NEW
YORK, March 3, 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
its selection as the exclusive provider for the Visa
Concierge Car Service Project, establishing a pivotal
partnership with global payments leader Visa. This strategic
alliance positions SunCar to deliver premium airport and high-speed
rail transfer services to Industrial and Commercial Bank of
China's (ICBC) high-net-worth
cardholders nationwide, opening significant new revenue channels in
China's lucrative premium services
market.
This partnership represents a substantial expansion of SunCar's
addressable market, providing direct access to ICBC's coveted
Platinum and Black Gold cardholders—an elite customer segment with
individual assets exceeding $1.1
million and credit card spending limits above $275,000.
"Securing this partnership with Visa, following their rigorous
vendor evaluation process, validates our technology platform's
superiority and service excellence," said Ye Zaichang, CEO of
SunCar. "This high-profile collaboration enhances our market
position with minimal additional capital expenditure, accelerating
our path to increased shareholder value."
The exclusive partnership leverages SunCar's established
nationwide service network and proprietary cloud-based technology
platform, allowing for rapid scaling with limited incremental
costs. The company's advanced AI-powered dispatch system ensures
optimal resource allocation, maintaining premium service levels
while maximizing operational efficiency across China's first-tier and emerging city
markets.
China's premium services market
continues to expand alongside the country's growing high-net-worth
population, presenting substantial growth opportunities for
well-positioned service providers.
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
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SOURCE SunCar Technology Group Inc.
