The company plans to open four to six new stores this year, including in Jiangsu and Ningxia, roughly doubling its network in China

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Used car seller Uxin Ltd. (NASDAQ:UXIN) said this week it officially opened its latest outlet in the Northeastern city of Tianjin, marking the latest expansion of its national network of used car superstores. The new facility integrates a car reconditioning factory with a showroom that can display up to 3,000 vehicles, Uxin said in the announcement on Tuesday.

Uxin pointed out the city of Tianjin has a population of more than 13 million and around 4 million registered vehicles. It added that the city has identified the automotive industry as one of 12 key sectors for development. "These advantages will provide a solid foundation for Uxin to scale its used car retail operations across Northern China," it said.

The new superstore is Uxin's sixth, complementing similar facilities in the cities of Hefei, Xi'an, Wuhan, Jinan and Zhengzhou. Last month Uxin also announced plans to open a new facility in the East Chinese city of Jiaggyin in Jiangsu province through a joint venture with the local government. And in November, it announced plans for a store in the city of Yinchuan in Northwest China's Ningxia region.

Uxin said it is in talks with other cities to expand its network, with plans to open four to six new stores this year.

Uxin is building out its offline superstore network after transforming from its previous model of operating an online used car trading platform. Under the new model, the company typically forms joint ventures with local governments in each city where it operates. It developed the model in the cities of Xi'an, capital of Northwest China's Shaanxi province; and Hefei, capital of East China's Anhui province, before expanding the concept to other cities.

As it ramps up its network, Uxin's revenue rose 67% year-on-year to 2.04 billion yuan ($296 million) in the first nine months of last year from 1.22 billion yuan in the same period of 2024. Its loss from operations over that period narrowed to 115 million yuan from 211 million yuan a year earlier, while its net loss also narrowed to 180 million yuan from 252 million yuan.

While local governments often provide much of the funding for its new superstores, Uxin's contributions have put a strain on its finances, requiring it to seek new funding sources. In its latest fundraising, the company announced in December that two investors, including the venture arm of electric vehicle (EV) maker Nio (NIO.US; 9866.HK), agreed to pay a combined $50 million for newly issued Uxin shares.

"The proceeds from this financing are expected to provide sufficient capital to support the launch of four to six new superstores in 2026, while also strengthening our balance sheet and further enhancing our overall financial resilience," Uxin said at the time.

Uxin shares are down about 30% over the last 52 weeks.

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Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.