FAST NEWS: Yixin’s Auto Finance Growth Slows Sharply in First Quarter

The latest: Yixin Group Ltd. (2858.HK), an internet-based auto financier, announced its auto financing transactions totaled 151,200 in this year’s first quarter, up 27.06% year-on-year. The figure included financing transactions for 63,800 new car and 87,400 used car purchases. Looking up: The group’s new “after-market business” offering auto insurance, maintenance and care to car owners has grown steadily in recent years, with 70,700 transactions in the first quarter, up 13.9% from the same period last year. Take Note: The latest 27% growth in auto financing transactions is down sharply from…

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Kaixin’s Electric Vehicle Bet Wins Major Customer as It Shifts Gears to Manufacturing

Shares in operator of used car dealerships surge after it wins a $500 million order for its new electric vehicle-making business Key takeaways: •      Kaixin said it won a $500 million order to sell 10,000 electric trucks to an automotive logistics company over the next five years •      The deal comes months after the struggling Kaixin expanded into electric vehicles by acquiring a manufacturer and changing ownership By Warren Yang Used car dealer Kaixin Auto Holdings (Nasdaq: KXIN) wants to reignite growth by powering into electric vehicle (EV) manufacturing. That…

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Recovery Signals Surface, But in Short Supply, for Cango Stuck in Global Auto Storm

Auto finance and trading specialist expects its revenue to return to growth track in fourth quarter, but remains hobbled by global sector slowdown Key takeaways: Cango reported its revenue fell in the third quarter from the second, but forecast the figure would return to sequential growth in the fourth quarter Company looks undervalued compared with domestic peers as it diversifies beyond its older car finance business into auto trading By Doug Young Spots of light in a sea of darkness. That could best describe the broader view from the dashboard…

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Transforming Uxin Finds Government Support in Anhui

Used car seller unveils plan to build $388 million reconditioning center in eastern province, even as its cash levels remain low Key takeaways: Uxin’s new $388 million investment in Anhui is part of its broader plan to transform from a middleman to a direct used car seller One of the company’s biggest challenges going forward could be a lack of cash to execute its cost-heavy transformation plan By Mo Yelin Online used car seller Uxin Ltd. (UXIN.US) made a bold move last June to reinvent itself – shifting gears from…

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Transitioning Auto Specialist Cango Can’t Outrace Macro Challenges

Company blames regulation, auto chip shortage for its stalling revenues, as it continues to ramp up car-trading services   Key Points: Cango has improved its overall performance with a timely shift toward auto trading to complement its struggling auto financing business Company blames regulatory challenges at home and global chip shortage for stalling revenue growth By Eric Auchard China’s race to create a successful car trading and financing platform blending online and offline services has become a game of business-model bumper cars, and an auto graveyard for some. The result…

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Transforming Used Car Seller Uxin Gets Charge from Big-Name New Investors

Electric car startup Nio and private equity firm Joy Capital provide $100 million in much-needed new funding Key points: Uxin’s $100 million in new funds comes at a big discount in exchange for much-needed new capital and well-connected partners Investors are betting on big revenue growth as company transforms to a direct seller of used cars from previous middleman business model By Doug Young When it comes to doing business, having the right people on your board can be a huge asset by providing valuable connections to funding and other…

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Used Car Specialist Uxin Gets Jump Start from Shifting Gears

Shares rally as company announces first results from its new business model and Singaporean sovereign wealth fund GIC boosts stake Key points: Uxin is emerging from a major transformation to a direct seller of used cars from previous model as middleman for used-car sales While such a model carries higher margins and gives Uxin more control over the business, it also requires far more cash, which Uxin is trying to raise By Doug Young Nothing gets investors excited like a new story from an old company, together with a major…

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