SunCar Technology Group Inc

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SunCar Technology Group, Inc. engages in the provision of automotive after-sales service and insurance intermediation service through its subsidiaries in the People's Republic of China. The company was founded on August 6, 2021 and is headquartered in Shanghai, China.

NEW YORK , Feb. 21, 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 new business cooperation (the "Agreement") through its wholly owned subsidiary, Shanghai Chengle Network Technology Co., Ltd. with Beijing Li Auto Insurance Brokerage Company ("Li Auto Insurance").

SunCar Technology Group Inc. Announces Business Cooperation with Li Auto for Advanced System Software Development

NEW YORK , Jan. 22, 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 an exclusive vehicle service contract with the Sichuan Branch of China Construction Bank, one of China's largest financial institutions. SunCar expects to derive cumulative revenue from the contract valued at approximately RMB 23.4 million, or USD 3.3 million.

SunCar Technology Group Inc. Secures Exclusive Vehicle Service Contract with China Construction Bank's Sichuan Branch

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.

SunCar Technology Group Inc. Secures Exclusive Vehicle Service Contract with China Construction Bank

SunCar Technology's share price has dropped by 32% since July. While a correction was due even then, a follow-on share offering at a lower price only confirmed this. The company's recent robust revenue growth of 28% YoY in H1 2023 goes in its favour though. However, profits have weakened due to rising costs, affecting margins. Its market multiples are competitive, making it a potential short-term Buy, but there isn't enough proof that it can perform in the medium term, leading to a Hold rating.

SunCar Technology: Improved Sales Performance, But Downsides Exist Too

NEW YORK , Nov. 13, 2023 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), a leading provider in digitalized automotive after-sales services and online auto insurance intermediation in China, is delighted to announce its recent strategic agreement with the Heilongjiang branch of Agricultural Bank of China. This one-year agreement marks a significant milestone in SunCar's expansion strategy within the financial services sector.

SunCar Technology Group Inc. Announces Strategic Cooperation with the Heilongjiang Branch of the Agricultural Bank of China

Update to Include Customers of 18 Leading NEV Companies NEW YORK , Nov. 2, 2023 /PRNewswire/ -- SunCar Technology Group Inc. ("SunCar", "we", or the "Company") (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation services in China, announced the release of its latest version of its cutting-edge digital insurance system, Version 7.9.0 . This significant update reflects the Company's commitment to staying at the forefront of the evolving auto insurance industry.

SunCar Technology Group Inc. Releases Version 7.9.0 of its Insurance System

NEW YORK , Oct. 30, 2023 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation services in China, today announced it closed its previously announced follow-on offering of $21 million of Class A Ordinary Shares, par value $0.0001 per share (the "Ordinary Shares") at a price of $8.18 per share. The Company issued a total of 2,567,238 Ordinary Shares to certain institutional investors.

SunCar Technology Group Inc. Announces the Closing of $21 Million Follow-on Offering

The Chinese auto insurance and after-market sales specialist is floating a new stock issue. It will sell $21 million worth of its Class A ordinary shares to institutional investors.

Why SunCar Technology Stock Plummeted by 28% This Week

NEW YORK , Oct. 26, 2023 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation services in China, today announced that it has entered into certain securities purchase agreements with certain institutional investors for a follow-on offering of $21 million of Class A Ordinary Shares, par value $0.0001 per share (the "Ordinary Shares") at a price of $8.18 per share. The Company will issue a total of 2,567,238 Ordinary Shares to the institutional investors.

SunCar Technology Group Inc. Announces $21 Million Follow-on Offering

NEW YORK, Oct. 20, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation services in China, announced that it has launched its online insurance solution for customers of Li Auto Inc.'s (Nasdaq: LI) new energy vehicles (NEV). Accessible via the Li Auto car owners' app, SunCar can offer various online insurance solutions, including H5 on the mobile, so car owners can quickly and conveniently compare and purchase auto insurance and other services.

SunCar Technology Launches Online Insurance Solution for Li Auto Inc. Customers

NEW YORK, Sept. 28, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China, today announced its unaudited financial results for the six months ended June 30, 2023.

SunCar Technology Group Inc. Announces First Half Year 2023 Results

NEW YORK, Sept. 12, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China, announced that it has signed its three-year designated driving service agreement with China CITIC Bank (“CITIC”), China's seventh-largest lender in terms of total assets, and a nationally comprehensive and internationally oriented commercial bank. CITIC operates over 160 branches in mainland China as well as branches in Hong Kong, Macau, New York, Los Angeles, Singapore and London.

