LI - Cheche Group Drives Growth Through Collaboration with Top NEV Players Including Li Auto | Benzinga
- Company's leadership in digitization of auto insurance is recognized by recent iResearch report
BEIJING, Sept. 22, 2023 /PRNewswire/ -- Cheche Group Inc. (NASDAQ:CCG) ("Cheche" or the "Company"), China's leading auto insurance technology platform, today announced a successful, ongoing collaboration with Li Auto (NASDAQ:LI) as Cheche continues to broaden its partner network with leaders in the new energy vehicle ("NEV") industry.
Li Auto, one of the leading NEV manufacturers in China, announced sales of more than 34,000 new vehicles in August 2023, a more than 660% increase in production volume compared to the same timeframe last year. Through strategic cooperation and innovative technology solutions, Cheche facilitated the digital insurance transactions and related services for over 60% of Li Auto's new vehicles during the period, illustrating the robust insurance capabilities Cheche offers to NEV brands.
At the time of Li Auto's announcement, Cheche had cumulatively served over 150,000 vehicles produced by Li Auto. The number of Li Auto owners who will use these embedded digital insurance services is expected to reach 300,000 by the end of this year.
"The explosive growth of the NEV market in China is reshaping how consumers obtain and renew auto insurance, bringing greater transparency, efficiency, and compliance to what had previously been a highly fragmented market," said Lei Zhang, Founder, CEO and Chairman of Cheche. "Cheche is proud of the partnerships we have formed with China's leading NEV manufacturers and the ecosystem of insurers and value-added partners we have assembled. Our solution offers consumers a wider range of choices while deepening the ongoing brand relationship beyond the purchase of a new vehicle."
As a leading Insurtech company in China, Cheche is a digital "connector" in the automotive ecosystem, building a software and data bridge between insurance companies, NEV manufacturers, and distributors.