Cango and China FAW Reach Preliminary Cooperation Intention

Date: 2023-04-28

On April 27, China FAW representatives from FAW Fuhua, FAW-Volkswagen, and Shanghai Huaxing visited Cango’s office in Shanghai to meet with Cango CEO Jiayuan Lin and other members of Cango’s business management team. Their discussion focused on car source collection, digital risk control, and used car auctions.


During the meeting, all parties presented an overview of their business situations and exchanged views on the industry landscape and future prospects. They also discussed key topics including new and used car trading, digital risk control, and auto after-market services. The China FAW representatives expressed great interest in Cango's nationwide supply chain system and trading support services, noting that given Cango’s extensive channels in lower-tier markets, their cooperation with Cango has huge potential.


Following the meeting, Mr. Lin commented, "China FAW is an influential automobile manufacturer in China and even globally, and its models have wide coverage and high recognition in the market. We hope that we can take this discussion as an opportunity to build a mutually beneficial cooperation and deliver win-win outcomes."


Yongfeng Guo, general manager of FAW Fuhua, said, "There is a deep friendship between Cango and FAW. Utilizing our strengths, we will actively promote our cooperation and contribute to the high-quality development of the automotive industry."


China FAW Group (FAW), formerly China First Automobile Works, is a Chinese state-owned automobile manufacturer. With more than 60 years of development, FAW has established 5 manufacturing plants in northeastern, north, eastern, southern, and southwestern China. With its global R&D layout, FAW encompasses independent brands such as Hongqi, Jiefang and Bestune, as well as brands under foreign-branded joint ventures such as Volkswagen (Audi) and Toyota. FAW has delivered over 53 million vehicles to customers, making it one of the largest automobile manufacturers in China.


Founded by China FAW in 2007, FAW Fuhua incorporates Hongqi Town Unit and Changchun First Automobile Service and Trade. Its business includes a wide range of automobile eco-service chains, including sales, maintenance, leasing, used cars, and e-commerce, among others.


As a result of the meeting, Cango and FAW Fuhua have established a preliminary cooperation framework, focused on car source collection, digital risk control, used car auctions and more. FAW Fuhua will leverage its car sourcing advantages to support Cango’s efforts to build the leading automotive transaction service platform in China. Cango will actively engage more than 40,000 existing dealers, helping FAW's models sell in lower-tier markets and effectively building strong momentum for auto market development.


Founded in 2010, Cango is headquartered in Shanghai and has a nationwide network. With automotive financing facilitation as the entry point, Cango has built a broad channel network deeply rooted in lower-tier markets and has extended its business to car trading transactions and after-market services facilitation. Since 2022, Cango has launched its "Cango Haoche" and "Cango U-Car" APPs, offering access to its multi-system "all-in-one" platform to provide dealers with a one-stop, comprehensive car trading solution centered on car sources.


Moving forward, Cango will continue to refine our car transaction services platform ecosystem driven by big data and technological innovation. With these efforts, Cango aims to further enrich our customer-first product matrix including car trading transactions, automotive financing facilitation and after-market services facilitation. By working with platform participants, Cango endeavors to make car purchases simple and enjoyable, and make Cango customers' car purchase service platform of choice.