Uxin Limited (NASDAQ:UXIN) shares are moving higher on Tuesday after the company announced a collaboration with Contemporary Amperex Technology.
What To Know: The collaboration aims to promote the adoption and development of battery-swapping models, where consumers exchange a depleted battery for a full charged one, in the used car market.
The companies will create a digital platform where consumers can buy and sell used new energy vehicles with the added option of battery swapping. Additionally, a marketplace will be established for swapping and purchasing batteries separately from the vehicles.
The companies will also provide services to inspect, certify and assess the condition of both the used cars and their batteries.
Kun Dai, Founder, Chairman and CEO of Uxin, commented, "We are thrilled to partner with Times Electric Service to drive innovation in the pre-owned new energy vehicle market. This collaboration aligns with our commitment to providing consumers with a professional, transparent, and reliable transaction experience. By meeting the diverse needs of consumers, we are creating long-term value for our customers and shareholders."
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UXIN Price Action: At the time of writing, Uxin shares are trading 19.6% higher at $5.04, according to data from Benzinga Pro.
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