Kaixin’s Electric Vehicle Bet Wins Major Customer as It Shifts Gears to Manufacturing

Shares in operator of used car dealerships surge after it wins a $500 million order for its new electric vehicle-making business Key takeaways: •      Kaixin said it won a $500 million order to sell 10,000 electric trucks to an automotive logistics company over the next five years •      The deal comes months after the struggling Kaixin expanded into electric vehicles by acquiring a manufacturer and changing ownership By Warren Yang Used car dealer Kaixin Auto Holdings (Nasdaq: KXIN) wants to reignite growth by powering into electric vehicle (EV) manufacturing. That…

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Battered Autohome Sees Light at End of Tunnel

One of China’s oldest online car specialists posts 24% revenue decline in third quarter on reduced industry spending, but sees relief next year Key Takeaways: Leading Chinese online auto company Autohome says its revenue fell 24% in the third quarter, dragged down by a 50% decline in spending by car manufacturers Company sees global auto sector returning to more normal conditions in second half of next year as chip shortages ease By Doug Young The darkest hour is upon us, but light at the end of the tunnel is also…

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Transitioning Auto Specialist Cango Can’t Outrace Macro Challenges

Company blames regulation, auto chip shortage for its stalling revenues, as it continues to ramp up car-trading services   Key Points: Cango has improved its overall performance with a timely shift toward auto trading to complement its struggling auto financing business Company blames regulatory challenges at home and global chip shortage for stalling revenue growth By Eric Auchard China’s race to create a successful car trading and financing platform blending online and offline services has become a game of business-model bumper cars, and an auto graveyard for some. The result…

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Car Specialist Eyes New Home on Hong Kong Stock Exchange

New York-listed Autohome aims to broaden its investor base with second IPO that could raise $1 billion By Doug Young The migration of New York-listed Chinese companies to Hong Kong has taken a new turn with the announcement that lesser-known name Autohome Inc. (NYSE: ATHM) is planning such a move. Make no mistake, Autohome remains a major force on China’s internet. The company is China’s leading provider of information and services for car enthusiasts, and its backers include financial services giant Ping An. But relatively speaking, Autohome is far lower-profile…

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