Shares of Kaixin Auto Holdings (KXIN) skyrocketed 102% on Friday despite there being no new news concerning the electric vehicles (EV) company. The jump in KXIN stock comes alongside heavy trading. As of this writing, more than 62 million shares of the stock have moved.
For comparison, Kaixin Auto Holdings’ average daily trading volume is only 7.42 million shares.
Here are a few tidbits that investors and potential investors should know about KXIN stock:
- Kaixin was founded in 2015 by Chinese internet company Renren (RENN).
- The company focuses on Audi, BMW, Mercedes-Benz, Land Rover and Porsche.
- Many of these premium brands have expanded into the world of electric vehicles.
- Kaixin has 14 dealerships across 14 cities in 12 provinces in China.
- The company is supported by the quick growth of China’s used car market and its hybrid business model.
- Since its inception, Kaixin has moved from the realm of financing into a dealership network that provides a variety of value-added and after-sale services.
The company received a big boost last Wednesday after one JPMorgan analyst upgraded his overall outlook on the Chinese electric vehicle (EV) market. Sure, this helped the likes of Nio (NIO) also see major gains that day. But as one of the premium used car dealerships based in China, Kaixin Auto Holdings also reaped the benefits.
It’s also worth noting that Kaixin Auto Holdings is far from the only EV company seeing its stock rise lately. XPeng (XPEV) is soaring today following the announcement of its new P7 Wing, Ayro (AYRO) got a similar jump in price yesterday, and Electrameccanica Vehicles (SOLO) was also on the rise then too.