China’s Kaixin Nears 1000% Annual Gain on Electric Vehicle Rally

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By Bloomberg / Nov 24, 2020 12:32 PM / Finance

Photo: VCG

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.

Contact editor Marcus Ryder (marcusryder@caixin.com)

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