Zoomcar Holdings, Inc. - ZCAR STOCK NEWS

Zoomcar Holdings (NASDAQ: ZCAR), a marketplace for self-drive car sharing, announced it will release its second quarter 2024 financial results on November 14, 2024, before market open. The company will host a live Zoom Webinar at 11:30 AM ET on the same day to discuss results and provide corporate updates. Management will address questions from investors and analysts, which should be submitted to investors@zoomcar.com by November 11, 2024, at 1:00 PM ET. A webinar replay and earnings release will be available on the company's investor relations website.

Zoomcar Holdings, Inc. (NASDAQ: ZCAR), a leading marketplace for self-drive car sharing, has announced the return of Uri Levine, Waze Co-founder and former Infosys board member, as Strategic and Financial Advisor. Levine, who previously served as Zoomcar's Chairman from 2021 to 2023 before its public listing, will provide strategic oversight with a focus on problem-solving, operational excellence, and capital growth.

The agreement includes the possibility for Levine to return as Chairman, pending Board approval. Levine expressed enthusiasm about rejoining Zoomcar and contributing to its next growth phase, emphasizing the goal of enhancing mobility solutions in emerging markets. Zoomcar's Interim CEO, Hiroshi Nishijima, welcomed Levine's return, highlighting his proven track record in solving customer challenges and scaling businesses.

Zoomcar Holdings, Inc. (NASDAQ: ZCAR), a leading marketplace for self-drive car sharing, has announced a significant milestone in its debt restructuring process. The company aims to reduce approximately $31 million of its total outstanding debt and payables as of June 30, 2024. Zoomcar has successfully negotiated with lenders and vendors who hold about 75% of the immediately payable debt. These debts have been either converted into a deferred payment schedule of up to 24 months or reduced to up to half the outstanding amount in the short term. The company expects to complete the entire restructuring process by the end of November 2024, which will allow for further investment in strategic initiatives. CEO Hiroshi Nishijima emphasized the company's strong business fundamentals and commitment to sustainable growth and financial obligations.

Zoomcar Holdings, Inc. (NASDAQ: ZCAR), a leading marketplace for self-drive car sharing, has announced the adjournment of its Annual Meeting of Stockholders. Originally scheduled for September 26, 2024, the meeting will now take place virtually on October 1, 2024, at 10:00 AM ET. This postponement aims to provide stockholders with additional time to vote on the proposals outlined in the proxy materials.

Stockholders of record as of July 29, 2024, are eligible to participate and vote in the meeting. Voting can be done prior to the meeting at www.proxyvote.com or during the meeting at www.virtualshareholdermeeting.com/ZCAR2024. For assistance with voting or any questions, stockholders can contact the proxy solicitor at +1 206-265-0326 or ksmith@advantageproxy.com.

Zoomcar Holdings, Inc. (NASDAQ: ZCAR), a leading marketplace for self-drive car sharing, has announced its first Annual Stockholder Meeting to be held virtually on September 26, 2024, at 10:00 AM EST. Stockholders of record as of July 29, 2024, are eligible to participate and vote. Voting can be done prior to the meeting at www.proxyvote.com or during the meeting at www.virtualshareholdermeeting.com/ZCAR2024. CEO Hiroshi Nishijima encourages all stockholders to join and participate actively. For more information, stockholders can visit Zoomcar's investor relations page or email investors@zoomcar.com.

Zoomcar (NASDAQ: ZCAR) has partnered with Mappls MapmyIndia to enhance the travel planning and booking experience. This collaboration integrates Zoomcar's 25,000+ car fleet across 99+ cities into the Mappls app, allowing users to book vehicles while planning their trips. The partnership offers:

1. Seamless booking process
2. Zero security deposit
3. Unlimited kilometers
4. Easy car pick-up and delivery
5. AI-powered travel planning
6. 3D junction views for navigation
7. Real-time safety and speed alerts

This collaboration aims to simplify travel for Indians, providing a one-stop solution for journey planning, navigation, and car rental. The integration is expected to save time and effort for travelers, offering a comprehensive and convenient travel experience.

Zoomcar (NASDAQ: ZCAR), the leading self-drive car sharing marketplace, has launched a beta Generative AI Assistant for select Hosts. This innovative tool aims to provide 24/7 support, guiding Hosts through onboarding, platform understanding, vehicle safety, and earnings maximization. The AI assistant addresses the challenge of scaling one-on-one interactions for new Hosts in India's novel car-sharing market.

CEO Hiroshi Nishijima emphasized the significance of this customized GenAI assistant in simplifying the complex onboarding process. Zoomcar plans to expand the AI's capabilities, transforming it into a personal assistant for Hosts and introducing a similar tool for Guests. The company is investing heavily in GenAI-based products to improve user experience and decision-making processes.

Zoomcar Holdings, Inc. (NASDAQ: ZCAR) reported robust performance in Q1 2024, ending June 30, 2024. The company achieved record non-GAAP gross profit and contribution profit, marking the third consecutive quarter of contribution profit. Key highlights include:

- 9% increase in total bookings to 112,944
- Improvement in contribution margin from -45% to 20% profit
- 58% reduction in cost of revenue to $1.5 million
- Narrowed adjusted EBITDA loss from $6.8 million to $3.3 million
- All-time high guest trip rating of 4.71

CEO Hiroshi Nishijima anticipates meaningful growth and enhanced profitability by the end of FY 2025, supported by streamlined operations and strong demand.

Zoomcar (NASDAQ: ZCAR), a leading self-drive car sharing marketplace, has launched its first Fulfillment Center in Chennai. The company plans to add 100+ centers and 1000+ cars by December 2024. These centers, operated by trained third-party providers, manage car listings for Hosts, offering services like cleanliness, parking, and guest coordination. Cars managed through these centers are tagged as 'Assured by Zoomcar' on the app.

The pilot in Chennai showed promising results, with over 20 Hosts listing their cars within days and getting an average of 3 bookings within 24 hours. Zoomcar aims to grow this model across 100+ cities by December 2024, leveraging its 11 years of expertise in the car sharing business to help Hosts earn up to ₹60,000 per month with a single car.