Uxin Limited announced a strategic partnership with Wuhan City Economic & Technological Development Zone to establish a new used car superstore in Wuhan City, Hubei Province. This collaboration involves a joint venture with Wuhan Junshan Urban Asset Operation Co., Ltd., a company indirectly controlled by the Wuhan City Economic & Technological Development Zone.
Under the agreement, Uxin (Anhui) Industrial Investment Co., Ltd., a wholly-owned subsidiary of Uxin, will contribute RMB66.7 million, representing approximately 66.7% of the joint venture's total registered capital. Wuhan Junshan will contribute RMB33.3 million, accounting for the remaining 33.3%.
Wuhan City is a significant automotive market in China, with a permanent population of approximately 12 million and over 4 million registered vehicles. The formation of this joint venture is a key step for Uxin to expand its footprint and build its brand in the Hubei Province's automotive aftermarket industry.
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