Electric vehicle stocks are back in the news in a big way among investors as manufacturing efforts are being boosted worldwide. China is looking to boost manufacturing significantly and that has brought many related companies into sharp focus.
One of those is Kaixin Auto Holdings (NASDAQ:KXIN) and in recent time, the company’s stock has made a big move. On Wednesday, the Kaixin stock rallied by 14.50% as investors moved in to it and that took its gains over the course of the past two weeks to 100%. The company had originally been involved in dealing used cars in China but earlier on this year in April, Kaixin completed the acquisition of Haitaoche Limited.
That acquisition gave the company to get into the electric vehicle sales and also e-commerce. The company recently announced that it is going to get into the electric vehicle space and will be involved in research, development as well as manufacturing.
It will put the company into direct competition with some of the electric vehicle behemoths in China like NIO and Xpeng among others. Hence, it was no surprise that the stock has been rallying strongly since it made that announcement back on August 6. Investors could consider keeping the Kaixin stock in their watch lists.