Cheche Rallies 27% In Morning Trade

Shares of Cheche Group Inc. (CCG) are surging more than 28% Friday morning at $18.89.

The online auto insurance platform today said its partnership with new energy vehicle (NEV) maker Li Auto is going strong. The company is also into broadening its network by partnering with other NEV makers.

In August, Li Auto had sold 34,000 vehicles, 660% increase from last year. During this period, Cheche had facilitated digital insurance transactions and related services for 150,000 vehicles produced by Li Auto. This number is expected to rise to 300,000 by the end of the year, the company said.

“The explosive growth of the NEV market in China is reshaping how consumers obtain and renew auto insurance, bringing greater transparency, efficiency, and compliance to what had previously been a highly fragmented market,” said Lei Zhang, Founder, CEO and Chairman of Cheche.

CCG has been trading in the range of $11.47 – $200.00 in the last 1 year.

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