BEIJING, March 25, 2024 /PRNewswire/ -- As the global used
car market continues to expand and China's automobile production and sales soar
worldwide, as the new overseas business division of Quhuo Limited
(NASDAQ: QH) ("Quhuo" or "the Company"), a leading gig economy
platform focusing on local community-centered services in
China, Quhuo International has
launched its unique "full-managed model" used car export trading
platform, Carnuxt, aiming to redefine "international trade in used
cars".
In recent years, the international trade of the global used car
market has witnessed unprecedented growth. According to a research
report by The Brainy Insights, the global used car market reached
$1.67 trillion in 2023, with a
projected compound annual growth rate (CAGR) of 6.2% from 2024 to
2033. By 2033, it is expected to soar to $3.05 trillion.
In China, after overtaking
Japan to lead the world in
automobile exports, the Chinese used car export industry has
gradually moved towards large-scale operations. Customs data shows
that in 2022, China exported
69,000 used cars. The total number exceeded 160,000 in 2023, more
than doubling the previous year. The market expects that by 2025,
the volume of China's used car
exports could reach 400,000 units.
In this market context, Quhuo, a NASDAQ-listed company, has,
after five years of cultivating its mobility services segment,
added used car export business, establishing its first overseas
division, Quhuo International. Targeting national used and new
energy electric car manufacturers and global dealers, Quhuo
International focuses on the repair and inspection of used cars and
new energy electric cars, providing value-added refurbishment and
cross-border B2B trade services. Within just half a year after its
establishment, Quhuo International has already completed the
refurbishment and export of thousands of used cars, generating
hundreds of millions of RMB in revenue.
In the current era of rapid internet development, the method of
international trade in used cars is diversifying. Sales services
for used vehicles through content e-commerce, product
recommendation platforms, and other channels lack guarantees for
vehicle exports, quality inspection, and after-sales service,
causing economic losses for many customers.
Addressing the current pain points in the used car export
industry, Quhuo International, with its precise insights into the
used car export market and deep understanding of the used car
export ecosystem, has built the "full-managed" used car export
trading platform, Carnuxt. On one hand, by integrating quality
certification, warranty services, and insurance claims, Carnuxt
addresses overseas buyers' concerns about used car quality and
after-sales service. On the other hand, by using blockchain
technology to confirm rights and update statuses at every stage of
vehicle circulation, Carnuxt provides a real-time, transparent,
secure, and trustworthy trading platform for both buyers and
sellers. The design philosophy and future prospects of Carnuxt aim
to create a win-win market environment for manufacturers, dealers,
and consumers, offering one-stop solutions to problems related to
used car product quality, sales channels, and after-sales
service.
Meanwhile, Quhuo International plans to transform 58 closely
cooperating dealers worldwide into regional operation service
providers. By issuing Carnuxt certificates, every exported used car
will have traceable quality assurance and at least six months of
warranty repair service. Currently, the company has established
used car export bases in Chengdu
and Guangzhou, integrating repair,
inspection and certification, customs declaration and export, and
warehousing logistics. The goal is that every Carnuxt-certified
used vehicle sold around the world can enjoy continuous after-sales
service through the global network of operation service
providers.
Mr. Bo Liang, General Manager of
Quhuo International, stated: "In the future, the company will use
the advantages and quality services of the Carnuxt trading platform
to solidify its position and move to the forefront of the industry
in the traditional and complex field of international used car
trade. We aim to create a larger market space for China's used and new energy electric cars
going overseas, promoting the development of international
automobile trade, bringing explosive development opportunities to
the new energy automobile industry overseas, and taking on a
positive corporate social responsibility in global energy
conservation and emission reduction."
About Quhuo Limited
Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company") is a
leading gig economy platform focusing on local life services
in China. Leveraging Quhuo+, its proprietary technology
infrastructure, Quhuo is dedicated to empowering and linking
workers and local life service providers and providing end-to-end
operation solutions for the life service market. The Company
currently provides multiple industry-tailored operational
solutions, primarily including on-demand delivery solutions,
mobility service solutions, housekeeping and accommodation
solutions, and other services, meeting the living needs of hundreds
of millions of families in the communities.
With the vision of promoting employment, stabilizing income and
empowering entrepreneurship, Quhuo explores multiple scenarios to
promote employment of workers, provides, among others, safety and
security and vocational training to protect workers, and helps
workers plan their career development paths to realize their
self-worth.
Safe Harbor Statements
This press release contains ''forward-looking statements''
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical or current fact
included in this press release are forward-looking statements,
including but not limited to statements regarding Quhuo's business
development, financial outlook, beliefs and expectations.
Forward-looking statements include statements containing words such
as "expect," "anticipate," "believe," "project," "will" and similar
expressions intended to identify forward-looking statements. These
forward-looking statements are based on Quhuo's current
expectations and involve risks and uncertainties. Quhuo's actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of these
risks and uncertainties, which include, without limitation, risks
and uncertainties related to Quhuo's abilities to (1) manage its
growth and expand its operations, (2) address any or all of the
risks and challenges in the future in light of its limited
operating history and evolving business portfolios, (3) remain in
its competitive position in the on-demand food delivery market or
further diversify its solution offerings and customer portfolio,
(4) maintain relationships with major customers and to find
replacement customers on commercially desirable terms or in a
timely manner or at all, (5) maintain relationships with existing
industry customers or attract new customers, (6) attract, retain
and manage workers on its platform, and (7) maintain its market
shares in relation to competitors in existing markets and its
success in expansion into new markets, as well as the development
of the COVID-19 pandemic and its impact on Quhuo's business and
industry. Other risks and uncertainties are included under the
caption "Risk Factors" and elsewhere in the Company's filings with
the Securities and Exchange Commission, including, without
limitation, the final prospectus related to the IPO filed with the
SEC on July 10, 2020 and the
Company's latest annual report on Form 20-F. You are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and Quhuo undertakes no obligation to revise
or update any forward-looking statements to reflect events or
circumstances after the date hereof.
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SOURCE Quhuo Limited
