Cheetah Net reports Q1 2024 vehicle sales drop 84% YoY to 13 units; revenue falls to $1.4M

CHEETAH NET SUPPLY CHAIN SERVICE INC.

Q1 2024 sold 13 vehicles vs 49 in Q4 2023 and 82 in Q1 2023; vehicle sales revenue $1.4M vs $10.2M YoY.
Market for parallel-import luxury vehicles in PRC remains weak due to discounting by official brands and shift to domestic EVs.
Company does not expect significant sales rebound in Q2 2024; shifting focus to warehousing/logistics via Edward Transit Express acquisition.

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