Here are 1-3 brief analogies for Kaixin (KXIN):

• The CarMax for luxury used cars in China.
• Carvana for high-end pre-owned vehicles in China.
• The TheRealReal for luxury used cars in China.

• Used Car Dealership Services: Operates a network of dealerships specializing in the sale of used luxury and premium automobiles in China.
• Electric Vehicle (EV) Sales and Distribution: Engages in the sale and distribution of new energy vehicles (EVs), primarily focusing on the Chinese market through partnerships or subsidiaries.

Kaixin (KXIN) primarily sells to individuals.

The major customer categories that Kaixin serves are:

1. Individual Consumers (Premium Used Car Buyers): These customers are individuals seeking to purchase pre-owned luxury or premium brand vehicles. They are typically looking for value, quality, and the aspirational benefits of premium brands at a more accessible price point compared to new luxury cars.
2. Individual Consumers (New Energy Vehicle Buyers): These customers are individuals interested in purchasing new electric vehicles (EVs) or hybrid vehicles. Their motivations often include environmental consciousness, taking advantage of government subsidies and incentives for NEVs in China, lower long-term operating costs, or access to specific urban driving privileges for NEVs.

Mingjun Lin Chief Executive Officer and Chairman of the Board

Mr. Mingjun Lin has extensive experience in automotive internet media. He is the founder of Haitaoche, a China-based e-commerce platform for imported automobiles. Prior to founding Haitaoche in 2015, Mr. Lin held senior management positions with TOM Online and Tencent, and was also the founder of SUV.cn, a vertical online media focused on SUV customer communities.

Lucy Yi Yang Chief Financial Officer and Director

Ms. Lucy Yi Yang has served as Kaixin's Chief Financial Officer since August 2019 and as a director since August 1, 2022. Before joining Kaixin, Ms. Yang was the strategic investment director and financial controller for Jomoo, a prominent manufacturer and supplier of home products in China. Earlier in her career, she held the position of Chief Financial Officer at Wellong Etown, an internet-based logistics company. Ms. Yang also worked as Vice President and Controller at the Bank of New York Mellon, where her responsibilities included formulating strategic financial plans and participating in numerous large domestic and cross-border M&A transactions. She is a certified public accountant and a member of the American Institute of Certified Public Accountants (AICPA).

Xiaolei Gu Director

Mr. Xiaolei Gu has served as a director of Kaixin since May 2021 and as Director of Strategic Development Department with the company since November 2020. His prior experience includes serving as chief media content officer of Haitaoche Limited from 2015 to 2020 and chief media content officer of Beijing Yunfeiyang Technology Company from 2009 to 2014. Mr. Gu possesses extensive experience and expertise in the auto industry.

Deqiang Chen Director

Mr. Deqiang Chen has served as a director of Kaixin since May 2021. He has been the general manager of Wenzhou Fude Property Co., Ltd. since 2013 and a consultant to Wenzhou Zhongxiao Culture Co., Ltd. since 2016. From 2003 to 2013, Mr. Chen served as the chairman of the board of Fude Feida Petrochemical Whole Set Equipment Limited Company. He has over a decade of successful entrepreneurship, bringing rich business management experience and social and economic resources. Mr. Chen holds an MBA degree from Guanghua School of Management of Beijing University.

Xiaoning Wu Director

Mr. Xiaoning Wu has served as a director of Kaixin since January 2024. He has been the chairman of ShangdongZibo Fengdu Jiantao Company since 2003, and has significant experience in corporate financial management, capital investments, and sales. His past roles include serving as an accountant and corporate controller of Taishun Zhanzhou Construction Company from 1986 to 1993, and as the CEO of Nantong Yongxing from 1994 to 2003.

The following clear emerging threats have been identified for Kaixin (KXIN):

• Intensifying competition from online used car platforms and direct-to-consumer models. The Chinese used car market is experiencing significant disruption from digital-first companies (e.g., Uxin, Guazi.com) that offer greater transparency, convenience, and potentially lower transaction costs through online marketplaces and hybrid models. These platforms directly challenge Kaixin's traditional brick-and-mortar dealership approach by capturing market share and changing consumer purchasing behaviors.

