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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) 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.
Uxin Limited (Nasdaq: UXIN) has entered into agreements to sell 84,692,839 Class A shares for approximately $25 million through private placements. The closings are expected in October 2020. Additionally, Uxin has adjusted the conversion price of $230 million in convertible notes with Strategic Investors, allowing them to convert the notes at a lower price if new equity securities are issued below the original conversion price. Uxin's CEO expressed confidence in the company's strategic direction following these investments, focusing on enhancing its position in China's used car market.
Uxin Limited (Nasdaq: UXIN) reported its unaudited financial results for Q2 ended June 30, 2020, revealing a significant decline in performance. Total revenues decreased to RMB62.2 million (US$8.8 million) from RMB389.3 million year-over-year, primarily due to a reduction in transaction volume, which fell to 3,887 units. The gross margin turned negative at -28.4%, compared to 55.9% in the previous year. Uxin's loss from continuing operations improved to RMB128.4 million (US$18.2 million) from RMB223.2 million. The company plans to build its own inventory and expects improved revenues in Q3 2020.
Uxin Limited (Nasdaq: UXIN) reported its financial results for the transition period ending March 31, 2020, marking significant challenges during the COVID-19 pandemic. Total revenues for this period were RMB103.9 million (US$14.7 million), a sharp decline from RMB335.8 million a year earlier. The company's 2C transaction volume dropped to 6,584 units from 20,647 in the previous year. A substantial provision for credit losses of RMB1,939.6 million impacted the net loss, which reached RMB2,034.4 million. Despite these challenges, Uxin aims to optimize its cost structure and enhance its online sales approach moving forward.
Uxin Limited (Nasdaq: UXIN), a leading online used car dealer in China, will report its unaudited financial results for Q1 2020 on July 24, 2020. The company's board approved changing its fiscal year-end from December 31 to March 31. Due to COVID-19, the conference call will require preregistration, with management hosting the call at 8:00 a.m. U.S. Eastern Time. A telephone replay will be available until July 31, 2020, and a live webcast will be accessible on Uxin's Investor Relations website.
Uxin Limited (Nasdaq: UXIN) filed its annual report on Form 20-F for the fiscal year ended December 31, 2019, with the SEC on May 12, 2020. The report details Uxin's operations as a leading online used car dealer in China, highlighting its integrated online platform and extensive offline service network. Shareholders can request a hard copy of the audited financial statements free of charge. Uxin's mission is to facilitate easy access to used car purchases across China, providing a comprehensive range of services and products to support online transactions.
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