A jump in premarket trading for Chinese electric vehicle maker Kaixin Auto Holdings will bring total gains to the stock close to the 1,000% mark as investors’ euphoria with the sector lifted industry shares across the globe.
Kaixin surged 50% in premarket trading Monday after gaining over 963% since the end of September as investor optimism ballooned amid Tesla Inc.’s S&P 500 inclusion last week.
The company also announced a deal earlier this month with China-based car e-tailer Haitaoche would take a controlling interest. Haitaoche is looking to cut deals with electronic vehicle manufacturers in China.
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