Cheche Group Inc. (NASDAQ:CCG) shares are trading higher on Thursday.

The company inked a pact with Beijing Anpeng Insurance Broker Co., Ltd., as Cheche strengthens collaborations with new energy vehicle manufacturers in China.

Beijing Anpeng is a subsidiary of Beijing Automotive Group Co., Ltd. (BAIC Group) and handles explicitly the insurance business of BAIC Group’s car brands. 

“In the future, the Company is going to attach great importance to insurance business opportunities with both traditional and NEV manufacturers,” said Lei Zhang, Founder, CEO, and Chairman of Cheche

The BAIC Group initiative is gaining momentum, as ARCFOX’s service system launches as a direct-sales channel.

Beijing Automotive aims to expand to 200 dealerships by year-end, while Beijing Hyundai plans to cover 100 dealerships with its service system by then.

On June 20, the company announced a partnership with NIO Insurance Broker, a unit of NIO Inc. (NYSE:NIO).

In the first quarter reported last month, Cheche said its partnerships with New Energy Vehicle companies led to 119,000 policies embedded in new New Energy Vehicle deliveries and corresponding written premium of RMB370.3 million with 11 partnerships with NEV manufacturers. 

This represented an increase of 124.5% and 78.5% compared to the prior-year quarter, respectively.

Price Action: CCG shares are trading higher by 3.23% to $0.7928 at last check Thursday.

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