Tuesday, July 9, 2024 Uxin Limited, China’s foremost used car retailer, has unveiled a strategic alliance with Zhengzhou Airport Automobile Industry Co., Ltd. (Zhengzhou Airport Industry) to form Uxin (Zhengzhou) Intelligent Remanufacturing Co.
, Ltd., a new joint venture. Under the agreement, Uxin Anhui Industrial Investment Co.
, Ltd., a wholly-owned subsidiary of Uxin, will inject RMB120.0 million, while Zhengzhou Airport Industry will contribute RMB50.
0 million, making up 70% and 30% of the joint venture’s total registered capital respectively. The primary objective of this partnership is to bolster Uxin’s expansion strategy with the establishment of a state-of-the-art used car superstore in Zhengzhou. This collaboration marks a pivotal effort between Uxin and Zhengzhou Airport Industry to advance the automotive aftermarket sector in Henan Province and solidify their position as leaders in China’s thriving used car market.
Mr. Kun Dai, Chairman and Chief Executive Officer of Uxin, commented, “Zhengzhou Airport’s strategic location, business-friendly environment, established automotive industry, and mature supply chain strongly support Uxin’s business growth. 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 capabilitie.