Exhibit 99.1

Cango Inc. Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results

SHANGHAI, March 11, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) (“Cango” or the “Company”), a leading automotive transaction service platform in China, today announced its unaudited financial results for the fourth quarter and full year of 2023.

Fourth Quarter 2023 Financial and Operational Highlights

Full Year 2023 Financial and Operational Highlights

Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, “2023 was a challenging year. Despite a long-term recovery trend, short-term influences resulted in a slower-than-expected recovery pace and depressed consumer confidence. In the automobile sector, intense competition hastened the survival of the fittest, transforming the industry landscape. “

“With keen insight into market conditions and industry trends, Cango strategically consolidated its two platforms, ‘Cango Haoche’ for new cars and ‘Cango U-car’ for used cars, into a single integrated ‘Cango U-car’ APP in 2023. Servicing as an online marketplace, ‘Cango U-car’ connects upstream vehicle suppliers, aftermarket service providers, and downstream small car dealers in lower-tier cities and provides comprehensive services across three major scenarios, including online auctions, dealer transaction facilitation, and deal assistance to brokers. “ “Our dynamic online marketplace featuring third-party and self-operated stores continues to drive progress across the platform.

In the fourth quarter, the total number of upstream third-party seller stores on the platform reached 38, offering new cars, used cars, and traffic generation services. In the fourth quarter, ‘Cango U-car’ provided services to 3,499 small online car dealers and facilitated a total of 530 used car transactions.”

“Beyond ‘Cango U-car’, we plan to establish a preferred website for overseas buyers seeking Chinese used cars. Leveraging Cango’s rich experience and market know-how, we established an interactive and export service website for used car information in March 2024, catering to auto dealers in emerging and developing countries to provide them with easy access to China’s abundant automobile-related resources.”

“Moving into 2024, we will continue to leverage technology to broaden our presence across the domestic and international automotive value chain. With our comprehensive, end-to-end service model and efficient operations, we will explore business opportunities inside and outside of China,” concluded Mr. Lin.

Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, "China’s uneven economic recovery impacted our business throughout 2023. In addition to our integration of ‘Cango Haoche’ and ‘Cango U-car’, we implemented various cost optimization measures to address the automotive market’s evolution. We are confident that our streamlined model and online marketplace will increase our competitiveness across the industry value chain. For 2024, we will continue refining and building ‘Cango U-Car’ while exploring international growth opportunities."

Fourth Quarter 2023 Financial Results

REVENUES

Total revenues in the fourth quarter of 2023 were RMB130.2 million (US$18.3 million) compared with RMB487.1 million in the same period of 2022. The guarantee income, which represented the fee income earned on the non-contingent aspect of a guarantee, in the fourth quarter of 2023 was RMB42.1 million (US$5.9 million) which was presented separately from contingent aspect of a guarantee pursuant to the adoption of ASC 326 since January 1, 2023.

OPERATING COST AND EXPENSES

Total operating cost and expenses in the fourth quarter of 2023 were RMB159.1 million (US$22.4 million) compared with RMB698.7 million in the same period of 2022.

LOSS FROM OPERATIONS

Loss from operations in the fourth quarter of 2023 decreased to RMB28.9 million (US$4.1 million) from RMB211.6 million in the same period of 2022.

NET LOSS

Net loss in the fourth quarter of 2023 was RMB103.8 million (US$14.6 million). Non-GAAP adjusted net loss in the fourth quarter of 2023 was RMB99.2 million (US$14.0 million). Non-GAAP adjusted net loss excludes the impact of share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measure."

NET LOSS PER ADS

Basic and diluted net loss per American Depositary Share (the “ADS”) in the fourth quarter of 2023 were both RMB0.95 (US$0.13). Non-GAAP adjusted basic and diluted net loss per ADS in the fourth quarter of 2023 were both RMB0.91 (US$0.13). Each ADS represents two Class A ordinary shares of the Company.

