Kaixin Auto shares jumped more than 16% in premarket trading.
Kaixin Auto(NASDAQ:KXIN)has reached a strategic partnership agreement with Beijing Shencheng Biotechnology Group Limited.
Shencheng is a well-known biotechnology company engaged in waste sorting and recycling in China.
Under the terms, Shencheng agrees to purchase 10,000 customized new energy trucks from Kaixin over the next 5 years for its environmental protection and resource recycling projects.
The total value is around $250 million.