• Rapid acceleration and adoption of New Energy Vehicles (NEVs) in China. Driven by strong government incentives and shifting consumer preferences, the market is quickly transitioning from traditional internal combustion engine (ICE) vehicles to NEVs. This fundamental market shift poses a significant threat to Kaixin's historical reliance on premium used ICE vehicles, potentially diminishing demand and depressing resale values for a substantial portion of its inventory. While Kaixin has initiated efforts to pivot into the NEV sector, the speed and scale of this transition create immense competitive pressure and market uncertainty for its core business.

Kaixin (NASDAQ: KXIN) primarily operates in the automotive retail sector in China and Hong Kong, focusing on the sale of premium used cars and imported new cars. The company is also actively involved in the research, development, design, manufacturing, and sales of electric vehicles (EVs) and related technologies.

Addressable Market Sizes for Kaixin's Main Products and Services (China)

Used Car Market

The used car market in China was valued at approximately USD 297.99 billion in 2024 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 12.67% from 2024 to 2032. Other estimates place the market at USD 232.61 billion in 2024, with a projection to reach USD 483.89 billion by 2034 at a CAGR of 7.60% from 2025. In 2024, another source estimated the market size at US$162.54 billion.

Electric Vehicle (EV) Charging Infrastructure Market

The electric vehicle charging infrastructure market in China generated approximately USD 19.14 billion in revenue in 2024 and is expected to reach USD 75.31 billion by 2030, growing at a CAGR of 25.6% from 2025. Another estimate states the market was valued at USD 29.83 billion in 2024 and is projected to experience substantial growth to USD 1,236.86 billion by 2035. The market is also anticipated to grow at a CAGR of 38.52% to reach US$58.15 billion by 2029 from US$11.40 billion in 2024.

Kaixin (NASDAQ: KXIN) is expected to drive future revenue growth over the next 2-3 years through a strategic transformation focusing on new energy vehicles and, more recently, artificial intelligence (AI) powered platforms. The primary drivers are anticipated to be:

1. Expansion in New Energy Vehicle (NEV) Production and Sales: Kaixin has outlined a strategic plan to significantly increase its presence in the new energy vehicle market. This includes developing and producing medium-sized commercial NEVs for intra-city and inter-city logistics applications. The company set a production and sales target of 50,000 new energy vehicles for the three-year period between 2022 and 2025. Additionally, Kaixin secured a framework agreement to sell 10,000 customized new energy trucks over five years, valued at approximately $250 million. Recent financial reports for the first half of 2025 also indicate revenue from consulting services related to electric vehicle design and development, signaling ongoing activity in this segment.
2. Launch and Growth of AI-Driven Online Education and Applications: Kaixin is actively transitioning into an AI-driven technology business. In October 2025, the company announced an intended acquisition of Honglu Technology to optimize its AI applications and also established a Digital Asset Management Department to launch a digital asset allocation strategy. Furthermore, a significant driver is the acquisition of XINGCAN in September 2025, which marks Kaixin's entry into the AI education business, focusing on developing and operating online live streaming education platforms for both domestic and international audiences. This strategic shift aims to expand Kaixin's AI capacity into new areas for growth opportunities.
3. Strategic Mergers and Acquisitions (M&A): A key component of Kaixin's growth strategy in both the NEV and AI sectors involves accelerating its goals through mergers and acquisitions. This approach is evident in the recent acquisition of XINGCAN for the AI education business and the planned acquisition of Honglu Technology. M&A activities are expected to contribute to revenue growth by expanding market reach, acquiring new technologies, and integrating existing revenue streams from acquired entities.

Share Issuance

• Kaixin issued 74,035,502 ordinary shares in early 2021 to acquire 100% of Haitaoche Limited.
• The company executed a 1-for-60 share consolidation effective October 25, 2024, and shareholders approved a 1-for-30 share consolidation on September 13, 2025.
• Kaixin plans to issue new shares to fund the acquisition of a 55% stake in XINGCAN (September 2025) and a 51% stake in Honglu Technology (October 2025).

Outbound Investments

• In early 2021, Kaixin acquired 100% of Haitaoche Limited by issuing 74,035,502 ordinary shares to the sellers.
• Kaixin signed a term sheet in September 2025 to acquire a 55% stake in XINGCAN, a Chinese AI education innovation company, through the issuance of new shares.
• The company signed a term sheet in October 2025 for the intended acquisition of a 51% stake in Honglu Technology, an AI animation company, with new shares to be issued as consideration.

Capital Expenditures

• Kaixin Holdings reported capital expenditures of -$18,000 in the last 12 months.
• As of October 31, 2025, the company's capital expenditure was $0.00 Million.