Carsome

In the second quarter of 2024 (2Q2024), Carsome said it maintained its leadership position with about 35,000 vehicles traded and grew revenue by 9 percent quarter-on-quarter (q-o-q) to above $310 million.

Malaysia-based integrated car e-commerce platform Carsome Group has secured MYR 100 million ($21.39 million) in financing facility from AmBank Group to expand its liquidity and bolster its capacity for future growth.

Carsome, Southeast Asia’s largest integrated car e-commerce platform, has partners with NETA Auto Malaysia to offer new NETA X electric vehicle (EV).

Carsome has also marked another achievement in its growth trajectory, surpassing the sale of 500,000 cars since its inception in 2015. This milestone was achieved in just two years after crossing 100,000 cars in 2021. Last year, the group sold over 150,000 cars.

Carro is raising capital during one of the hardest possible times for fledgling firms. The Southeast Asia technology industry has been plagued by job cuts, CEO resignations and falling startup valuations, making it difficult for companies to debut on public markets.

Carsome Group Inc., an integrated car e-commerce platform in Southeast Asia, has on Thursday revealed strategic leadership transitions designed to fortify further the company’s commitment to growth and operational efficiency.

Chery Malaysia has signed two memorandum of understanding (MoU) with Carsome and Carsome Academy. The primary focus of these partnerships is to improve vehicle trade-ins and enhance soft skills within the brand's network of representatives.

The global wave of layoffs hitting US tech companies like Meta, Amazon, and Twitter has also come to Southeast Asia amid a slowdown in fundraising activities for tech startups. Tech companies including venture capital-backed startups in Southeast Asia have also announced layoffs and austerity measures to cope with the uncertain macroeconomic situation.

Carsome “makes adjustments to its workforce where necessary,” the company said in an emailed response to Bloomberg's questions, declining to comment on specific numbers. “We remain committed to investing in all of our current markets and plan to accelerate profitable growth in 2024.”

Southeast Asia’s largest integrated car e-Commerce platform Carsome Group Inc. has on Wednesday announced the appointment of Miguel Fernandez as its Group Chief Financial Officer, effective from November 1, 2023.