Exhibit 99.1

TuanChe Announces Unaudited Fourth Quarter and Full Year 2021 Financial Results

BEIJING, April 4, 2022 (PRNewswire) – TuanChe Limited (“TuanChe,” “Company,” “we” or “our”) (NASDAQ: TC), a leading integrated automotive marketplace in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2021.

Key Fourth Quarter 2021 Financial and Operating Metrics Compared with the Prior Year Period

Full Year 2021 Financial and Operating Metrics Compared with Prior Year

Mr. Wei Wen, TuanChe’s Chairman and Chief Executive Officer, commented, "Despite the COVID-19 pandemic headwinds throughout 2021, our net revenues in the fourth quarter of RMB83.1 million beat the top end of our guidance, representing a quarter-over-quarter increase of 36.1%. While we continued to develop our automotive marketplace business, we are taking the next step in our business development to expand into electric vehicle (EV) manufacturing. We believe that by harnessing our profound customer insights, extensive sales network, and the complementary resources and industry-leading expertise of our prospective strategic partners, we will be well-positioned to capture our share of the EV market. Although uncertainty remains due to the COVID-19 variants and their short-term impact on our business, we will prudently execute our EV manufacturing strategy and flexibly fine-tune our online and offline presence in automotive marketing services to create incremental shareholder value.”

Mr. Chenxi Yu, TuanChe’s Deputy Chief Financial Officer, added, "We concluded 2021 with full-year net revenues increasing by 8.3% compared with the full-year net revenues in 2020, albeit a 49.8% year-over-year decrease in net revenues in the fourth quarter due to the lingering impact of the COVID-19 pandemic. Our gross margin for the full year reached 76.1%, which was approximately 3.0% and 5.0% higher than our gross margin in 2020 and 2019, respectively, attributable to our continuous revenue composition optimization. Furthermore, our total operating expenses for the fourth quarter decreased by 27.4% compared with our total operating expenses for the same period in 2020, due to our systematic cost control measures. Moving forward, we will leverage cross-business synergies to drive long-term growth as we embark on a new chapter by entering the EV market.”

Recent Business Developments

As the COVID-19 pandemic is largely under control in China, the Company has gradually resumed offline operations in some cities since the end of May 2020, with the pace of recovery subject to the ongoing development of the COVID-19 pandemic and the relevant government guidance. COVID-19 and its Delta and Omicron variants continue to generate uncertainties in the Company's business with reported cases in several regions including Shaanxi, Guangdong, Zhejiang and Heilongjiang provinces in the fourth quarter, resulting in cancellation of some offline auto shows and adverse impact on the Company’ financial conditions and cash flow. Furthermore, as the business operations of industry customers have also been disrupted by the COVID-19 pandemic, the Company continues to experience delays in collecting account receivables from these customers. See “Business Outlook” for the Company’s current and preliminary views on the impact of COVID-19 on the auto market and operational conditions for the first quarter of 2022. The Company also continues to closely monitor both the development of the pandemic and regulatory responses and restrictions as well as the impact on the Company’s business, results of operations, financial conditions and cash flow. Moreover, the Company has implemented and will continue to implement measures to adjust the pace of business operations and conserve resources and may resort to other cost cutting measures for cash flow management.

Unaudited Fourth Quarter 2021 Financial Results

Net Revenues

Net revenues in the fourth quarter of 2021 decreased by 49.8% to RMB83.1 million (US$13.0 million) from RMB165.8 million in the same period of prior year, primarily due to a 59.7% year-over-year decrease in revenues generated from offline marketing services to RMB52.3 million (US$8.2 million) from RMB129.9 million in the same period of prior year.

Gross Profit

Gross profit decreased by 47.3% to RMB63.5 million (US$10.0 million) in the fourth quarter of 2021 from RMB120.6 million in the same period of prior year. Gross margin was 76.4% in the fourth quarter of 2021 compared with 72.8% in the same period of prior year, primarily attributable to the change in our revenue composition.

Total Operating Expenses and Loss from Operations

Total operating expenses decreased by 27.4% to RMB107.9 million (US$16.9 million) in the fourth quarter of 2021 from RMB148.5 million in the same period of prior year.

As a result of the foregoing, loss from operations increased by 58.9% to RMB44.4 million (US$7.0 million) in the fourth quarter of 2021 from RMB27.9 million in the same period of prior year.

Net loss attributable to the Company’s Shareholders and Non-GAAP Measures

Net loss attributable to the Company’s shareholders in the fourth quarter of 2021 increased by 67.9% to RMB42.6 million (US$6.7 million) from RMB25.4 million in the same period of prior year. Basic and diluted loss per ordinary share were both RMB0.14 (US$0.02) in the fourth quarter of 2021 compared with RMB0.08 in the same period of prior year.

Adjusted net loss attributable to the Company’s shareholders in the fourth quarter of 2021 increased by 76.1% to RMB39.5 million (US$6.2 million) from RMB22.5 million in the same period of prior year. Adjusted basic and diluted net loss per ordinary share were both RMB0.13 (US$0.02) in the fourth quarter of 2021 compared with RMB0.07 in the same period of prior year. ⁽¹⁾

Adjusted EBITDA was a loss of RMB37.5 million (US$5.9 million) in the fourth quarter of 2021 compared with a loss of RMB21.3 million in the same period of prior year. ⁽¹⁾

Balance Sheet and Cash Flow

As of December 31, 2021, the Company had RMB63.5 million (US$10.0 million) cash and cash equivalents and RMB33.8 million (US$5.3 million) restricted cash. Net cash used in operating activities in the fourth quarter of 2021 was RMB39.3 million (US$6.2 million) compared with net cash used in operating activities of RMB1.0 million in the same period of prior year.

