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Uxin Q3 Loss Narrows

November 30, 2019 0:10 pm

Beijing (PingWest)- Uxin limited, a Chinese leading used car e-commerce platform, reported a net loss(from continuing operations) of CNY267.2 million in the third quarter, narrowed from CNY516.9 million a year ago. Q3 revenue were CNY461.4 million, representing year-over-year growth of 33.4%. 2C Transaction volume increased to 23,566 units in the third quarter of 2019, representing a year-over-year growth of 107.3%.2B Transaction volume decreased to 30,658 units in the third quarter of 2019, representing a year-over-year decline of 66.6%, as a result of the Company’s continuing shift of strategic focus towards its 2C business.

The results are still preliminary as it still need to be reviewed by audits

Commenting on the Q3 results, Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, said, “We are pleased to deliver a solid set of results for the third quarter with our total 2C revenue significantly increasing by 247% and non-GAAP adjusted net loss from continuing operations notably narrowing by 40% year-over-year. While transaction volume was relatively flat compared to the second quarter due to a short-term impact from the early adoption of new emission standard China Six in some cities, we recorded over 23,500 online used car transactions in the third quarter, achieving a 107% year-over-year increase. Moreover, our unique value propositions powered by our online products and services and our strong monetization ability enabled us to further increase the total 2C take rate from 11.2% in the second quarter to 11.6% in the third quarter, equivalent to per-unit revenue of approximately RMB14,000. Given that the used car sector typically shows resilience when it gradually digests the impact from policy changes as more used car inventory meeting the new emission standard becomes increasingly available on the market, we are confident that we will continue our strong growth trajectory for online transaction volume in the coming year-end peak season.