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Uxin Ltd. (UXIN) stock plunges in the after-hour trading session. Why is it so?

Uxin Ltd. (NASDAQ: UXIN) stock surged by 58.09% at the last trading close whereas the UXIN stock price declines by 6.98% at last check in the after-hours trading session. In China, Uxin Limited is a leading online used car dealer with a nationwide presence. Uxin’s goal is to empower people to purchase the car of their dreams online by providing high-quality used vehicles and best-in-class shopping services. Uxin’s one-stop online shopping mall offers customers a national range of low-cost used vehicles, as well as a variety of value-added goods and services and robust aftersales services.

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Upcoming Development

UXIN has announced that it would release unaudited financial statements for the third quarter of the fiscal year 2021, which ended on December 31, 2020, before the opening of US markets on April 28, 2021.

Recent Past Development

UXIN revealed on April 22, 2021, that it had formed a strategic alliance with JD.com to open a self-operated online store for used car purchases on JD’s website. UXIN and JD.com will collaborate to provide customers one-stop online used car buying options, including inspection, ordering, insurance, and aftersales programs, as well as to pursue new possibilities in data collection, infrastructure, inspection practices, and streamlined supply chains in the used car industry.

Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, said:

Team Uxin is thrilled about the chance to work with JD.com to provide consumers with a higher-quality, more secure used car buying experience than what’s currently available. Uxin is also confident in their ability to better support their consumers and boost industry expectations and service quality ratings by combining JD.com’s strong e-commerce capability and vast offline network with Uxin’s enhanced experience, expertise in the online used car market, and validated inventory-owning model. As UXIN continue to improve its presence in China, they think that they are well placed to take advantage of the tremendous growth opportunities in the used car industry.

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