Chinese auto e-insurer SunCar Technology Group has expanded its alliance with one of the world's “foremost” electric vehicle (EV) makers.
The collaboration, which started in early 2024, is said to have supported significant growth in automotive insurance brokerage services, with premium volume increasing from $400,000 in January 2024 to nearly $40m by year end across 48 Chinese cities.
This stems from a newly developed e-insurance system that streamlines the insurance renewal process and coverage for more than two million owners of the partner company's EVs.
SunCar's AI-powered infrastructure has been crucial in optimising service delivery and resource allocation, the release stated.
In 2025, SunCar plans to extend its geographical presence and deepen its technology integration.
This includes integrating specialised automotive services directly into the EV manufacturer's owner platform for vehicle owners.
SunCar Technology Group CEO and chairman Ye Zaichang said: "As artificial intelligence reshapes the automotive industry, SunCar continues to pioneer innovative solutions that address the evolving needs of vehicle owners. Our expanding partnership with this leading EV manufacturer strengthens our position in China's rapidly growing electric vehicle market while demonstrating our commitment to technology-driven service excellence."
The company recently integrated DeepSeek's AI technology into its cloud-based service platform and car insurance software-as-a-service (SaaS) solutions.
This integration is expected to add "intelligent analytics and personalised solutions", transforming traditional automotive services.
Earlier this month, the company’s board of directors authorised a share repurchase programme to buy back up to $30m (217.62m yuan) of its outstanding Class A ordinary shares over the next 12 months, using a mix of cash on hand and cash generated from operations.
Set up in 2007, SunCar develops and operates cloud-based platforms that connect drivers with auto services and insurance coverage options, facilitated through a nationwide network of sales partners.
"SunCar Technology extends ties with global EV manufacturer " was originally created and published by Life Insurance International, a GlobalData owned brand.
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