Benzinga | Jan 5, 2022 06:01AM EST

TuanChe Announces Plan To Establish A New Electric Vehicle Business Line

TuanChe Limited ("TuanChe" or the "Company") (NASDAQ:TC), a leading integrated automotive marketplace in China, today announced its strategic plan to establish a new electric vehicle (EV) business line including a design, R&D and manufacturing team and expand its business into EV manufacturing.

Mr. Wei Wen, Chairman and Chief Executive Officer of TuanChe, commented: "As consumers are increasingly receptive of electric vehicles, underpinned by favorable policies, accelerated establishment of infrastructure and increasingly refined technologies in the EV industry, we are excited at our plan to announce that we will further broaden our business scope into electric vehicle manufacturing and position the Company to capitalize on future consumer demand. To better implement this expansion strategy and secure our future success in EV manufacturing, we will leverage our current innovative business model and the tremendous scale of our customer base and harness our extensive automotive consumer insights as well as our leading auto sales capabilities and sales network spanning from first tier cities to provincial counties nationwide. Through seamlessly integrating our existing platform with a top tier electric vehicle design, R&D and manufacturing team we are building, and in-depth cooperation with potential strategic partners, we believe this strategic expansion will drive significant synergistic value and ensure we secure an important stake in the EV revolution."

TuanChe is holding open discussions with potential strategic partners and the Company will announce any progress of major business transactions, if any, in a timely manner.