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Uxin Limited (Nasdaq: UXIN) is a pioneer and leader in China's used car industry, offering a comprehensive suite of services through its distinctive online and offline platforms. Founded with the mission to transform the used car market, Uxin provides a range of B2B, B2C, and C2B services under the brands Uxin Auction (优信拍) and Uxin Used Car (优信二手车). By leveraging its data-driven supply chain, Uxin enhances transaction transparency and efficiency, fostering trust and reliability in the market.
Uxin operates through mobile applications and websites, enabling seamless used car transactions and providing financing solutions via third-party partners. The company generates revenue from commissions on car sales, interest income from financial leases, and other value-added services.
Recently, Uxin has made significant strides in expanding its operational footprint. The company announced a substantial equity investment from Hefei Construction Investment North City Industrial Investment Co., Ltd. worth RMB1.5 billion over the next decade to support Uxin's new Changfeng Superstore. This sophisticated facility, covering 450,000 square meters, includes one of the world's most advanced used car reconditioning factories and a vast showroom capable of displaying up to 10,000 vehicles. It serves as a central hub for Uxin's regional and national expansion plans.
Despite financial challenges, including a decline in quarterly revenue and transaction volumes, Uxin continues to innovate and grow. The company reported a 35.6% increase in retail transaction volumes in Q2 FY2024, with enhanced inventory management and value-added services boosting gross margins significantly. Uxin aims to achieve EBITDA profitability at all superstores by March 2024 and company-wide profitability by September 2024.
Uxin's strategic initiatives and partnerships underline its commitment to becoming a leading player in the Chinese automotive aftermarket, with a focus on quality, customer satisfaction, and technological advancements.
Uxin Limited (Nasdaq: UXIN), a major online used car dealer in China, announced a substantial investment of up to US$315 million from NIO Capital and Joy Capital. Concurrently, they agreed to convert US$69 million in convertible notes into Class A ordinary shares. Over ten key investors will refrain from selling their shares for nine months. The company aims to leverage its strong market position to drive growth in China's evolving used car sector, focusing on delivering value to customers. The investment reflects confidence in Uxin's strategy amid market challenges.
Uxin Limited (UXIN) announced its Q4 2020 financial results, reporting total revenues of RMB322.9 million (US$49.5 million), down from RMB466.4 million year-over-year. The company completed its transition to an inventory-owning model, with 99% of transactions from its own inventory. Gross margin improved to 2.9%, up from negative 22.4% in the previous quarter. Despite a net loss of RMB172.9 million (US$26.5 million), this was a significant decrease from RMB966.7 million a year ago. Uxin also revealed a strategic partnership with JD.com and potential investments of up to US$300 million from Asian funds.
Uxin Limited (Nasdaq: UXIN) announced a strategic partnership with JD.com on April 22, 2021, to launch a self-operated online store for used car transactions. This collaboration aims to provide consumers with a comprehensive online used car purchase experience, including inspection, purchasing, insurance, and aftersales services.
Uxin's Chairman, Kun Dai, expressed confidence in their ability to deliver high-quality service and capitalize on China's growing used car market by leveraging JD.com’s e-commerce capabilities and Uxin’s expertise.
Uxin Limited (Nasdaq: UXIN), a prominent online used car dealer in China, will announce its unaudited financial results for Q3 FY2021 on April 28, 2021, before U.S. market opening. This announcement follows the company's continued efforts to provide high-quality used cars and extensive purchasing services amid COVID-19 challenges. A conference call will be held the same day at 8:00 a.m. Eastern Time, with preregistration required for participants. Interested investors can access details on Uxin’s Investor Relations website.
Uxin Limited (Nasdaq: UXIN), a leading online used car dealer in China, announced a binding term sheet with two Asian funds for a potential investment of up to US$300 million. This investment targets the subscription of senior convertible preferred shares and is subject to the execution of definitive agreements. Uxin aims to enhance its operations and customer service through this potential funding, which underscores its commitment to providing high-quality used cars and comprehensive purchasing services nationwide.
Uxin Limited (Nasdaq: UXIN) announced the resignation of CFO Zhen Zeng for personal reasons. Feng Lin, previously Vice President of Finance, has been appointed as the new CFO. Lin has over 15 years of experience in finance and operations across various industries. His appointment is seen as a strategic move to strengthen Uxin's corporate strategy and financial management. Zeng will remain as an advisor on capital markets matters. The transition aims to ensure continuity in financial leadership as Uxin continues to offer quality used cars online.
Uxin Limited (Nasdaq: UXIN) reported unaudited financial results for the quarter ending September 30, 2020, showing total revenues of RMB76.4 million (US$11.2 million), a sharp decline from RMB396.6 million in the same period last year. The company's 2C transaction volume through online sales increased to 2,653 units, but overall transaction volume decreased significantly compared to the previous year. The shift to an inventory-owning model started in September 2020, aiming to improve operational efficiency. Gross margin fell to negative 22.4%, reflecting ongoing challenges amidst the pandemic.
Uxin Limited (Nasdaq: UXIN), a leading online used car dealer in China, is set to report its unaudited financial results for the second quarter of fiscal year 2021 on December 17, 2020. This report will cover the period ended September 30, 2020. The management will host a conference call at 8:00 a.m. U.S. Eastern Time on the same day. Due to COVID-19, preregistration is required to participate. A live webcast will be available on Uxin's Investor Relations website after the call.
Uxin Limited (Nasdaq: UXIN) reported a significant improvement in its Net Promoter Score (NPS), rising to 30 for Q3 2020 from 10 in Q2 2020, indicating enhanced customer satisfaction. The percentage of promoters increased to 52%, while detractors decreased to 22%. The company implemented measures to improve customer experience, including stricter used car quality standards, innovative communication via WeChat, and optimized fulfillment processes to shorten delivery times. Uxin aims to leverage customer trust and referrals to drive sustainable growth in the competitive used car e-commerce market in China.
Uxin Limited (Nasdaq: UXIN) has launched a new proprietary rating system aimed at enhancing customer experience in the used car market. This system evaluates the condition of vehicles by leveraging big data analytics to analyze factors like age, mileage, and condition. Each car listed on Uxin’s platform now features a “like-new” score for transparent comparison. Additionally, Uxin has a team of experts curating vehicle selections, further ensuring quality. CEO Kun Dai emphasizes that this initiative aims to build brand trust and improve long-term growth.
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