On July 8, China-based digital auto retailer Uxin announced a $23 million U.S. joint venture with Zhengzhou Airport Industry to establish a used car superstore called Uxin (Zhengzhou) Intelligent Remanufacturing Co. Ltd. in Henan province.

Uxin will contribute RMB120 million ($16.5 million — 70% of the total), while Zhengzhou Airport Industry will chip in RMB50 million ($6.8 million — 30%).

“Zhengzhou Airport’s strategic location, business-friendly environment, established automotive industry, and mature supply chain strongly support Uxin’s business growth,” said Uxin CEO Kun Dai.

“With ongoing local government support, Uxin can now focus resources on producing high-quality used cars in advanced factories. Additionally, Uxin aims to provide a top-tier retail service experience based on new retail concepts, as well as improve large-scale vehicle operations using its digital capabilities. These efforts align with Uxin’s mission to transform and elevate China’s used car industry.”

Founded in 2018 and listed on the Nasdaq, Uxin raised $34.8 million in funding from Xin Gao Group and NC Fund in March this year.

It posted a 12.8% year on year decline in revenue to $58 million during the three months to December 2023.

Print Friendly, PDF & Email

Related Articles