Kaixin Auto Holdings Announces Non-Binding Acquisition Term Sheet with WM Motor
September 11 2023 - 7:00AM
Kaixin Auto Holdings (“Kaixin” or the “Company”) (NASDAQ: KXIN)
today announced that the Company has signed a non-binding
acquisition term sheet with WM Motor Holdings Limited ("WM Motor"),
planning to issue a certain number of new shares to acquire 100% of
equity of WM Motor held by its current shareholders.
Founded in late 2015, WM Motor is a smart new
energy vehicle company in China with full capabilities in product
design, R&D (both hardware and software), supply chain
management, vehicle and battery pack manufacturing, online digital
marketing, sales and services channels (online and offline), auto
financing, etc. It possesses its own core technologies in the
fields of vehicle integration, battery, motor and electric control
systems, smart cockpit, and autonomous driving. WM Motor has
successfully developed and delivered four models of smart electric
vehicles in volume, i.e. E5, EX5, EX6, and W6, and the delivery of
the M7 model is forthcoming. The company has sold over 100,000
smart electric passenger cars in about 200 cities in China, with
top ratings in product quality and user experience.
WM Motor owns and operates two Industry 4.0
intelligent manufacturing factories in Wenzhou and Huanggang,
respectively. It ranks among the few Chinese auto companies with
its own intelligent manufacturing factories and two new energy
passenger vehicle manufacturing licenses. WM Motor is also the
first among the emerging car makers to realize digitization through
the whole value chain.
The WM Motor management team has very rich
international business experience and has made major breakthroughs
in overseas expansion this year. The company has launched
various cooperation projects in the European Union, the Middle
East, ASEAN, North America, and other regions. In
addition, WM Motor has taken the lead in obtaining the EU WVTA
and SSTA certifications for some of its models, including the WVTA
certification for the EX5 model and the SSTA certification for the
E5 model.
Mr. Mingjun Lin, chairman and CEO of Kaixin, said:
"WM Motor's fashion technology product positioning and branding has
a good match with Kaixin's strategic development goals. Through the
intended acquisition, WM Motor will gain access to more capital
support to enhance the development of its smart mobility
business!”
About Kaixin Auto Holdings
Kaixin Auto Holdings is one of the primary
dealership networks in the premium used car segment and new car
sales in China. Supported by the rapid growth of China's used car
market and leveraging its own hybrid business model that offers
both strong online and offline presence, Kaixin is in the process
of transforming from a nationwide dealerships network to one of the
important players in China’s electric vehicle market.
Safe Harbor Statement
This announcement may contain forward-looking
statements. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, the business outlook for 2021 and quotations
from management in this announcement, as well as Kaixin’s strategic
and operational plans, contain forward-looking statements. Kaixin
may also make written or oral forward-looking statements in its
filings with the U.S. Securities and Exchange Commission ("SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Kaixin’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: our goals and strategies; our future
business development, financial condition and results of
operations; our expectations regarding demand for and market
acceptance of our services; our expectations regarding the
retention and strengthening of our relationships with auto
dealerships; our plans to enhance user experience, infrastructure
and service offerings; competition in our industry in China; and
relevant government policies and regulations relating to our
industry. Further information regarding these and other risks is
included in our other documents filed with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and Kaixin does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
SOURCE: Kaixin Auto Holdings
For more information, please contact:
Kaixin Auto Holdings Investor RelationsEmail:
ir@kaixin.com
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