Benzinga | Jan 10, 2022 09:30AM EST

TuanChe Says Recently Announced Establishment Of EV Business Unit

Beijing-based automotive marketplace, TuanChe Limited (NASDAQ:TC), recently announced the establishment of an electric vehicle (EV) business unit as part of its efforts to enter the EV manufacturing sector by working with a diverse team of EV designers, R&D engineers and manufacturing executives. Guided by market research reports and trending data, the company plans to leverage its strong distribution network across more than 240 cities in China to bridge the gap in digital marketing for its EV brands, while tapping into the potential of its new business model.

"With the support of favorable government policies, accelerated construction of infrastructure, and advancements of related technologies, EVs are increasingly becoming the vehicle of choice for more and more consumers," said Wen Wei, the founder and CEO of TuanChe. "To address this rising demand, we are on the one hand gathering deep insights on consumers based on our current business model and large base of loyal customers, while on the other integrating our extensive distribution network and sales capabilities into the new business. We believe that an optimal synergy will be made possible through the combining of our existing platform and the top-notch design, R&D and manufacturing team that is soon to come on board, in tandem with a close collaboration with a number of potential strategic partners. These multiple advantages position our company to take the lead in the future EV market."