Uxin expects fourth quarter revenue to be RMB 480 million to RMB 500 million.
Uxin, the Nio-backed online used car trading platform, posted revenue of RMB 345.9 million ($53.7 million) in the third quarter - its second quarter of fiscal 2022 - according to an unaudited financial report it announced today.
This represents a 352.8 percent increase from RMB 76.4 million in the same quarter last year and a 24.5 percent increase from RMB 277.8 million in the second quarter.
(Graphic by CnEVPost)
Uxin traded 3,648 used vehicles in the third quarter, up 37.5 percent year-on-year and up 21.2 percent from the second quarter.
It reported a gross margin of 4.2 percent in the third quarter, up from 4.0 percent in the second quarter and a negative 22.4 percent in the same quarter last year.
(Graphic by CnEVPost)
Uxin's loss from continuing operations was RMB 45.9 million in the third quarter, down from RMB 50.7 million in the second quarter and RMB 162.6 million in the same quarter last year.
Its non-GAAP adjusted loss from continuing operations was RMB 43.2 million, down from RMB 44.6 million in the second quarter and RMB 178.3 million in the same period last year.
"Our sales net promoter score, or NPS, increased for the fourth consecutive quarter to 56, reflecting our strong brand recognition and high satisfaction rates of our quality vehicles and service capabilities from our customers," said Dai Kun, Founder, Chairman and CEO of Uxin.
The earnings report mentioned Uxin's Hefei inspection and reconditioning center (IRC), the company's second IRC after Xi'an, for the first time.
After Xi'an, Phase One of the regional IRC in Hefei has been in operation since November, 2021. The new Hefei location covers a total area of approximately 100,000 square meters with a warehousing capacity of up to 2,000 vehicles, it said.
"Going forward, we remain committed to our current direction in terms of business development and operational enhancements of our regional IRCs," Dai said.
"We will continue to strengthen our end-to-end infrastructure from vehicle sourcing, sales channels, delivery to after-sales services. We have come a long way and with this expertise, we are well positioned to bring the best-in-class car purchasing experience to our customers nationwide," he added.
The company expects fourth-quarter revenue to be RMB 480 million to RMB 500 million.
Uxin's shares traded in the US rose nearly 8 percent in pre-market trading Wednesday, though it has fallen about 44 percent in the past three months.
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