NEW
YORK, March 10, 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
it has secured a contract to develop and operate the insurance
management platform for Leapmotor (09863.HK), one of China's fastest-growing electric vehicle
manufacturers. The system will be integrated into Leapmotor's
mobile app ecosystem, handling insurance issuance, claims
processing, and accident services.
Leapmotor, founded in 2015, is a rising force in China's electric vehicle (EV) industry,
specializing in intelligent and affordable EVs. According to
CnEVPost, in 2024, the company delivered 293,724 vehicles, marking
an over 104% year-over-year growth, with the monthly deliveries
exceeding 40,000 units in the fourth quarter of 2024. According to
Financial Times, Leapmotor has generated over 20 billion HKD in revenue in 2024.
This contract expands SunCar's existing partnership with
Leapmotor, moving beyond traditional insurance agency services to
provide core technology infrastructure. The platform will serve
Leapmotor's rapidly growing customer base, which has expanded
through the company's strategy of offering affordable electric
vehicles to China's middle-income
market.
The new platform centralizes Leapmotor's insurance operations by
automating policy issuance and renewal, enabling digital claims
processing, coordinating post-accident services, and integrating
seamlessly with Leapmotor's customer app.
"This contract transforms our relationship with Leapmotor from
service provider to technology partner," said Ye Zaichang, Chairman
and CEO of SunCar Technology. "By powering their insurance
infrastructure, we're positioned to grow alongside yet another one
of China's most promising EV
manufacturers."
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.
