Business
Cheche Group Announces Strategic Partnership with BAIC Group's Insurance Provider
BEIJING, June 27, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche" or the "Company"), China's leading auto insurance technology platform, today
About this update from Cheche Group Inc.
[{"type":"text","content":"BEIJING, June 27, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) (\"Cheche\" or the \"Company\"), China's leading auto insurance technology platform, today announced that it has entered into a strategic partnership with Beijing Anpeng Insurance Broker Co., Ltd. (\"Beijing Anpeng\"), as Cheche continues to deepen its collaborations with new energy vehicle (\"NEV\") manufacturers in China.\n\nBeijing Anpeng is a subsidiary of Beijing Automotive Group Co., Ltd. (\"BAIC Group\") and specifically handles the insurance business of BAIC Group's car brands. BAIC Group is one of the largest auto manufacturers in China, producing and selling vehicles through its own brands as well as foreign-branded joint-ventures. These brands include ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz and Beijing Off-road, among others. The partnership names Cheche as the core partner of BAIC Group to provide digital insurance solutions for its various brands.\n\"Cheche's new partnership with BAIC Group is particularly noteworthy given BAIC Group's composition, which includes both NEV and traditional vehicles under its umbrella. The strength of our reputation in the NEV space has been rewarded with a blended customer base,\" said Lei Zhang, Founder, CEO, and Chairman of Cheche. \"In the future, the Company is going to attach great importance to insurance business opportunities with both traditional and NEV manufacturers.\n\"Cheche plans to further extend its reach by diversifying its opportunity set with opportunities such as contracts management services, insurance operation services, insurance products design, and others, in addition to system agreements.\"\nThe BAIC Group opportunity is already off to a strong start with ARCFOX's service system being launched as a direct-sales channel, the system for Beijing Automotive, expected to cover 200 dealerships by the end of the year, is in the process of being rolled out, and Beijing Hyundai's planned service system is expected to cover 100 dealerships at year end.\nSafe Harbor Statements\nThis press release includes \"forward-looking statements\" within the meaning of the \"safe harbor\" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as \"estimate,\" \"plan,\" \"project,\" \"forecast,\" \"in...