- Uxin is dumping its old business model of acting as a go-between for used car buyers and sellers and getting into the higher margin, but also significantly higher cost business of becoming an online used-car dealer.
- Concurrent with the latest quarterly results, the company also got a vote of confidence in its new model via a separate filing from Singaporean sovereign wealth fund GIC, which disclosed it had increased its stake in Uxin to 17.5%.
- Uxin has never earned a profit in its life as a publicly traded company, which dates back to its June 2018 IPO on the Nasdaq.
- Uxin will have its work cut out in the next couple of years as it tries to show investors it has the financial resources and capability to not only run its new business model, but also earn profits from it.
For further details see:
Used Car Specialist Uxin Gets Jump Start From Shifting Gears