SunCar Technology Group Inc. - SDA STOCK NEWS

SunCar Technology Group (NASDAQ: SDA) has secured a RMB 14 million (US$1.93 million) contract with China Construction Bank (CCB) Hunan to operate their car wash program. The two-year agreement extends through December 2026 and expands SunCar's existing CCB partnerships beyond Fujian and Yunnan provinces.

Under the contract, SunCar will provide exclusive car wash services to CCB Hunan's Long Card members through its service location network. This development builds upon SunCar's successful implementation in Yunnan province, where they've integrated their digital platform with CCB's banking services. The agreement represents SunCar's ongoing transformation from a traditional benefits provider to an 'automotive ecosystem operator,' combining banking services, digital payments, and physical car care locations into a unified platform.

SunCar Technology Group (NASDAQ: SDA) has expanded its partnership with China Pacific Insurance Company (CPIC) by securing new contracts with CPIC's Zhejiang and Jiangsu provincial branches. These agreements position SunCar as the primary car wash and detailing service provider for CPIC customers in these regions.

The expansion increases SunCar's CPIC provincial partnerships to ten major regions, including Shanghai and Guangdong. The company aims to double its CPIC coverage to 20 provinces by year-end 2025. The service offering includes EV charging infrastructure, chauffeur and concierge services, airport VIP transportation, and digital service vouchers.

SunCar Technology Group (NASDAQ: SDA) announced a significant expansion of its strategic partnership with a major electric vehicle manufacturer in China. The collaboration, which began in early 2024, has shown remarkable growth in automotive insurance brokerage services, with premium volume increasing from $400,000 in January 2024 to approximately $40 million by year-end, spanning 48 Chinese cities.

The company's e-insurance system serves over 2 million electric vehicles currently on the road in China, streamlining the insurance renewal process. Looking ahead to 2025, SunCar plans to expand its geographical coverage and deepen technology integration by incorporating its automotive services directly into the EV manufacturer's owner platform. The company's AI-powered infrastructure has been key in optimizing service delivery and resource allocation.

SunCar Technology Group (Nasdaq: SDA) announced the complete integration of DeepSeek AI technology into its cloud-based service platform and car insurance SaaS solutions. This integration aims to revolutionize automotive services through enhanced intelligence and efficiency in China's B2B auto services and auto e-insurance sectors.

The implementation leverages DeepSeek's algorithms to analyze vehicle and insurance data, providing precise risk profiling and tailored insurance recommendations. Key advantages include enhanced insurance recommendation precision, improved scheduling efficiency, sophisticated user behavior analysis, and cost-effective AI implementation with robust data security.

The company plans to expand its AI initiatives, particularly focusing on the electric vehicle market, China's fastest-growing auto-sales segment. SunCar aims to facilitate the transition from traditional to electric vehicles through AI-driven revenue generation and customized solutions.

SunCar Technology Group (Nasdaq: SDA), a leading cloud-based B2B auto services and auto e-insurance provider in China, has announced a $30 million share repurchase program for its outstanding Class A ordinary shares. The program, scheduled to run for the next 12 months, will be funded through cash on hand and operational cash flow.

The company plans to execute the buyback through open market purchases, private transactions, or other means compliant with federal securities laws, including Rules 10b5-1 and 10b-18. The actual timing and volume of repurchases will be determined by various factors, including regulatory requirements and market conditions.

Chairman and CEO Zaichang Ye stated that this initiative demonstrates management's confidence in the company's business outlook and its position as a leading digitalized enterprise auto services provider in China.

SunCar Technology Group (Nasdaq: SDA), a Chinese cloud-based B2B auto services and auto e-insurance provider, has announced the pricing of a follow-on public offering of 7,142,858 Class A ordinary shares expected to raise approximately $50 million in gross proceeds. The underwriters have been granted a 30-day option to purchase up to an additional 1,071,429 shares.

The offering is expected to close around February 7, 2025. BTIG, is serving as the lead book-running manager, with Macquarie Capital and Oppenheimer & Co. Inc. as joint bookrunners. The company plans to use the net proceeds for working capital and general corporate purposes.

SunCar Technology Group Inc. (Nasdaq: SDA), a Chinese cloud-based B2B auto services and auto e-insurance provider, has announced a firm commitment underwritten follow-on public offering of up to $50 million of Class A Ordinary Shares. The company will grant underwriters a 30-day option to purchase up to an additional $7.5 million of shares.

The offering is being led by BTIG, as the lead book-running manager, with Macquarie Capital and Oppenheimer & Co. Inc. serving as joint bookrunners. The proceeds will be used for working capital and general corporate purposes. The offering is subject to market conditions and will be conducted under an effective shelf registration statement previously filed with the SEC on June 3, 2024.

SunCar Technology Group (Nasdaq: SDA) has appointed Breaux Walker as Chief Strategy Officer, effective January 13, 2025. Walker, who joined SunCar in March 2024 as Consulting General Manager for North America, brings over 25 years of experience in business development, corporate finance, and cross-border transactions.

Prior to SunCar, Walker was a Partner at HRJ International and held Managing Director positions at Weild & Co. and JMP Securities. He previously founded a technology services company in China that reached $25 million in revenue, and held senior leadership roles at Kochava and Union Mobile Pay Walker is fluent in Mandarin Chinese and Spanish, and holds a degree from Wesleyan University.

SunCar Technology Group (NASDAQ: SDA) has joined the China Auto Dealers Chamber of Commerce (CADCC) as one of its 40 vice-chairman members. This strategic move positions SunCar to expand its presence in both the New Energy Vehicle (NEV) and traditional fuel vehicle markets in China, where over 3 billion fuel vehicles are currently in circulation.

CADCC, established in 2006, is a national-level organization under the All-China Federation of Industry and Commerce, representing over 2,000 members and nearly 8,000 4S dealerships. The organization serves as a bridge between dealers, manufacturers, and consumers, offering services including policy advocacy, training, and international exchanges.

As stated by Chairman and CEO Ye Zaichang, this partnership represents a strategic development step, aiming to bridge fuel vehicle and NEV markets while fostering industry collaboration. The membership provides SunCar with opportunities for industry exchanges, policy discussions, and market initiatives development.