NEW
YORK, Feb. 13, 2025 /PRNewswire/ -- SunCar
Technology Group Inc. ("SunCar" or the "Company") (NASDAQ: SDA), an
innovative leader in auto e-insurance and cloud-based B2B auto
services in China, today announced
the significant expansion of its strategic partnership with one of
the world's foremost electric vehicle manufacturers. The
collaboration has experienced remarkable growth, demonstrating
SunCar's expanding influence in China's evolving automotive services
sector.
The partnership began in early 2024 and has shown exceptional
momentum in automotive insurance brokerage services. Premium volume
surged from an initial $400,000 in
January 2024 to approximately
$40 million by year-end, marking a
hundredfold increase across 48 Chinese cities. With over 2 million
of our partner's electric vehicles currently on the road in
China, our newly developed
e-insurance system is tailored to streamline the insurance renewal
process, ensuring seamless coverage for this growing market. This
rapid scaling demonstrates both the strong market demand and the
effectiveness of SunCar's service delivery model.
Looking ahead to 2025, SunCar will extend its geographical
footprint while deepening its technology integration. A key
development includes incorporating SunCar's specialized automotive
services directly into the EV manufacturer's owner platform,
creating a seamless experience for millions of vehicle owners. This
integration represents a significant step forward in digital
automotive service delivery.
The Company's AI-powered
infrastructure has been instrumental in optimizing service delivery
and resource allocation. SunCar's advanced insurance renewal system
now serves over 2 million owners of our partner's electric
vehicles, showcasing the Company's technological capabilities and
market reach. This digital transformation sets new standards for
efficiency and customer service in the automotive
sector.
"As artificial intelligence reshapes the automotive industry,
SunCar continues to pioneer innovative solutions that address the
evolving needs of vehicle owners," said Ye Zaichang, Chairman and
CEO of SunCar Technology Group Inc. "Our expanding partnership with
this leading EV manufacturer strengthens our position in
China's rapidly growing electric
vehicle market while demonstrating our commitment to
technology-driven service excellence."
About SunCar Technology Group Inc.
Founded in 2007, SunCar is transforming the customer journey for
auto services and auto insurance in China, the largest
passenger vehicle market in the world. SunCar develops and operates
cloud-based platforms that seamlessly connect drivers with a wide
range of auto services and insurance coverage options through a
nationwide network of sales partners. As a result, SunCar has
established itself as the leader in China in the B2B auto
services market and the auto eInsurance market for electric
vehicles. The Company's intelligent cloud platform empowers its
enterprise clients to access and manage their customer database and
offerings optimally, and drivers gain access to hundreds of
services from tens of thousands of independent providers in a
single application. For more information, please
visit: https://suncartech.com.
Forward-Looking Statements
This press release contains information about the Company's view
of its future expectations, plans and prospects that constitute
forward-looking statements. Actual results may differ materially
from historical results or those indicated by these forward-looking
statements as a result of a variety of factors including, but not
limited to, risks and uncertainties associated with its ability to
raise additional funding, its ability to maintain and grow its
business, variability of operating results, its ability to maintain
and enhance its brand, its development and introduction of new
products and services, the successful integration of acquired
companies, technologies and assets into its portfolio of products
and services, marketing and other business development initiatives,
competition in the industry, general government regulation,
economic conditions, dependence on key personnel, the ability to
attract, hire and retain personnel who possess the technical skills
and experience necessary to meet the requirements of its clients,
and its ability to protect its intellectual property. The Company
encourages you to review other factors that may affect its future
results in the Company's annual reports and in its other filings
with the Securities and Exchange Commission.
Contact Information:
SunCar:
Investor Relations: Ms. Hui Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com
U.S. Investor Relations
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
View original
content:https://www.prnewswire.com/news-releases/suncar-technology-expands-major-partnership-with-global-ev-leader-achieving-48-city-coverage-302375718.html
SOURCE SunCar Technology Group Inc.
