New and Renewed Contracts Totaling
30 million RMB to Enhance Automotive
Services Nationwide
NEW
YORK, Oct. 24, 2024 /PRNewswire/ -- SunCar
Technology Group Inc. (NASDAQ: SDA) ("SunCar" or the "Company"), an
innovative leader in cloud-based B2B auto services and auto
e-insurance in China, is pleased
to announce new and renewed partnerships with several branches of
Ping An Property & Casualty Insurance Co., Ltd. ("Ping An
P&C", 2318.HK), including in Shanghai, Guangdong, Foshan, Hebei, and Shanxi. The total contract value from these
agreements exceeds 30 million RMB
(approximately USD 4.2 million),
marking another major milestone in SunCar's ongoing collaboration
with one of China's largest
insurance groups.
This latest milestone includes a mix of new partnerships and
contract renewals. Notably, the Shanghai and Guangdong Ping An branches are
partnering with SunCar for the first time, while the Hebei and Shanxi branches have renewed their
long-standing collaborations with SunCar. Foshan Ping An is
re-engaging with SunCar after a hiatus.
The scope of these new agreements goes beyond traditional car
wash and maintenance services. SunCar will introduce an expanded
suite of premium auto services, including clay bar waxing,
polishing, wheel alignment, ozone disinfection, and air
conditioning sterilization. These value-added services allow Ping
An P&C to deliver an exceptional customer experience,
broadening its service offerings provided through SunCar's
collaboration.
As of October 2024, SunCar's
automotive service collaborations now extend to all of Ping An
P&C's top 10 provincial branches by premium scale, including
Guangdong, Jiangsu, Zhejiang, Shanghai, Sichuan, Shenzhen, Shandong, Hebei, Beijing, and Anhui. This extensive network further
solidifies SunCar's leading position in the auto services market.
The expanded partnership builds on SunCar's earlier successes with
Ping An P&C, including a notable June
2024 collaboration that focused on premium airport
pickup services for high-value Ping
An clients. With this latest round of contracts, SunCar
continues to demonstrate its ability to scale and deliver tailored
solutions across multiple service categories, positioning itself as
a key partner to Ping An P&C's extensive nationwide
network.
Ye Zaichang, Chairman and CEO of SunCar commented, "Our
expanding partnership with Ping An P&C reflects our shared
commitment to delivering exceptional auto services to customers.
The addition of new service offerings ranging from in-depth car
care to high-end disinfection solutions underscores our ability to
meet the evolving needs of Ping An's
clients and demonstrates the trust and confidence they place in us.
As we deepen our cooperation, we are enhancing the service
portfolio but also expanding the number of partnered car wash
locations, upgrading service quality, and supporting Ping An in promoting their insurance
products."
He added, "We are proud to support Ping
An in elevating customer experience, and we believe this
collaboration will continue to drive significant growth for both
companies. These initiatives will further strengthen SunCar's
industry reputation and increase our market share in the automotive
service 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 may contain 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.