TuanChe is expanding into the electric vehicle market, distinguishing itself from competitors with a strong sales network

TuanChe is expanding into the electric vehicle market, distinguishing itself from competitors with a strong sales network

Beijing, Jan. 10, 2022 /PRNewswire/– BeijingAutomotive market-based TuanChe Limited (NASDAQ:TC) recently announced the establishment of an Electric Vehicle (EV) business unit as part of its effort to enter the electric vehicle manufacturing sector by working with a diverse team of electric vehicle designers, R&D engineers and Manufacturing executives. Guided by market research reports and popular data, the company plans to take advantage of its strong distribution network across more than 240 cities in China To bridge the digital marketing gap for its electric brands, while leveraging the potential of its new business model.

“With the support of favorable government policies, accelerated construction of infrastructure, and advances in related technologies, electric vehicles are increasingly becoming the vehicle of choice for an increasing number of consumers,” he said. Wayne WeiFounder and CEO of TuanChe Corporation. “To meet this growing demand, on the one hand we are collecting deep consumer insights based on our existing business model and large loyal customer base, while on the other hand we are integrating our extensive distribution network and sales capabilities into the new business. We believe that optimal synergies will be possible through The combination of our existing platform, premium design, R&D and a soon-to-be-start manufacturing team, along with close collaboration with a number of potential strategic partners. The advantages position our company to take the lead in the electric vehicle market of the future.”

Driven by policies, the market is booming

As governments around the world work to forge a global consensus toward carbon neutrality, they have enacted a series of carbon-reducing policies in 2021, particularly in transportation with a focus on renewable energy vehicles. Sales of these vehicles in China It has doubled every month since the country unveiled its industrial development plan for renewable energy vehicles for the period from 2021 to 2035 last November. During the period from January to November 2021The country’s sales of electric vehicles reached 2.99 million units, with an annual growth rate of 166.8 percent, with a market share of 12.7 percent.

Data from the China Association of Automobile Manufacturers shows that annual sales of electric vehicles are expected to reach 3.4 million units in 2021 and 5 million in 2022 when market share is estimated to rise to about 20 percent of the total market, to meet their sales in 2025. The target is three years ahead of schedule.

The perfect time to start making electric vehicles

The lack of a sales network outside of first-tier cities has long been a major obstacle to new electric vehicle brands, as direct selling requires face-to-face contacts with their customers. This has also led electric car makers to consider growing their own offline network as a core strategy – while TuanChe, on the contrary, already has a strong offline sales network potential that will make better headway in this field.

As a leading platform for auto trading and services from ChinaTuanChe has been expanding its sales network which now covers more than 230 cities across the country, organizes more than 1,000 offline events every year and attracts tens of millions of customers. More than 350,000 cars were traded on the platform in 2019 before the pandemic arrived. Moreover, TuanChe has proven itself well prepared to sell renewable energy vehicles. Public data from January to October of 2021 reveal that the company experienced a nearly fivefold annual increase in electric vehicle sales, spanning 78 brands and nearly 100 cities.

After the COVID-19 outbreak in early 2020, TuanChe continued to improve its digital marketing capability, maintaining a rapid 70 percent growth rate in its online business revenue since the second half of that year, according to its financial reports. By combining offline and online resources, the company is building a comprehensive application marketing ecosystem in both the public and private sectors.

About TuanChe

Founded in 2010, TuanChe Limited (NASDAQ:TC) is a leading integrated auto marketplace in China. TuanChe provides services to connect auto consumers with many industry players such as auto manufacturers, dealers and other auto service providers. TuanChe provides automotive marketing and transaction-related services by integrating its online platforms with offline sales events. With its integrated marketing solutions, TuanChe transforms individual and isolated car purchase transactions into large-scale group purchasing activities by creating an interactive multilateral environment. Moreover, by utilizing its data analytics and advanced digital marketing platform, TuanChe Online Marketing Services platform helps industry clients increase the efficiency and effectiveness of their ad placements.

For investor and media inquiries, please contact:

TuanChe Co., Ltd.
Investor Relations
Tel: +86 (10) 6397-6232
email: [email protected]

SOURCE TuanChe Limited

TuanChe is expanding into the electric vehicle market, distinguishing itself from competitors with a strong sales network


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