HANGZHOU, China - Kaixin Auto Holdings (NASDAQ: KXIN), a prominent new energy vehicle manufacturer in China, has announced a strategic partnership with DeepBlue Artificial Intelligence Technology Company to form a joint venture. This collaboration aims to integrate DeepBlue's AI autonomous driving technology into Kaixin's electric vehicles (EVs), with the objective of developing advanced AI autopilot EVs for market operations.
DeepBlue AI Technology, established in 2014 by a team of senior engineers with doctoral degrees from abroad, is known for its dedication to AI research and application. The company has won numerous awards in AI and computer science competitions and is recognized as a national-level specialized and emerging enterprise. It has also been listed in the Global 500 Artificial Intelligence Unicorns for two consecutive years and the Hurun Global 500 Unicorns in 2023.
DeepBlue's expertise includes L4 autonomous driving technology and smart car design, with several smart car products already in the market. It holds autonomous driving test licenses in multiple cities and, alongside Baidu (NASDAQ:BIDU), received one of the first autonomous driving commercial licenses in China. Their self-driving Panda buses, which won a government procurement bid in Tianjin in 2019, have been tested and demonstrated in over ten cities.
Mingjun Lin, Chairman and CEO of Kaixin, expressed confidence in the joint venture, stating that AI vehicles represent the future of transportation. He believes that DeepBlue's leading autonomous driving technology will significantly enhance Kaixin's AI vehicle development, contributing to the creation of intelligent, safe, and efficient car travel products and services.
Kaixin Auto Holdings specializes in the production of various electric passenger and logistics vehicle models, with a commitment to innovation, sustainability, and a competitive international market presence. The company aims to contribute to China's goals of peak carbon emissions and carbon neutrality.
This strategic cooperation is based on a press release statement and is presented without any forward-looking statements or promotional language. The information is intended to provide a clear understanding of the current facts surrounding the partnership between Kaixin Auto Holdings and DeepBlue AI Technology.
InvestingPro Insights
As Kaixin Auto Holdings (NASDAQ: KXIN) embarks on its strategic partnership with DeepBlue AI Technology, investors are closely monitoring the company's financial health and market performance. According to real-time data from InvestingPro, Kaixin boasts a market capitalization of $27.11 million and has experienced significant return over the last week, with a 23.73% price total return. Despite a challenging revenue trajectory with a decrease of 76.01% over the last twelve months as of Q1 2023, the company is trading at a low revenue valuation multiple, which could signal a potential opportunity for value investors.
InvestingPro Tips highlight that while Kaixin operates with a moderate level of debt, it has not been profitable over the last twelve months and suffers from weak gross profit margins. The stock generally trades with high price volatility, which may appeal to certain types of investors looking for short-term opportunities. Notably, Kaixin's liquid assets exceed its short-term obligations, which may provide some financial stability in the near term.
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