Kaixin Auto Holdings (KXIN) Stock Soars After The Big News: Is it Sustainable?

Kaixin Auto Holdings (NASDAQ:KXIN) is one of the biggest gainers in the pre-market session on Monday after announcing the announced cooperation with leading RV retailer.

Major Trigger:

Kaixin Auto Holdings Announces Cooperation with Leading RV retailer

Key Highlights:

  • announced that the Company is in discussion with a leading Chinese RV retailer about cooperation and joint venture in exploring the fast growing RV market in China. The leading RV retailer operates its own RV dealerships and host a leading RV owner community website and RV expositions across China.
  • The Chinese RV market is entering a fast growing stage. The annual sales volume experienced a 50% growth over the past three years, with over 69,000 RV vehicles sold in 2020. The Company and RV retailer intend to collaborate in sales and rental of RV vehicles and explore opportunities in development and production of electric RV vehicles.

Market Reaction

As of 7:12, KXIN is trading at $2.32, up 8.50%. So far more than 3K shares have exchanged hands.

Moving Averages

+/- EMA(20)2.32 (-7.76%)
+/- SMA(50)2.36 (-9.32%)
+/- SMA(200)3.10 (-30.97%)

Pivot Points

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