BEIJING, Oct. 26, 2022 (GLOBE NEWSWIRE) — Kaixin Auto Holdings (“Kaixin” or the “Company”) KXINone of the premium platforms for imported cars and used cars in China, today announced its unaudited financial results for the six months ended June 30, 2022.
Highlights of the first half of 2022
- Total Net Earnings were $33.30 million, up 1,532% from $2.04 million in H1 2021.
- gross profit was $223,000, a significant increase compared to $2,000 in H1 2021.
- loss from operations was $32.80 million compared to a loss of $143.99 million in H1 2021.
- Net loss attributable to the company was $70.52 million compared to a net loss attributable to the company of $144.18 million in H1 2021.
Mr. Mingjun Lin, Chairman and CEO of Kaixin said, “While Kaixin has enjoyed good sales in its car sales business, the company has taken significant steps to develop into an electric vehicle manufacturer. Anhui and launched the first electric truck under the Tecroll brand in July 2022. Kaixin is confident in its strategic transformation into the new energy vehicle business!”
Ms. Lucy Yang, CFO of Kaixin, said: “Kaixin has signed binding term sheets with leading EV manufacturers in China and is fully committed to completing the acquisition transaction by the end of the year. Kaixin has entered into preliminary agreements with several institutional investors to obtain sufficient targeted investments to support the new energy vehicle business operations. We see a bright future in Kaixin and appreciate investors’ encouragement and trust in us.”
Results of the first half of 2022
Total Net Earnings for the first half of 2021 totaled $33.30 million, an increase of 1,532% over the first half of 2021.
cost of revenue was US$33.07 million, compared to US$2.04 million in the first half of 2021. The increase in costs…