SunCar Technology Group Inc. signed a three year designated driving services contract with CITIC

NEW YORK, Sept. 08, 2023 (GLOBE NEWSWIRE) --  SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China, announced that SunCar's CEO, Mr. Ye recently met with X. Rick Niu, the President of Starr Strategic Holdings, LLC. Starr Strategic Holdings, LLC is the division of Starr Insurance Companies dedicated to serving the insurance and investment needs of Asian and other emerging market companies and individuals doing business in the U.S.

SunCar Technology Group Inc. CEO Meets the President of Starr Strategic Holdings

NEW YORK, Sept. 07, 2023 (GLOBE NEWSWIRE) --  SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China, announced that it has renewed its one-year overseas airport pickup service agreement with Bank of Communications Limited (BoComm), the 5th largest bank in China.

SunCar Technology Group Inc. Expands Overseas Car Services

NEW YORK, Aug. 31, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China, today announced that it has renewed its annual destination pickup service agreement with China Minsheng Banking Corp., Ltd. (“CMBC”), public listed (SSE: 600016, SEHK: 1988) bank with over $40 billion annual revenue principally known for corporate banking with small-medium enterprises.

SunCar Technology Group Inc. Announces Service Agreement with CMBC

Shares of China-based auto insurance intermediation service provider SunCar Technology (NASDAQ: SDA ) are moving up modestly today. Earlier this morning, the company announced a one-year intermediation service agreement with Nio (NYSE: NIO ), a popular electric vehicle (EV) maker in China.

SDA Stock Alert: SunCar Technology Renews Partnership With Nio

NEW YORK, Aug. 30, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China, today announced that it has renewed its one-year insurance intermediation service agreement with Nio Inc., a multinational automobile manufacturer headquartered in Shanghai, China with over $7 billion annual revenue specializing in designing and developing electric vehicles.

SunCar Technology Group Inc. Announces Service Agreement with Nio Auto

NEW YORK, Aug. 22, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China, today announced that it has recently entered into an exclusive two-year insurance intermediation and after-sales service agreement with JIDU Auto, an electric vehicle venture between China's tech giant Baidu and Chinese automaker Geely.

SunCar Technology Group Inc. Announces Service Agreement with JIDU Auto

NEW YORK, July 03, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China, today announced its financial results for the fiscal year ended December 31, 2022. Full Year 2022 Financial Highlights Total revenues increased by 13% to $282.4 million for the fiscal year 2022 from $249.2 million in the fiscal year of 2021.

SunCar Technology Group Inc. Announces Its Operational Results for the Fiscal Year 2022

On May 17th, the Shanghai-based auto services startup completed its business combination with special purpose acquisition company (SPAC) Goldenbridge Acquisition Limited. The next day, SunCar began trading on the Nasdaq under its own SDA symbol.

SunCar Technology Stock Overheats

SunCar Technology Group Inc shares surged 121% to close at $43.05 on Wednesday. The provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China recently began trading on the Nasdaq after completing its previously announced merger with China's Goldenbridge Acquisition Limited, a publicly-traded special purpose acquisition company (SPAC).

SunCar Technology Group stock soars on Goldenbridge SPAC merger; $22M investment

SunCar Technology (NASDAQ: SDA ) stock is falling on Friday after the electrification company announced a $22 million private placement. Anji Zerun Private Equity Investment Partnership has agreed to a share purchase agreement for 2,173,657 shares of SDA stock.

Why Is SunCar Technology (SDA) Stock Down 27% Today?

NEW YORK, May 25, 2023 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc., a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation service in China (“SunCar,” the “Company”), today announced that it has entered into a Share Subscription Agreement (the “Share Subscription Agreement”) with a certain non-U.S. person, Anji Zerun Private Equity Investment Partnership (Limited Partnership) (the “Investor”) pursuant to which the Company agreed to sell to the Investor, and the Investor agreed to purchase from the Company, in a private placement 2,173,657 Class A ordinary shares, par value $0.0001 per share, of the Company (the “Purchased Shares”), at the total consideration of US$21,736,569.25 (the “Placement”). The Purchased Shares are subject to a lock-up period of six (6) months. The Company and Investor closed the Placement on May 19, 2023.

SunCar Technology Group Inc. Announces a $22 Million Private Placement

One of the season's most exciting initial public offerings (IPOs) launched yesterday. Contrary to what investors may assume from its name, SunCar Technology Group (NASDAQ: SDA ) doesn't operate in the solar space.

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