Kaixin Auto Holdings announced that Haitaoche Limited has entered, through one of its subsidiaries, into a five-year vehicles supply contract with China National Vehicles Imp & Exp Co. Ltd. on January 11, 2021. According to the terms of the Vehicles Supply Contract, CVC will meet the demands of Haitaoche and supply RMB 2.0 billion worth of consumer vehicles for resale through Haitaoche’s networks in 2021, and the volume of supply will then increase by at least 20% annually during a five-year period, with a total contract amount of RMB 14.9 billion. The execution of the Vehicles Supply Contract constitutes the beginning of a strategic partnership between Haitaoche and CVC. addition to CVS, Kaixin and Haitaoche are actively developing other partnerships to expand its auto supply sources in order to meet the demands of both the executed sales agreements and forecasted sales. Haitaoche is a China-based online retail platform for imported automobiles. Haitaoche is committed to developing into China's leading innovative automotive retail trading platform. Having established good performance record and reputation in the field of import car sales in the past years, Haitaoche is expanding its sales system into the field of electric vehicles. Established in the mid 1980’s, CVC is a leading auto supplier in China, with rich resources in high quality electric vehicles, domestic cars, and imported cars at competitive price. It used to be the only company with the license to engage in imported vehicles business in China during some time period.