Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 129

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 129
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 over 700 customized service solutions running on over 1,400 client applications for the year 2024.
We have developed a network of over 48,000 auto service providers in China by the end of 2024.

Our technology business

During our nearly two decades
of business in auto service and insurance markets, we have built up rich domain knowledge not only of our own business, but also of the
businesses of our partners. To fully digitalize our business, we have continuously worked to develop online tools and digital systems
to empower our partners to run their businesses more efficiently and seamlessly connected to our platforms. We have built modular online
management tools such as customer relationship management (CRM), order management, finance management and visual analysis systems, based
on our proprietary hybrid cloud platform. All of our auto service providers and insurance sales partners use all or some of these online
tools to manage their daily work, allowing us the opportunity to monetize the online software we built.

We have been putting more
R& D resource to accelerate the development turning the existing online software modules into a SaaS based product. We have launched
our SaaS product with select customers in 2023, which we expect to scale up based on our proprietary hybrid cloud platform, onto which
we are migrating our current portfolio of online software products. Prior to the SaaS based product development which began in 2022, we’ve
already started to sell our online software as a technology development service since 2021, making some of our service providers as technology
business clients. We expect to add more features and iteratively update the product to enhance the capability as well as user experience.
We currently market our technology business first only to our service providers and insurance sales partners. We have been expanding the
technology business to external clients since 2024, in addition to a good product penetration in our existing potential client pool.

Beginning in 2020, we have
started to monetize our technical services on online software as a new source of revenue. For the year 2024, our technical services business
generated revenue of $45 million. Currently, this revenue takes the form of technology development service fees. We continue
to develop our SaaS (Software as a Service) model for recurring subscription revenue. In 2024, we have secured a contract with ZEEKR (NYSE:
ZK), a leading Chinese EV manufacturer, to develop and integrate our insurance platform into Zeekr’s app ecosystem. We have also
developed our