SunCar Technology Expands Major Partnership with Global EV Leader, Achieving 48-City Coverage
Rhea-AI Summary
SunCar Technology Group (NASDAQ: SDA) announced a significant expansion of its strategic partnership with a major electric vehicle manufacturer in China. The collaboration, which began in early 2024, has shown remarkable growth in automotive insurance brokerage services, with premium volume increasing from $400,000 in January 2024 to approximately $40 million by year-end, spanning 48 Chinese cities.
The company's e-insurance system serves over 2 million electric vehicles currently on the road in China, streamlining the insurance renewal process. Looking ahead to 2025, SunCar plans to expand its geographical coverage and deepen technology integration by incorporating its automotive services directly into the EV manufacturer's owner platform. The company's AI-powered infrastructure has been key in optimizing service delivery and resource allocation.
Positive
- Premium volume grew 100x from $400,000 to $40 million in 2024
- Partnership expanded to cover 48 Chinese cities
- Serves over 2 million electric vehicles through e-insurance system
- Integration of services into EV manufacturer's owner platform
Negative
- None.
News Market Reaction
On the day this news was published, SDA declined 0.58%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
The partnership began in early 2024 and has shown exceptional momentum in automotive insurance brokerage services. Premium volume surged from an initial
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
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.
FAQ
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When did SunCar Technology (SDA) begin its partnership with the EV manufacturer?