Unaudited Full Year 2021 Financial Results

Net Revenues

Net revenues in the full year of 2021 increased by 8.3% to RMB357.6 million (US$56.1 million) from RMB330.2 million in the prior year, primarily due to a 258.5% year-over-year increase in revenue generated from referral service for Webank, offsetting the decrease in revenue from online marketing services and others.

Gross Profit

Gross profit in the full year of 2021 increased by 12.8% to RMB272.3 million (US$42.7 million) from RMB241.4 million in the prior year. Gross margin increased to 76.1% in the full year of 2021 from 73.1% in the prior year, primarily attributable to the change in our revenue composition.

Total Operating Expenses and Loss from Operations

Total operating expenses in the full year of 2021 decreased by 7.2% to RMB383.1 million (US$60.1 million) from RMB412.8 million in the prior year.

Loss from operations decreased by 35.3% to RMB110.8 million (US$17.4 million) in the full year of 2021 from RMB171.3 million in the prior year.

Net loss attributable to the Company’s Shareholders and Non-GAAP Measures

Net loss attributable to the Company’s shareholders in the full year of 2021 decreased by 37.5% to RMB101.9 million (US$16.0 million) from RMB163.0 million in the prior year. Basic and diluted loss per ordinary share were both RMB0.33 (US$0.05) in the full year of 2021 compared with RMB0.54 in the prior year.

Adjusted net loss attributable to the Company’s shareholders decreased by 38.2% to RMB89.9 million (US$14.1 million) in the full year of 2021 from an adjusted net loss of RMB145.4 million in the prior year. Adjusted basic and diluted loss per ordinary share were both RMB0.29 (US$0.05) in the full year of 2021 compared with RMB0.48 in the prior year.⁽¹⁾

Adjusted EBITDA was a loss of RMB82.9 million (US$13.0 million) in the full year of 2021 compared with a loss of RMB141.1 million in the prior year.⁽¹⁾

Business Outlook

For the first quarter of 2022, the Company expects net revenues to range from approximately RMB20.0 million to RMB30.0 million, representing an approximate year-over-year decrease of 75.3% to 62.9%. This is primarily attributable to the estimated decline in the expected number of offline events to be held in the first quarter of 2022 (including auto shows and special promotion events) due to the COVID-19 pandemic as well as the impact of the global chip supply shortage on the auto industry.

This forecast reflects the Company's current and preliminary views on the market and operational conditions as well as the influence of the COVID-19 pandemic, which are subject to change.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB6.3726 to US$1.00, the noon buying rate in effect on December 30, 2021 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 30, 2021, or at any other rate.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, business outlook, as well as the length and severity of the COVID-19 pandemic and its impact on the Company’s business and industry, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Use of Non-GAAP Financial Measures

To supplement the Company’s unaudited condensed consolidated quarterly and full year financial information which are presented in accordance with U.S. GAAP, the Company also uses adjusted net loss attributable to the Company’s shareholders, adjusted net loss per ordinary share and adjusted EBITDA as additional non-GAAP financial measures. The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate its operating performance. The Company also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s consolidated results of operations in the same manner as its management and in comparing financial results across accounting periods and to those of the Company’s peer companies.

The Company defines adjusted net loss as net loss excluding the impact of share-based compensation expenses, change of guarantee liability and impairment of long-term investment. The Company defines adjusted net loss per ordinary share as adjusted net loss divided by the weighted average number of ordinary shares. The Company defines adjusted EBITDA as net loss excluding the impact of depreciation and amortization, interest income net, share-based compensation expenses, change of guarantee liability and impairment of long-term investment. The Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s operating results. These non-GAAP financial measures are adjusted for the impact of items that the Company does not consider indicative of the operational performance of the Company’s business, and should not be considered in isolation or construed as an alternative to net income/(loss) or any other measure of performance or as an indicator of the Company’s operating performance.

In addition, the non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Interest income or expenses, depreciation and amortization, share-based compensation expenses, change of guarantee liability and impairment of long-term investment have been and may continue to be incurred in the Company’s business and are not reflected in the presentation of these non-GAAP measures. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures.

About TuanChe

Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading integrated automotive marketplace in China. TuanChe offers services to connect automotive consumers with various industry players such as automakers, dealers and other automotive service providers. TuanChe provides automotive marketing and transaction related services by integrating its online platforms with offline sales events. Through its integrated marketing solutions, TuanChe turns individual and isolated automobile purchase transactions into large-scale collective purchase activities by creating an interactive many-to-many environment. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, TuanChe's online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements. For more information, please contact ir@tuanche.com.

For investor and media inquiries, please contact:

TuanChe Limited

Investor Relations
Tel: +86 (10) 6397-6232

Email: ir@tuanche.com

The Piacente Group, Inc.

Brandi Piacente

Tel: +1 (212) 481-2050

Email: tuanche@tpg-ir.com

Yang Song

Tel: +86 (10) 6508-0677

Email: tuanche@tpg-ir.com

TUANCHE LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amount in thousands, except as noted)

TUANCHE LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Amount in thousands, except share and per share data)

TUANCHE LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Amount in thousands, except share and per share data)

TUANCHE LIMITED
RECONCILIATION OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except share and per share data)

TUANCHE LIMITED
RECONCILIATION OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except share and per share data)