Total revenues of Chinese online used vehicle seller Uxin took a nosedive in the second quarter of 2020, as the company’s sales of second-hand cars suffered a dramatic contraction.
Uxin’s total revenues sharply fell to 62.2 million yuan ($8.8 million) in the second quarter from 389.3 million in the same period a year earlier, largely due to sluggish demand for used cars sold on its platform, according to the company’s quarterly earnings report.
For the three months through June, Uxin sold 3,887 used cars online to consumers, down from 24,585 in the same quarter last year.
However, its net loss from continuing operations narrowed to 152.4 million yuan from 240.8 million yuan in the same period last year.
Responding to the results, Uxin chairman and CEO Dai Kun said in a statement that the company will continue to enhance used car quality, improve purchasing services and adopt a competitive pricing strategy to gain customer trust and word-of-mouth referrals.
Contact reporter Ding Yi (yiding@caixin.com)
Related: 58.com Buys Uxin’s Used Car Auction Business
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