Uxin Announces Strategic Partnership with Taobao
December 05 2018 - 11:53PM
Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), the largest
used car e-commerce platform in China, and Taobao, China’s massive
and fast-growing consumer community, operated by Alibaba Group
Holding Limited (“Alibaba Group”) (NYSE: BABA), entered into a
strategic partnership to foster further growth and expand service
opportunities for used car e-commerce in China. The two companies
will collaborate in the areas of B2C and B2B used car transactions,
integrated supply chain, and used car loan facilitation, to bring
innovative online used car purchasing services to consumers across
China.
Under the terms of the agreement, Uxin and
Taobao will jointly establish an online used car shopping mall on
Taobao Marketplace. At the initial stage, the two companies will
provide a full suite of used car product and service offerings
ranging from intelligent listing, displaying and matching, to
one-stop transaction solutions. For example, in addition to the
standard inspection report that evaluates 315 check points of a
used car listing, the two companies will also provide videos and VR
car viewing experience so that consumers can gain a comprehensive
understanding of the car’s condition. With Uxin’s more than 290,000
used car selection on its platform and cross-regional transaction
facilitation capabilities, Taobao users will now be able to
purchase used cars from anywhere in China, anytime. Users will also
be able to enjoy a full range of financing and post-transaction
services, with superior consumer protection policies provided by
both Taobao and Uxin.
Through this partnership, Uxin will further
extend its leadership by integrating its nationwide supply chain of
cross-regional transaction services and infrastructure with
Taobao’s platform. The two companies also intend to collaborate on
the enhancement of advanced data analysis in areas including
intelligent used car recommendation and user behavior analysis, as
more used car transactions are facilitated on Taobao. With
Alibaba’s strong data and credit expertise, this partnership could
also provide Uxin with abundant opportunities for further
collaboration in used car loan facilitation, such as enhancing risk
profiling and management capabilities.
“As China’s largest used car e-commerce platform
which pioneers in facilitating cross-regional transactions, Uxin’s
platform shares many similarities with Taobao, which presents many
areas for potential synergies,” said Kun Dai, Founder, Chairman and
Chief Executive Officer of Uxin. “We are honored to work with
Taobao to provide Chinese consumers with integrated used car
transaction services.”
“Over the past few years, consumers have become
increasingly receptive to buying used cars as a cost-effective
alternative to new vehicles. This is particularly the case for
consumers in lower-tier cities. With extremely limited used car
selection in most cities, there is rapidly growing demand for an
online platform that expands access to used cars from across the
country. By combining Uxin’s unique ability to support
cross-regional used car transactions with Taobao’s massive
e-commerce traffic and superior data capabilities, we are confident
that we can take the used car purchasing experience to the next
level,” added Kun Dai.
“We are excited to cooperate with Uxin to
explore new retail opportunities in the used car vertical,” said
Fan Jiang, President of Taobao. “With unparalleled understanding
and expertise in China’s used car industry, Uxin has transformed
the used car supply chain over the past seven years. By effectively
tackling challenges throughout the used car transaction value
chain, such as providing a wide selection of high-quality used
cars, standardized used car inspections, value-added services and
used car logistics, Uxin has created a close loop of efficient and
professional used car transaction services. We are confident that
Uxin will become an integral part of Alibaba’s ecosystem. Through
the combination of Uxin’s nationwide supply chain and Alibaba’s
massive traffic, our partnership will bring significant benefits to
both used car consumers and business customers.”
About UxinUxin Limited (Nasdaq:
UXIN) is the largest used car e-commerce platform in China. Uxin’s
mission is to enable people to buy the car of their choice, no
matter where they are located or what their budget is. Uxin enables
consumers and dealers to buy and sell cars through an innovative
integrated online and offline platform that addresses each step of
the transaction and covers the entire value chain. Its online
presence is bolstered by an offline network of more than 670
service centers in over 270 cities throughout China.
Safe Harbor Statement This
announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Uxin’s strategic and operational plans,
contain forward-looking statements. Uxin may also make written or
oral forward-looking statements in its periodic reports to the SEC,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Uxin’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Uxin’s goal and strategies; its expansion
plans; its future business development, financial condition and
results of operations; Uxin’s expectations regarding demand for,
and market acceptance of, its services; its ability to provide
differentiated and superior customer experience, maintain and
enhance customer trust in its platform, and assess and mitigate
various risks, including credit; its expectations regarding
maintaining and expanding its relationships with business partners,
including financing partners; trends and competition in China’s
used car e-commerce industry; the laws and regulations relating to
Uxin’s industry; the general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Uxin’s
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Uxin does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor enquiries, please
contact:
Nancy SongUxin Investor RelationsTel: +86 10
5691-6765Email: ir@xin.com
For media enquiries, please
contact:
Yi-Ke HongBrunswick GroupTel: +86 10
5960-8600Email: uxin@brunswickgroup.com
Uxin (NASDAQ:UXIN)
Historical Stock Chart
From Apr 2024 to May 2024
Uxin (NASDAQ:UXIN)
Historical Stock Chart
From May 2023 to May 2024