Cango Inc. Sees Turnaround with Strategic Growth Focus

Cango (CANG) has released an update.

Cango Inc. reported a significant turnaround in the third quarter of 2024, achieving a net income of RMB67.9 million compared to a loss in the same period last year, driven by strategic cost management and reduced credit risk exposure. The company has enhanced its automotive transaction services, focusing on its Cango U-car app and international used car platform, AutoCango.com, to expand market reach. Despite a drop in total revenues, Cango’s operational focus and financial strategies are paving the way for long-term growth and shareholder value.

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