles
Morning Star specializes in producing miniature electric vehicles, which are popular in China’s tier 3-6 cities. In recent years, they have sold tens of thousands of electric vehicles under the POCCO brand. The demand for electric vehicles has been rapidly growing, both domestically and internationally, particularly in Southeast Asia, the Middle East, and Europe.
Received prior orders
Kaixin has already received orders for over 50,000 vehicles. After completing the Morning Star acquisition, Kaixin will prioritize the electric vehicle export business and actively pursue overseas expansion.
Kaixin Auto Holdings is a prominent dealership network for premium used cars and new car sales in China. The company is capitalizing on the rapid growth of China’s used car market and its hybrid business model, which combines online and offline operations. Kaixin aims to become a key player in China’s electric vehicle market.
