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CANG - Cango Shifts Gears Into Macro Headwinds With Eye On NEVs And Car Services
Cango Inc. American Depositary Shares each representing two Class A
Cango reported its fourth-quarter revenue rose sequentially but was down slightly from a year ago, as its newer car-trading services took up a larger portion of the total.
Company faces a number of macroeconomic headwinds, including pandemic restrictions and a chip shortage that has dampened new car sales worldwide.
Car trading made up two-thirds of company’s revenue in the fourth quarter while its older auto finance business shrank to just a quarter of the total.