Stock Track | Uxin Soars 15.17% on Partnership for Used EV Battery Swapping Services

Stock Track12-03

Uxin, a leading online used car dealer in China, saw its stock soar 15.17% in the pre-market trading session on Tuesday. This significant surge came after the company announced a strategic partnership with Times Electric Service, a subsidiary of Contemporary Amperex Technology (CATL), a major lithium-ion battery manufacturer.

The partnership aims to provide battery swapping services for used electric vehicles (EVs) in China's rapidly growing pre-owned EV market. By combining Uxin's platform for used car transactions with CATL's expertise in battery technology, the collaboration is expected to enhance the overall customer experience and drive growth in the used EV segment.

Analysts view this partnership as a positive development for Uxin, positioning the company to capitalize on the increasing demand for affordable and sustainable mobility solutions. The ability to offer battery swapping services could potentially attract more consumers and boost Uxin's competitive advantage in the used car market.

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