Cheche Group Announces Partnership with NEV Company JI YUE

Rhea-AI Summary

Cheche Group Inc. (NASDAQ: CCG), China's leading auto insurance technology platform, has announced a partnership with Shanghai Jidu Automobile Company (JI YUE), a joint venture between Baidu and Geely focused on autonomous NEVs. Cheche has launched a customized system for JI YUE, integrated into its core platform, enabling online and offline purchasing of auto and non-auto insurance products.

The partnership aims to expand Cheche's presence in the NEV sector and strengthen its leadership among intelligent insurance platforms in China. Cheche plans to collaborate with JI YUE on future autonomous driving insurance projects, capitalizing on JI YUE's innovations in intelligent driving. This collaboration is expected to create efficiencies for JI YUE and enhance its service capabilities for consumers.

Positive

• Partnership with JI YUE expands Cheche's presence in the NEV sector
• Customized system integrated into Cheche's core platform
• Potential collaboration on future autonomous driving insurance projects

Negative

• None.

Financial Analyst

This partnership between Cheche Group and JI YUE marks a strategic move in the rapidly evolving NEV and autonomous driving sectors. While financial details are not disclosed, the collaboration could potentially boost Cheche's revenue streams and market share in the burgeoning NEV insurance market.

The integration of Cheche's insurance platform with JI YUE's vehicles creates a seamless customer experience, potentially increasing insurance uptake rates. Moreover, the prospect of collaborating on autonomous driving insurance projects positions Cheche at the forefront of innovation in a high-growth segment.

However, investors should note that the NEV market in China is highly competitive and the success of this partnership will depend on JI YUE's market penetration and the effectiveness of the integrated insurance solutions.

Tech Expert

The partnership between Cheche and JI YUE represents a significant technological integration in the automotive and insurtech sectors. Cheche's customized system, integrated into their core platform, demonstrates their adaptability and technical prowess in creating tailored solutions for NEV manufacturers.

The collaboration on future autonomous driving insurance projects is particularly intriguing. As autonomous vehicles become more prevalent, insurance models will need to evolve, potentially shifting from driver-based to product liability coverage. Cheche's proactive stance in this area could position them as pioneers in autonomous vehicle insurance, a market with enormous growth potential.

However, the technical challenges of insuring autonomous vehicles are complex and largely uncharted, presenting both opportunities and risks for Cheche.

Market Research Analyst

This partnership aligns with the rapid growth of China's NEV market, which saw a 93.4% year-on-year increase in sales in 2022. Cheche's strategic move to partner with JI YUE, backed by tech giant Baidu and established automaker Geely, positions them to capitalize on this trend.

The collaboration could potentially enhance Cheche's market position in two key areas: the NEV insurance segment and the emerging autonomous vehicle insurance market. However, the success of this venture will largely depend on JI YUE's ability to compete effectively in the crowded NEV space.

Investors should monitor JI YUE's market performance and the adoption rate of Cheche's integrated insurance solutions to gauge the partnership's long-term value. The potential for innovative insurance products for autonomous vehicles represents a significant growth opportunity, but also carries execution risks.

BEIJING, Sept. 3, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche" or the "Company"), China's leading auto insurance technology platform, today announced that it has entered into a partnership with Shanghai Jidu Automobile Company Limited ("JI YUE"), as Cheche further diversifies its partner network with leaders in the new energy vehicle ("NEV") industry.

JI YUE, a joint venture between Chinese tech giant Baidu and car manufacturer Geely, is focused on the development of autonomous NEVs and related AI technology. It intends to become the first company providing an interactive experience with AI in vehicle production.

Cheche successfully launched a customized system for JI YUE, creating channels for purchasing auto and non-auto insurance products both online and offline. The system is integrated into Cheche's core platform and is equipped with resources to grow and strengthen JI YUE's sales channels and enhance account settlement capabilities, among other functionalities.

"We are thrilled to announce our latest partnership with JI YUE," said Lei Zhang, Founder, CEO, and Chairman of Cheche. "This opportunity expands our presence in the NEV sector and strengthens our leadership position among intelligent insurance platforms in China."

"Not only are we providing JI YUE car owners with a one-stop insurance services platform, but we also intend to capitalize on JI YUE's highly regarded innovations in intelligent driving, by collaborating on future autonomous driving insurance projects with them."

This collaboration creates efficiencies for JI YUE, while also enhancing its service capabilities for consumers.

Safe Harbor Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding existing and new partnerships and customer relationships, projections, estimation, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company's ability to scale and grow its business, the Company's advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.

About Cheche Group Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.

Cheche Group Inc.:
IR@chechegroup.com
Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185

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SOURCE Cheche Group Inc.

FAQ

What is the new partnership announced by Cheche Group (CCG)?

Cheche Group (NASDAQ: CCG) has announced a partnership with Shanghai Jidu Automobile Company (JI YUE), a joint venture between Baidu and Geely focused on autonomous new energy vehicles (NEVs).

How does the partnership with JI YUE benefit Cheche Group (CCG)?

The partnership expands Cheche's presence in the NEV sector, strengthens its leadership position among intelligent insurance platforms in China, and opens opportunities for collaboration on future autonomous driving insurance projects.

What system has Cheche Group (CCG) launched for JI YUE?

Cheche Group has launched a customized system for JI YUE, integrated into its core platform, which enables online and offline purchasing of auto and non-auto insurance products.

How does the Cheche Group (CCG) partnership affect JI YUE?

The collaboration creates efficiencies for JI YUE and enhances its service capabilities for consumers by providing a one-stop insurance services platform for JI YUE car owners.