Kaixin Auto Holdings [NASDAQ: KXIN] declared Monday that it has inked a deal with Jingdong Century Trade Limited. The agreement is the collaboration agreement between two firms. Jingdong has gained recognition as the biggest online retailer in China and its biggest overall retailer.
Earlier on December 31, 2020, Kaixin has inked a buying deal with the sharers of Haitaoche. In accordance with the deal, Kaixin will buy 100% of the share capital of Haitaoche from the sharers of Haitaoche.
As per the Collaboration Agreement, the main focus of Haitaoche is to gain access to the fast-growing e-commerce auto sales market of China. Furthermore, it also aims to utilize differentiated revenue sources and development opportunities by utilizing its abundant resources and expertise in customer vehicle sales and a comprehensive range of profitable services.
Additionally, the main focus of both is to accomplish a total sale of RMB 2 billion (nearly US$308 million) in the value of Haitaoche consumer vehicles on the Jingdong platform. Moreover, the firms are also aiming to the volume of sales which will surge by at least 50% each year during a three-year term. The total sales of the Association deal are RMB 9.5 billion.
Haitaoche has gained a reputation as the online retail platform for imported automobiles of China. Haitaoche is dedicated to the development into the world’s top groundbreaking auto industry retail selling stage of China. It has a history of track record of good performance and reputation in the area of import car deals. Haitaoche is planning to extend its sales system into the sphere of EVs.