Kaixin Auto Holdings (NASDAQ:KXIN) stock shares are blasting off on Monday after a strong end to last week.
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 (NYSE: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.
That said, 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 (NYSE: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.
KXIN stock was up more than 320% as of Monday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a Web Editor at InvestorPlace.