Cango Inc.

Good morning and good evening, everyone. Welcome to Kengo Inc's third quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. This call is also being broadcast live on the company's IR website. Joining us today are Mr. Jiayuan Lin, Chief Executive Officer, and Mr. Yangjie Zhang, Chief Financial Officer of the company. Following management's prepared remarks, we will conduct the Q&A session. Before we begin, I refer you to the safe harbor statement and the company's earnings release, which also applies to the conference call today, as management will make forward-looking statements. As a reminder, today's conference is being recorded. With that said, I am now turning the call over to Mr. Chai-Yen Lin, CEO of Kango. Please go ahead, sir.

In the third quarter of 2023, both production and demand continue to be understrength.

Despite the introduction of economic stimulus measures, overall consumer confidence has yet to fully recover. The automotive market in China is characterized by intricate dynamics. Although the post-pandemic era in 2023 saw a resurgence in consumer demand for automobiles, it has been slow to pick up pace. As a result, major auto manufacturers have rolled out discount policies on new car purchases, leading to a sustained decrease in retail prices. In the first three quarters, the overall sales in the automotive market exhibited a modest recovery, with new energy vehicles and EVs in short and airports serving as the primary drivers of market growth.