SunCar Technology Group Inc. Stock Price, News & Analysis

SunCar Technology Group Inc. (Nasdaq: SDA), a Chinese cloud-based B2B auto services and auto e-insurance provider, has announced a firm commitment underwritten follow-on public offering of up to $50 million of Class A Ordinary Shares. The company will grant underwriters a 30-day option to purchase up to an additional $7.5 million of shares.

The offering is being led by BTIG, as the lead book-running manager, with Macquarie Capital and Oppenheimer & Co. Inc. serving as joint bookrunners. The proceeds will be used for working capital and general corporate purposes. The offering is subject to market conditions and will be conducted under an effective shelf registration statement previously filed with the SEC on June 3, 2024.

SunCar Technology Group (Nasdaq: SDA) has appointed Breaux Walker as Chief Strategy Officer, effective January 13, 2025. Walker, who joined SunCar in March 2024 as Consulting General Manager for North America, brings over 25 years of experience in business development, corporate finance, and cross-border transactions.

Prior to SunCar, Walker was a Partner at HRJ International and held Managing Director positions at Weild & Co. and JMP Securities. He previously founded a technology services company in China that reached $25 million in revenue, and held senior leadership roles at Kochava and Union Mobile Pay Walker is fluent in Mandarin Chinese and Spanish, and holds a degree from Wesleyan University.

SunCar Technology Group (NASDAQ: SDA) has joined the China Auto Dealers Chamber of Commerce (CADCC) as one of its 40 vice-chairman members. This strategic move positions SunCar to expand its presence in both the New Energy Vehicle (NEV) and traditional fuel vehicle markets in China, where over 3 billion fuel vehicles are currently in circulation.

CADCC, established in 2006, is a national-level organization under the All-China Federation of Industry and Commerce, representing over 2,000 members and nearly 8,000 4S dealerships. The organization serves as a bridge between dealers, manufacturers, and consumers, offering services including policy advocacy, training, and international exchanges.

As stated by Chairman and CEO Ye Zaichang, this partnership represents a strategic development step, aiming to bridge fuel vehicle and NEV markets while fostering industry collaboration. The membership provides SunCar with opportunities for industry exchanges, policy discussions, and market initiatives development.

SunCar Technology Group (NASDAQ: SDA) has secured an exclusive $6.8 million contract with Walmart China for their 2025 Sam's Club Premium Membership Car Wash Project. The agreement covers premium car wash services across 17 Chinese cities, including major locations like Shanghai, Shenzhen, and Guangzhou.

The contract, valued at approximately 49 million RMB, builds upon over a year of existing partnership between SunCar and Walmart. The selection of SunCar as the exclusive provider highlights the company's technological capabilities and service quality in the automotive after-service sector. Chairman and CEO Ye Zaichang expressed plans to expand the collaboration beyond traditional automotive services to meet evolving customer needs.

SunCar Technology Group (Nasdaq: SDA) has won a bid to provide premium concierge transportation services for Shanghai Rural Commercial Bank's (SRCB) clientele, extending their decade-long partnership that began in 2014. The services include designated driver assistance, high-speed rail station transfers, and international airport transportation for credit card customers.

Following SRCB's strategic retail transformation in October 2023, which restructured operations into key departments including Retail Finance and Wealth Management, SunCar secured the bid to manage SRCB's retail points-based travel benefits. The agreement encompasses concierge car services, designated driver assistance, and VIP lounge access, reinforcing SunCar's position in delivering customer-focused solutions in the financial services sector.

SunCar Technology Group (NASDAQ: SDA) has partnered with Wuhan JIDU, a joint venture between Baidu and Geely, to provide its cloud-based intelligent insurance platform across China. The platform will offer instant online quoting, underwriting, electronic policy issuance, and claims management powered by big data and AI. This nationwide rollout will connect Wuhan JIDU with leading insurance providers, delivering tailored insurance services to customers of intelligent electric vehicles. The partnership aims to create a comprehensive digital-first insurance ecosystem that caters to tech-savvy consumers.

SunCar Technology Group (NASDAQ: SDA) has secured new and renewed partnerships with Ping An Property & Casualty Insurance branches across multiple Chinese provinces, with contracts totaling 30 million RMB (USD 4.2 million). The partnerships include first-time collaborations with Shanghai and Guangdong branches, renewals with Hebei and Shanxi, and re-engagement with Foshan. SunCar will expand its service offerings to include premium auto services like clay bar waxing, polishing, and air conditioning sterilization. The company now collaborates with all of Ping An P&C's top 10 provincial branches by premium scale.

SunCar Technology Group Inc. (NASDAQ: SDA) has expanded its collaboration with the Shaanxi Branch of the Industrial and Commercial Bank of China (ICBC) through the 'Shaanxi Benefits' platform. This partnership has positioned SunCar as the largest marketing service provider for ICBC Shaanxi Branch, working with various departments.

The platform has achieved significant success since its inception in 2024, with marketing campaigns reaching nearly 1 million interactions monthly. ICBC's average monthly investment exceeds RMB 7 million (US$986,000), driving consumer spending of over RMB 70 million (US$9.9 million) from ICBC Shaanxi Branch cardholders.

The project spans a three-year service period with a total campaign budget of RMB 180 million (US$25.4 million). SunCar's Chairman and CEO, Ye Zaichang, expressed enthusiasm for the partnership and its potential to drive innovation in the financial services sector.

SunCar Technology Group Inc. (NASDAQ: SDA), a leading provider of cloud-based B2B auto services and auto e-insurance in China, has announced its upcoming earnings conference call for the first half of fiscal year 2024. The financial results will be released on Monday, September 16th before the market opens, followed by a conference call at 8:00 AM ET (5:00 AM PT) to discuss the results and provide a business update.

Investors can participate in the call by dialing 1-877-407-0752 (US) or 1-201-389-0912 (international). A live audio webcast will be available, and a replay will be accessible for a time. Investors may submit written questions by September 12th via email to IR@suncartech.com.