SunCar Technology Expands Strategic Partnership with Ping An Bank

Rhea-AI Summary

SunCar Technology Group (NASDAQ: SDA) has announced an expanded strategic partnership with Ping An Bank for 2025, building on their relationship established in 2017. Under the renewed collaboration, SunCar will maintain its position as the preferred aftermarket service provider for Ping An Bank's Credit Card Center and Automotive Consumer Finance Center.

The partnership focuses on delivering comprehensive automotive aftermarket services, including:

• Car wash services
• Designated driver services
• Premium vehicle care solutions

This collaboration aims to strengthen the 'Finance + Automotive Services' ecosystem developed by both companies.

Positive

• Strategic partnership renewal with major financial institution Ping An Bank
• Secured position as preferred aftermarket service provider for Ping An Bank's two key centers
• Expansion of existing successful partnership from 2017

Negative

• None.

NEW YORK, March 18, 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 a significant expansion of its strategic partnership with Ping An Bank.

The enhanced partnership builds upon their existing relationship, which began in 2017. Under this renewed collaboration, SunCar will continue serving as the preferred aftermarket service provider for Ping An Bank's Credit Card Center and Automotive Consumer Finance Center throughout 2025.

The partnership will focus on delivering comprehensive automotive aftermarket services, including car wash, designated driver services, and premium vehicle care solutions. This collaboration further strengthens the "Finance + Automotive Services" ecosystem that both companies have been developing.

"This partnership with Ping An Bank represents a significant advancement in our strategy to integrate financial services with automotive care," said Ye Zaichang, Chairman and CEO of SunCar Technology. "We're enhancing the value proposition for Ping An Bank's customers while establishing new standards for integrated service delivery in the automotive sector."

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-strategic-partnership-with-ping-an-bank-302404570.html

SOURCE SunCar Technology Group Inc.

FAQ

What services will SunCar Technology (SDA) provide under the Ping An Bank partnership in 2025?

SunCar will provide car wash, designated driver services, and premium vehicle care solutions as the preferred aftermarket service provider for Ping An Bank's Credit Card and Automotive Consumer Finance Centers.

When did the original partnership between SunCar Technology (SDA) and Ping An Bank begin?

The original partnership between SunCar Technology and Ping An Bank was established in 2017.

How long will SunCar's (SDA) renewed partnership with Ping An Bank last?

The renewed partnership will extend throughout 2025.

What is the main focus of SunCar Technology's (SDA) partnership with Ping An Bank?

The partnership focuses on strengthening the 'Finance + Automotive Services' ecosystem and delivering comprehensive automotive aftermarket services.