SunCar Expands Partnership with China Pacific Insurance, Adding Two Major Provinces to Service Network
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) ha ampliato la sua collaborazione con la China Pacific Insurance Company (CPIC) assicurandosi nuovi contratti con le filiali provinciali di Zhejiang e Jiangsu di CPIC. Questi accordi posizionano SunCar come il principale fornitore di servizi di lavaggio e detailing auto per i clienti di CPIC in queste regioni.
L'espansione aumenta le partnership provinciali di SunCar con CPIC a dieci grandi regioni, comprese Shanghai e Guangdong. L'azienda punta a raddoppiare la sua copertura CPIC a 20 province entro la fine del 2025. L'offerta di servizi include infrastrutture di ricarica per veicoli elettrici, servizi di autista e concierge, trasporti VIP in aeroporto e voucher per servizi digitali.
SunCar Technology Group (NASDAQ: SDA) ha ampliado su asociación con la China Pacific Insurance Company (CPIC) al asegurar nuevos contratos con las filiales provinciales de Zhejiang y Jiangsu de CPIC. Estos acuerdos posicionan a SunCar como el proveedor principal de servicios de lavado y detallado de automóviles para los clientes de CPIC en estas regiones.
La expansión aumenta las asociaciones provinciales de SunCar con CPIC a diez regiones principales, incluidas Shanghái y Guangdong. La empresa tiene como objetivo duplicar su cobertura de CPIC a 20 provincias para finales de 2025. La oferta de servicios incluye infraestructura de carga para vehículos eléctricos, servicios de chofer y conserje, transporte VIP al aeropuerto y vales de servicio digital.
SunCar Technology Group (NASDAQ: SDA)는 China Pacific Insurance Company (CPIC)와의 파트너십을 확대하여 CPIC의 절강성과 강소성 지사와 새로운 계약을 체결했습니다. 이 계약들은 SunCar를 이 지역에서 CPIC 고객을 위한 주요 세차 및 디테일링 서비스 제공업체로 자리매김하게 합니다.
이번 확장은 SunCar의 CPIC 지방 파트너십을 10개 주요 지역로 늘리며, 상하이와 광동을 포함합니다. 이 회사는 2025년 말까지 CPIC 커버리지를 20개 성으로 두 배로 늘리겠다는 목표를 가지고 있습니다. 서비스 제공에는 전기차 충전 인프라, 운전사 및 컨시어지 서비스, 공항 VIP 교통편 및 디지털 서비스 바우처가 포함됩니다.
SunCar Technology Group (NASDAQ: SDA) a élargi son partenariat avec la China Pacific Insurance Company (CPIC) en sécurisant de nouveaux contrats avec les filiales provinciales de Zhejiang et Jiangsu de CPIC. Ces accords positionnent SunCar comme le principal fournisseur de services de lavage et de detailing automobile pour les clients de CPIC dans ces régions.
Cette expansion porte le nombre de partenariats provinciaux de SunCar avec CPIC à dix grandes régions, y compris Shanghai et Guangdong. L'entreprise vise à doublier sa couverture CPIC à 20 provinces d'ici la fin de 2025. L'offre de services comprend des infrastructures de recharge pour véhicules électriques, des services de chauffeur et de conciergerie, un transport VIP vers l'aéroport et des bons de service numérique.
SunCar Technology Group (NASDAQ: SDA) hat seine Partnerschaft mit der China Pacific Insurance Company (CPIC) erweitert, indem es neue Verträge mit den Provinzzweigen Zhejiang und Jiangsu von CPIC gesichert hat. Diese Vereinbarungen positionieren SunCar als den Hauptanbieter von Auto-Wasch- und Detaildienstleistungen für CPIC-Kunden in diesen Regionen.
Die Expansion erhöht die Provinzpartnerschaften von SunCar mit CPIC auf zehn große Regionen, einschließlich Shanghai und Guangdong. Das Unternehmen hat das Ziel, seine CPIC-Abdeckung bis Ende 2025 auf 20 Provinzen zu verdoppeln. Das Dienstleistungsangebot umfasst Ladeinfrastruktur für Elektrofahrzeuge, Chauffeur- und Concierge-Dienste, VIP-Transport zum Flughafen und digitale Servicegutscheine.
- Expansion into two major economic provinces (Zhejiang and Jiangsu)
- Partnership network growth to 10 major regions with CPIC
- Clear growth target to reach 20 provinces by end of 2025
- Diversified premium service offerings including EV charging and VIP transportation
- None.
Insights
The expansion into Zhejiang and Jiangsu provinces marks a strategic milestone for SunCar, targeting two of China's most affluent regions that collectively represent over $3.2 trillion in GDP and boast some of the highest vehicle ownership rates in the country. These provinces are particularly significant as they house major automotive manufacturing hubs and have shown rapid growth in premium vehicle ownership.
The partnership model with CPIC, China's third-largest property insurer, provides SunCar with a important competitive moat. By integrating directly with CPIC's customer base, SunCar significantly reduces customer acquisition costs while creating high switching costs for both the insurer and end users. The comprehensive service bundle, including EV charging infrastructure and premium services, positions SunCar to capture high-margin revenue streams in the rapidly growing electric vehicle market.
The target to reach 20 provinces by year-end 2025 appears ambitious but achievable given their execution track record. Their technology platform serves as a scalable foundation, enabling rapid geographic expansion without proportional cost increases. The platform's ability to integrate with CPIC's systems while offering digital service vouchers demonstrates strong technical capabilities that can be replicated across new regions.
However, the expansion velocity will likely face challenges in less developed provinces where service provider networks are less mature and digital adoption rates are lower. The success of this expansion will largely depend on SunCar's ability to maintain service quality standards while scaling operations, particularly in premium services like airport VIP transportation that require significant local resources and management attention.
The expansion brings SunCar's total CPIC provincial partnerships to ten major regions, including
With these new partnerships, SunCar is providing to CPIC customers premium services including:
- EV charging infrastructure
- Chauffeur and concierge services
- Airport VIP transportation
- Digital service vouchers
"These contracts with CPIC's
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.
FAQ
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