Uxin grows sales sharply but swings to a negative gross margin
Uxin ($UXIN) reported quarterly revenue of RMB1.151 billion, up 74.9%, as retail vehicle sales increased 88.8% to 19,610. The used-car retailer’s gross margin nevertheless fell to negative 0.7% from positive 5.2%. Its adjusted EBITDA loss widened to RMB119.8 million from RMB16.5 million, and the operating loss reached RMB151.9 million. Management said new-car price cuts pressured used-vehicle values and prompted faster inventory clearance. For the following quarter, Uxin expects retail sales of
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