Quhuo International Establishes Strategic Partnership in Azerbaijan: Promoting Chinese Electric Vehicle Exports and Enhancing Local Life Services
Rhea-AI Summary
Quhuo International, the overseas division of Quhuo (NASDAQ: QH), has established a strategic partnership in Azerbaijan with EV dealer Volt Auto and mobility platform Bolt. The collaboration aims to promote Chinese electric vehicle exports and enhance local life services. Key points include:
1. Introducing Chinese-made EVs to meet growing demand in Azerbaijan.
2. Partnering with Bolt to provide EV sales, lease-purchase, and rental services.
3. Implementing comprehensive ride-hailing operational systems.
4. Expanding local life services, from food delivery to group purchasing programs.
5. Leveraging Quhuo's experience in workforce management and big data analytics.
This partnership marks a significant step in Quhuo International's global expansion strategy, potentially creating new job opportunities and spurring economic growth in Azerbaijan.
Positive
- Strategic partnership established in Azerbaijan, a key market along the 'Belt and Road' initiative
- Expansion into the growing EV market, with global sales reaching 14 million units in 2023
- Collaboration with Bolt, a well-known global mobility platform, for EV sales and rental services
- Potential to capitalize on Azerbaijan's ride-hailing industry growth, which saw a 14% increase in users over the past five years
- Leveraging Quhuo's decade-long experience in local life services to enhance service quality in Azerbaijan
- Existing alliances with 58 overseas distributors, indicating strong international presence
Negative
- None.
News Market Reaction
On the day this news was published, QH gained 5.28%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
The global EV market is booming, with sales hitting nearly 14 million units in 2023, which accounted for one-fifth of total vehicle sales worldwide, as reported by the International Energy Agency (IEA). In response, Quhuo initiated its overseas division, Quhuo International, in 2023. This new division offers services including vehicle repair and inspection, value-added reconditioning, and cross-border B2B trading to used car dealers in
Additionally, Quhuo International has teamed up with Bolt, a well-known global mobility platform, to provide sales, lease-purchase options, as well as short-term and long-term EV rental services. This partnership aims to address the transportation needs of both local residents and tourists, enhance their driving experience, and ultimately increase public acceptance of EVs.
The ride-hailing industry in
Quhuo International will offer comprehensive ride-hailing operational systems for the Azerbaijani market, including both online software services and offline management support. For online aspects, it will provide SaaS business services tailored to meet local needs accurately. Offline, it will apply its successful experience and proven management models to help establish a localized ride-hailing operation management team. This dual approach is designed to fast-track the positive growth of
In addition, Quhuo International will help expand local life services in
Quhuo International's strategic initiatives in
Mr. Bo Liang, General Manager of Quhuo International, said: "We are thrilled to establish this strategic partnership.
Leslie Yu, Founder, Chairman, and CEO of Quhuo, stated: "This cooperation is an important milestone in Quhuo International's global strategy. We believe that introducing
About Quhuo Limited
Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company") is a leading gig economy platform focusing on local life services in China. Leveraging Quhuo+, its proprietary technology infrastructure, Quhuo is dedicated to empowering and linking workers and local life service providers and providing end-to-end operation solutions for the life service market. The Company currently provides multiple industry-tailored operational solutions, primarily including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services, meeting the living needs of hundreds of millions of families in the communities.
With the vision of promoting employment, stabilizing income and empowering entrepreneurship, Quhuo explores multiple scenarios to promote employment of workers, provides, among others, safety and security and vocational training to protect workers, and helps workers plan their career development paths to realize their self-worth.
Safe Harbor Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Quhuo's business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as "expect," "anticipate," "believe," "project," "will"and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Quhuo's current expectations and involve risks and uncertainties. Quhuo's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties related to Quhuo's abilities to (1) manage its growth and expand its operations, (2) address any or all of the risks and challenges in the future in light of its limited operating history and evolving business portfolios, (3) remain in its competitive position in the on-demand food delivery market or further diversify its solution offerings and customer portfolio, (4) maintain relationships with major customers and to find replacement customers on commercially desirable terms or in a timely manner or at all, (5) maintain relationships with existing industry customers or attract new customers, (6) attract, retain and manage workers on its platform, and (7) maintain its market shares in relation to competitors in existing markets and its success in expansion into new markets, as well as the development of the COVID-19 pandemic and its impact on Quhuo's business and industry. Other risks and uncertainties are included under the caption "Risk Factors" and elsewhere in the Company's filings with the Securities and Exchange Commission, including, without limitation, the final prospectus related to the IPO filed with the SEC on July 10, 2020 and the Company's latest annual report on Form 20-F. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Quhuo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
View original content:SOURCE Quhuo Limited
FAQ
What is the purpose of Quhuo International's partnership in Azerbaijan?
How does Quhuo International plan to promote Chinese electric vehicles in Azerbaijan?
What services will Quhuo International offer in the Azerbaijani ride-hailing market?
How does Quhuo International (QH) plan to expand local life services in Azerbaijan?
What is the potential impact of Quhuo International's partnership on Azerbaijan's economy?