BALANCE SHEET

Full Year 2023 Financial Results

REVENUES

Total revenues in the full year of 2023 were RMB1.7 billion (US$239.7 million) compared with RMB2.0 billion in the full year of 2022. Revenues from car trading transactions in the full year of 2023 were RMB1.3 billion (US$184.5 million), or 77.0% of total revenues in the full year of 2023, compared with RMB1.6 billion in the full year of 2022.

OPERATING COST AND EXPENSES

Total operating cost and expenses in the full year of 2023 were RMB1.8 billion (US$250.1 million) compared with RMB2.9 billion in the full year of 2022.

LOSS FROM OPERATIONS

Loss from operations in the full year of 2023 was RMB73.8 million (US$10.4 million), compared with RMB947.1 million in the full year of 2022.

NET LOSS/ INCOME

Net loss in the full year of 2023 was RMB37.9 million (US$5.3 million). Non-GAAP adjusted net income in the full year of 2023 was RMB0.6 million (US$0.09 million). Non-GAAP adjusted net income excludes the impact of share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measure.”

NET LOSS/ INCOME PER ADS

Basic and diluted net loss per ADS in the full year of 2023 were both RMB0.31 (US$0.04). Non-GAAP adjusted basic and diluted net income per ADS in the full year of 2023 were RMB0.01 (US$0.00) and RMB0.00 (US$0.00), respectively. Each ADS represents two Class A ordinary shares of the Company.

Business Outlook

For the first quarter of 2024, the Company expects total revenues to be between RMB50 million and RMB100 million. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Share Repurchase Program

Pursuant to the share repurchase program announced on April 21, 2023, the Company had repurchased 26.1 million ADSs with cash in the aggregate amount of approximately US$33.7 million up to December 31, 2023. In addition to open market transactions, the Company repurchased 2.3 million Class A ordinary shares and 5.5 million Class A ordinary shares respectively from two institutional investors in privately negotiated transactions for an aggregate purchase price of approximately US$2.9 million and US$6.8 million, respectively. The Company settled the transactions in January 2024. The two institutional investors are independent third parties to the Company and not related to any director or executive officer of the Company. The two transactions enabled the Company to repurchase more shares than otherwise available from open market, and through a single transaction, increased the average value per share to all remaining shareholders of the Company.

Conference Call Information

The Company’s management will hold a conference call on Monday, March 11, 2024, at 9:00 P.M. Eastern Time or Tuesday, March 12, 2024, at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:

The replay will be accessible through March 18, 2024 by dialing the following numbers:

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com/.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China, connecting car buyers, dealers, financial institutions, and other industry participants. Founded in 2010 by a group of pioneers in China’s automotive finance industry, the Company is headquartered in Shanghai and has a nationwide network. Leveraging its competitive advantages in technological innovation and big data, Cango has established an automotive supply chain ecosystem, and developed a matrix of products centering on customer needs for auto transactions, auto financing and after-market services. By working with platform participants, Cango endeavors to make car purchases simple and enjoyable, and make itself customers’ car purchase service platform of choice. For more information, please visit: www.cangoonline.com.

Definition of Overdue Ratios

The Company defines “M1+ overdue ratio” as (i) exposure at risk relating to financing transactions for which any installment payment is 30 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due.

The Company defines “M3+ overdue ratio” as (i) exposure at risk relating to financing transactions for which any installment payment is 90 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due.

Use of Non-GAAP Financial Measure

In evaluating the business, the Company considers and uses Non-GAAP adjusted net income (loss), a Non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the Non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Non-GAAP adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company presents the Non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income (loss) enables the management to assess the Company's operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the Non-GAAP measure facilitates investors' assessment of its operating performance.

Non-GAAP adjusted net income (loss) is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using Non-GAAP adjusted net income (loss) is that it does not reflect all items of expense that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of Non-GAAP adjusted net income (loss). Further, the Non-GAAP measure may differ from the Non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the Non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of Cango's Non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the "Business Outlook" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Yihe Liu

Cango Inc. 

Tel: +86 21 3183 5088 ext.5581 

Email: ir@cangoonline.com 

Twitter: https://twitter.com/Cango_Group

Helen Wu 

Piacente Financial Communications 

Tel: +86 10 6508 0677 

Email: ir@cangoonline.com