SunCar Expands Partnership with China Pacific Insurance, Adding Two Major Provinces to Service Network

Rhea-AI Summary

SunCar Technology Group (NASDAQ: SDA) has expanded its partnership with China Pacific Insurance Company (CPIC) by securing new contracts with CPIC's Zhejiang and Jiangsu provincial branches. These agreements position SunCar as the primary car wash and detailing service provider for CPIC customers in these regions.

The expansion increases SunCar's CPIC provincial partnerships to ten major regions, including Shanghai and Guangdong. The company aims to double its CPIC coverage to 20 provinces by year-end 2025. The service offering includes EV charging infrastructure, chauffeur and concierge services, airport VIP transportation, and digital service vouchers.

Positive

• Expansion into two major economic provinces (Zhejiang and Jiangsu)
• Partnership network growth to 10 major regions with CPIC
• Clear growth target to reach 20 provinces by end of 2025
• Diversified premium service offerings including EV charging and VIP transportation

Negative

• None.

News Market Reaction

+2.00%

1 alert

+2.00% News Effect

On the day this news was published, SDA gained 2.00%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Feb. 19, 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 it has secured significant new contracts with China Pacific Insurance Company's (CPIC) Zhejiang and Jiangsu provincial branches. These agreements establish SunCar as the primary car wash and detailing service provider for CPIC's customers in these regions.

The expansion brings SunCar's total CPIC provincial partnerships to ten major regions, including Shanghai, Guangdong, and other economically vital areas. The Company has set a target to double its CPIC coverage to 20 provinces by year-end 2025.

With these new partnerships, SunCar is providing to CPIC customers premium services including:

• EV charging infrastructure
• Chauffeur and concierge services
• Airport VIP transportation
• Digital service vouchers

"These contracts with CPIC's Zhejiang and Jiangsu branches demonstrate our dominance in China's automotive services sector," said Ye Zaichang, Chairman and CEO of SunCar. "By combining our technology platform with CPIC's massive customer base, we're continuing to build the most comprehensive auto service network in China."

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-expands-partnership-with-china-pacific-insurance-adding-two-major-provinces-to-service-network-302379825.html

SOURCE SunCar Technology Group Inc.

FAQ

What new provinces did SunCar (SDA) add to its CPIC partnership network in February 2025?

SunCar added Zhejiang and Jiangsu provinces to its CPIC partnership network in February 2025.

How many total provinces does SunCar (SDA) now serve through its CPIC partnership?

SunCar now serves ten major regions through its CPIC partnership, including Shanghai and Guangdong.

What is SunCar's (SDA) provincial coverage target for end of 2025?

SunCar aims to double its CPIC coverage to 20 provinces by the end of 2025.

What premium services does SunCar (SDA) provide to CPIC customers?

SunCar provides EV charging infrastructure, chauffeur and concierge services, airport VIP transportation, and digital service vouchers to CPIC customers.