NEW
YORK, Jan. 8, 2024 /PRNewswire/ -- SunCar
Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an
innovative leader in digitalized automotive after-sales services
and online auto insurance intermediation in China, today announced a two-year exclusive
vehicle service contract with the Fujian Branch of China Construction Bank, one
of the most prestigious financial institutions in China. SunCar expects to derive cumulative
revenue from the contract valued at approximately RMB 25 million, or USD 3.5
million.
Following a competitive bidding process, SunCar was selected as
the exclusive provider of vehicle services for the customers
of China Construction Bank's Fujian Branch. This win underscores SunCar's
trusted reputation in the industry and position as the leading
choice for after-sales car services in China. SunCar's extensive network of 460 car
wash locations across Fujian
allows the Company to offer an unparalleled car wash experience to
tens of thousands of China Construction Bank customers, ensuring
their vehicles are cared for with the utmost professionalism.
SunCar is keen to extend its service offering to more banks and
regions, having already reached or renewed agreements with China
Minsheng Banking Corp., Ltd., Bank of Communications Limited
(BoComm), China CITIC Bank, and Agricultural Bank of China over the past year.
Mr. YE Zaichang, Chairman and CEO of SunCar, commented, "SunCar
is excited about this exclusive collaboration with China
Construction Bank. This partnership not only reflects our shared
values of excellence and customer satisfaction but also opens
avenues for future ventures and opportunities. We are eager to
provide exceptional automotive services to our valued clients and
setting new benchmarks in our industry."
About SunCar Technology Group Inc.
Originally founded in 2007, SunCar is transforming the customer
journey for car insurance and aftermarket services in China, the largest passenger vehicle market in
the world. SunCar develops and operates online platforms that
seamlessly connect drivers with a wide range of automotive services
and insurance coverage options through a nationwide network of
provider partners. As a result, SunCar has established itself as
the leader in China in the B2B
automotive after-sales services market and the online insurance
market for electric vehicles. The Company's multi-tenant,
cloud-based 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