KXIN - Kaixin Auto Holdings Announces Non-Binding Acquisition Term Sheet with WM Motor | Benzinga
BEIJING, Sept. 11, 2023 (GLOBE NEWSWIRE) -- 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 ...