As part of the transaction, 58.com, a 14-year-old Chinese internet firm, will come into a strategic partnership with Uxin, just a few months after Uxin agreed with Alibaba to set up a used-car section on the e-commerce giant’s Taobao marketplace.
Toyota has already invested in several ride-hailing businesses all around the globe as the company continues to promote mobility services. Their goal is to establish themselves into the Chinese marketplace.
The layoffs at this scale also hints at the possibility of Car24’s strategy to scale down its consumer financing business, which is housed under a separate entity. However, defying this, Vikram Chopra, CEO and Co-Founder, said, “No layoffs have taken place."