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SunCar Technology Expands Partnership

SunCar Technology Group Inc., a trailblazer in auto e-insurance and cloud-based B2B services in China, has made headlines with the significant expansion of its partnership with one of the world's premier electric vehicle (EV) manufacturers. Since its inception in early 2024, this collaboration has showcased remarkable growth, underscoring SunCar's rising influence in the fast-evolving automotive landscape of China.

The partnership, initially focused on automotive insurance brokerage services, saw a staggering premium volume increase, soaring from $400,000 in January 2024 to around $40 million by December of the same year. This surge highlights a hundredfold growth across 48 cities in China, driven by the substantial presence of over 2 million electric vehicles from its partner currently roaming the streets. SunCar has developed an innovative e-insurance system designed to simplify the insurance renewal process, ensuring effortless coverage for this expanding market. The rapid scaling of this initiative highlights both the burgeoning market demand and the effectiveness of SunCar's service delivery model.

As we move into 2025, SunCar aims to continue its expansion, not only in geographical reach but also in technological integration. A pivotal step for the company is joining forces with the EV manufacturer to incorporate SunCar's specialized automotive services directly into the manufacturer's owner platform. This integration will facilitate a smoother experience for millions of vehicle owners and represents a significant leap forward in digital automotive service delivery.

A cornerstone of this success has been SunCar's AI-driven infrastructure, which has significantly enhanced service efficiency and resource allocation. The company's advanced insurance renewal system now serves the substantial user base of over 2 million owners of its partner’s electric vehicles, exemplifying SunCar's technological prowess and extensive market reach. This shift towards digital solutions is setting new benchmarks for efficiency and customer satisfaction within the automotive industry.

Ye Zaichang, Chairman and CEO of SunCar Technology Group Inc., emphasized, "As artificial intelligence continues to revolutionize the automotive sector, SunCar stands at the forefront, delivering innovative solutions that cater to the evolving needs of vehicle owners. Our growing alliance with this leading EV manufacturer fortifies our stance in China's rapidly expanding electric vehicle market, demonstrating our dedication to technology-driven service excellence."

About SunCar Technology Group Inc.

Founded in 2007, SunCar is focused on transforming the customer experience for auto services and insurance in China, the world's largest passenger vehicle market. The company has developed and operates cloud-based platforms that connect drivers seamlessly with an extensive range of auto services and insurance options through its nationwide sales partner network. As a result, SunCar has emerged as a leader in China’s B2B auto services market and the auto e-insurance sector for electric vehicles. Its intelligent cloud platform empowers enterprise clients to access and optimize their customer databases and services, allowing drivers to enjoy a variety of services from numerous independent providers—all within a single application. For further information, please visit SunCar Technologies.

Forward-Looking Statements

This announcement includes forward-looking statements regarding the Company's future expectations, plans, and prospects. Actual results may differ significantly from those anticipated due to various factors, including but not limited to, the ability to raise additional funding, maintain business growth, variability in operational results, and competition in the automotive industry.

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