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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With Profitability in Sight, Smartphone Recycler ATRenew Goes Local

Company targets tripling of gross merchandise volume over the next four years as it aggressively expands a new city-based recycling model Recycling specialist ATRenew is aiming for more than 100 billion yuan in GMV by 2025, roughly tripling from this year’s level Company said it expects to become profitable on a non-GAAP basis next year By Doug Young Hold on to your hats. Electronics recycling specialist ATRenew Inc. (RERE.US), until recently known as AiHuiShou, is telling the world it’s aiming to sharply boost the gross merchandise value (GMV) of used…

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Battered Autohome Sees Light at End of Tunnel

One of China’s oldest online car specialists posts 24% revenue decline in third quarter on reduced industry spending, but sees relief next year Key Takeaways: Leading Chinese online auto company Autohome says its revenue fell 24% in the third quarter, dragged down by a 50% decline in spending by car manufacturers Company sees global auto sector returning to more normal conditions in second half of next year as chip shortages ease By Doug Young The darkest hour is upon us, but light at the end of the tunnel is also…

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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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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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