Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 87

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4
Chunk 87
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 and expanded our insurance brokerage services for Tesla with premium volume growing from $400,000 to
approximately $40 million across 48 Chinese cities. With Lotus Technology, we leverage our auto e-insurance platform and extensive auto
service network to provide Lotus owners with comprehensive one-stop auto services. Our growing relationships with these technology-focused
automotive companies play a vital role in our strategy to lead the transformation of auto services in the digital age. We have also established
deep collaboration with auto dealers, starting with Chang’an Deepal dealers, by embedding our insurance systems into dealer networks
to enable them to sell new insurance products.

In 2024, we have renewed car
wash service agreements with Didi, Meituan, and Alipay, and signed a new car wash partnership with Douyin. We enhanced our Alipay collaboration,
extending from ‘ Car Life’ channel discounts to the ‘ Car God Card’ program. We’ve also formed a strategic
partnership with Ant Fortune to launch exclusive airport limousine services for Ant Fortune Black Card V3 members. We also provided high-end
limousine services for leading luxury brands, including Chanel, Dior, and Omega, most notably supporting Chanel’s 2024 Hangzhou
Show by providing transportation services for over 150 VIP guests.

The service providers of our
auto services business primarily include automobile service providers including car wash and beauty, maintenance, designated driver, destination
pickup, and non-accident roadside assistance and breakdown service providers through which we procure individual service providers and
sole proprietors in the auto services business. We generally pay service fees to auto service providers and contractors on a monthly basis.

During the last two years,
the top service providers of our auto services business were mainly regional auto service providers based in major cities. Our transactions
with these service providers were on an individual counterparty basis. We therefore consider each of these transacting counterparties
as a separate service provider.

Growth Strategy

We expect to keep our leading
position in both auto eInsurance and auto services markets to further organic growth. Moreover, we intend to take an active part in the
auto industry’s transformation and seek new opportunities. The key components of our growth strategy are:

Benefit from High Industry
Growth. We believe that the auto service industry and online auto insurance industry will continue to benefit from significant trends
that drive continuous growth, including growing car ownership in China. The uptrend of vehicle usage post COVID-19 can create more opportunities
for auto service and insurance