The Zhitong Finance App learned that recently, Yixin Group (02858, hereinafter referred to as “Yixin”), a professional automotive fintech platform in China, signed a strategic cooperation agreement with Times Electric Service Technology Co., Ltd. (hereinafter referred to as “Times Electric Service”), a wholly-owned subsidiary of Ningde Times. The two sides will jointly explore innovative service models for power exchange to meet the needs of new energy vehicles throughout the life cycle and promote the healthy and sustainable development of the power exchange ecosystem.

Liu Wenhua (right), party committee secretary and senior vice president of Yi Xin Cluster, and Sun Gongyu (left), general manager of Times Electric Service Product Marketing Department, signing the contract

Yi Xin is an enterprise that first set up the NEV business in the automotive finance field. Currently, NEVs have a penetration rate of nearly 50% in its new vehicle financing business. With industry-leading technological capabilities and channel service experience covering the whole country, especially the sinking market, in recent years, Yi Xin has continued to deepen financial services for new energy vehicles, launch innovative products such as separate vehicle and electric leasing, and expand its business into the NEV used vehicle market segment. According to the newly disclosed 2024 three-quarter report, the volume of NEV financing transactions increased by about 26.8% year-on-year during the period, of which used NEVs accounted for about 13%; the battery GAP business increased by as much as 540% year-on-year. Times Electric Service is a wholly-owned subsidiary of Ningde Times. Relying on Ningde Shidai's technology and industrial resource advantages, it launched an overall “chocolate power exchange” solution to provide new energy operation services. It is committed to using energy technology as a link to gather individual strength and jointly draw up a grand blueprint for sustainable human development.

According to the agreement, the two sides will use their respective advantages, share resources, and jointly explore innovative cooperation models in the field of power exchange to achieve a worry-free service throughout the life cycle of “rechargeable, exchangeable and upgradeable, leasable, saleable and repurchasable” to accelerate the application and popularization of power exchange technology. “Through cooperation, we hope to provide users with a more convenient, more economical, and safer electricity exchange experience, and further reduce the vehicle purchase threshold and vehicle usage costs for NEV consumers.” Liu Wenhua, party committee secretary and senior vice president of Yi Xin Cluster, said that the company will continue to deepen strategic cooperation with the Ningde era, promote the integrated development of automobile finance and electricity exchange ecosystems, build a more complete power exchange service system, and inject new impetus into the green transformation and sustainable development of China's automobile industry.