NEW
YORK, Jan. 22, 2024 /PRNewswire/ -- SunCar
Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an
innovative leader in digitalized automotive after-sales services
and online auto insurance intermediation in China, today announced an exclusive vehicle
service contract with the Sichuan
Branch of China Construction Bank, one of China's largest financial institutions. SunCar
expects to derive cumulative revenue from the contract valued at
approximately RMB 23.4 million, or
USD 3.3 million.
This one-year exclusive contract with the Sichuan Branch follows SunCar's recently
announced agreement with the Fujian Branch of China Construction Bank,
valued at RMB 25 million. These
agreements with different branches of China Construction Bank
validates our superior service quality and reliability and
reinforces our strategic vision of expanding our client network
across China's vast banking
sector. SunCar will provide a comprehensive range of automotive
services tailored to meet the unique needs of China Construction
Bank's Sichuan Branch clientele.
SunCar's extensive network, which includes over 460 car wash
locations and numerous service points for other automotive needs,
positions SunCar to deliver top-tier services efficiently and
effectively.
This contract represents the latest milestone in our rapid
commercial growth. Over the past year, SunCar has forged
significant partnerships with several major banks, including China
Minsheng Banking Corp., Ltd., Bank of Communications Limited
(BoComm), China CITIC Bank, and the Agricultural Bank of
China. Each of these agreements
highlights our commitment to excellence and our ability to meet the
diverse and demanding needs of institutional clients in the
automotive service sector.
Mr. Ye Zaichang, Chairman and CEO of SunCar, commented, "We are
thrilled to expand our collaboration with China Construction Bank
through this new agreement with their Sichuan Branch. This contract demonstrates our
ability to deliver services at scale and reflects the strong
confidence our institutional partners have in our capabilities. We
are committed to maintaining our position as the leader in
China's B2B automotive after-sales
services market and online vehicle insurance market, and we look
forward to exploring even more avenues for growth and innovation in
the future."
About SunCar Technology Group Inc.
Originally founded in 2007, SunCar is transforming the customer
journey for car insurance and aftermarket services in China, the largest passenger vehicle market in
the world. SunCar develops and operates online platforms that
seamlessly connect drivers with a wide range of automotive services
and insurance coverage options through a nationwide network of
provider partners. As a result, SunCar has established itself as
the leader in China in the B2B
automotive after-sales services market and the online insurance
market for electric vehicles. The Company's multi-tenant,
cloud-based 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
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SOURCE SunCar Technology Group Inc
