Cheche Group Announces Strategic Partnership with BAIC Group's Insurance Provider

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Jun 27, 2024, 07:30 ET

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.

Beijing 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.

"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.

"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."

The 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.

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About Cheche Group Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 110 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.

Cheche Group Inc.:

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Crocker Coulson
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(646) 652-7185

SOURCE Cheche Group Inc.