Beijing (Gasgoo)- Chinese auto retail platform Kaixin Auto Holdings revealed on January 30 that it has formalized an intention order to export 1,000 new energy vehicles (NEVs) in collaboration with Myanmar's New Power Auto Ltd.
The export model follows the Semi-Knocked-Down (SKD) approach, with the initial shipment of 100 NEVs set to embark on their journey to the Myanmar market shortly.
In addition to this significant agreement, Kaixin Auto also secured a 5-year overseas authorization from New Power Auto, positioning itself as a strategic partner for vehicle exports, both in fully assembled and SKD formats, within China.
Established in 1982, New Power Auto boasts diverse business ventures, spanning automotive engineering trade and manufacturing, government projects, infrastructure, agricultural machinery, logistics, healthcare, and more, solidifying its market presence in industrial machinery and manufacturing. The company operates nine showrooms and 26 secondary dealerships, covering various cities across Myanmar.
On the other hand, Kaixin Auto was founded in 2015 as a subsidiary of Renren.com, venturing into the used car dealership industry. Its foray into the sector expanded with the launch of automotive finance services in 2015, and in 2019, Kaixin Auto successfully went public on NASDAQ. Beyond the used car realm, Kaixin Auto, post-listing, continuously broadened its operations in the luxury used car and imported new car sectors.
In August 2021, Kaixin Auto announced the establishment of an NEV division, assembling teams dedicated to NEV R&D, production, and marketing, while concurrently seeking potential mergers and acquisitions in the NEV manufacturing sector.
Fast forward to August 2023, Kaixin Auto completed the acquisition of Morning Star Auto Inc., marking its entry into the NEV manufacturing domain, with Morning Star Auto now operating as a wholly-owned subsidiary under Kaixin Auto's umbrella.
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