BEIJING - Cheche Group Inc. (NASDAQ:CCG), a prominent auto insurance technology platform in China with a market capitalization of $85.31 million and annual revenues of $475.84 million, has announced a partnership with Wuhu Jetour Automobile Sales Company Limited, a subsidiary of Chery Holding Group. This collaboration aims to integrate Cheche’s digital insurance services with Jetour Auto’s customer offerings. According to InvestingPro data, the company has demonstrated solid growth with revenue increasing by 5.2% over the last twelve months.
Jetour Auto, established by Chery Holding Group in January 2018, became an independent entity in 2021 with its own R&D, procurement, and marketing divisions. Chery Holding Group is one of the top ten car manufacturers in China by sales volume, having sold over 2.5 million vehicles in 2024 and making its debut on the Fortune Global 500 list the same year.
The partnership between Cheche and Jetour Auto will result in the launch of a comprehensive digital insurance transaction platform designed to streamline the auto insurance application and issuance process for Jetour Auto’s customers. The platform is currently under preparation for its introduction to the market.
Lei Zhang, Founder, CEO, and Chairman of Cheche, expressed enthusiasm about the partnership, stating, "Our industry-leading technology and comprehensive suite of digital insurance solutions will deliver a more seamless, convenient, and personalized experience for Jetour Auto’s customers." Zhang also hinted at the potential for expanding services to other automotive brands under Chery Holding Group in the future.
The forward-looking statements in the press release, such as projections of market opportunity and expectations, as well as the company’s anticipated growth and ability to retain talent, are subject to various risks and uncertainties. These may cause actual results to differ materially from those projected. Cheche Group has cautioned that while they have a reasonable basis for their projections, changes in circumstances may affect their accuracy.
Founded in 2014 and based in Beijing, Cheche Group has grown into a comprehensive, data-driven technology platform that offers digital insurance transaction services and insurance SaaS solutions in China. The company operates a nationwide network with approximately 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in the country. Analysts maintain a positive outlook on CCG, with a consensus target price suggesting significant upside potential. For detailed valuation analysis and comprehensive insights, investors can access the full Pro Research Report available on InvestingPro, which covers over 1,400 US-listed companies.
This news is based on a press release statement.
In other recent news, Checha Group reported a strong performance in the fourth quarter of 2024, with total written premiums increasing by 15.6% to RMB 7.4 billion ($1 billion). The company’s net revenues for the quarter rose 13.4% year-over-year to RMB 983.6 million ($134.8 million), and it significantly reduced its operating loss by 93.7% to RMB 3 million ($400,000). Checha Group is optimistic about achieving profitability in 2025, driven by its expanding offerings in New Energy Vehicle (NEV) insurance and AI-driven solutions. The company expects net revenues for 2025 to range between RMB 3.6 billion and RMB 3.8 billion, with total written premiums projected to reach RMB 25.0 billion to RMB 25.5 billion. Analysts from Maxim Group have noted that Checha’s revenue and bottom-line results exceeded projections, while their outlook remains positive. Additionally, the company plans to leverage AI and machine learning to enhance efficiency and reduce costs, particularly in fraud detection and claims management. These developments position Checha Group well within the digital auto insurance market, as it continues to deepen partnerships with both traditional and NEV automakers.
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