24/7 Market News Snapshot 23 September, 2024 – Uxin Limited ADS (NASDAQ:UXIN)
DENVER, Colo., 23 September, 2024 (247marketnews.com) – (NASDAQ:UXIN) are discussed in this article.
Uxin Limited has experienced significant momentum in the financial market, with its American Depositary Shares (ADS) opening at $1.61 and showing a remarkable surge to $2.22, reflecting an increase of over 40%. This positive trend, following a prior close at $1.585, indicates strong investor interest, bolstered by a trading volume of 628.87K shares. Such dynamics highlight an enthusiastic response to Uxin’s recent strategic initiatives within the automotive e-commerce sector.
In conjunction with this market performance, Uxin has reported outstanding financial results for the first quarter ending June 30, 2024. The company achieved a notable 38.1% increase in overall transaction volume, with 5,605 units sold, compared to 4,058 units in the previous quarter. Year-over-year, this marks a remarkable growth of 72.2%. The retail segment demonstrated particularly strong gains, reaching 4,090 units, representing a 30.9% increase from the prior quarter and a staggering 142.4% rise year-over-year.
Total revenues for the quarter amounted to RMB 401.2 million (approximately US$55.2 million), reflecting a 25.7% sequential increase and an annual growth rate of 38.8%. Uxin’s emphasis on delivering exceptional customer service is evident from its industry-leading Net Promoter Score of 65.
CEO Kun Dai expressed confidence in the company’s integrated online and offline model, emphasizing efforts to expand inventory and market presence. He noted that the partnership aimed at creating superstores will play a crucial role in enhancing sales across new markets. Meanwhile, CFO Feng Lin highlighted effective cost management measures that minimized operational losses, forecasting retail transaction volumes between 5,800 and 6,000 units and total revenues between RMB 480 million to RMB 500 million for the upcoming quarter. Uxin’s strategic focus positions it as a formidable player in the used car market, poised for sustained growth and innovation.