Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 80

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4
Chunk 80
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 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 innovative partnership with Xiaomi since early 2024. We have co-developed a bespoke insurance technology platform and initiated
sales of our embedded insurance product since Xiaomi’s first vehicle delivery in April 2024. We expect to expand this business by
developing more features and by turning more of our after-service and insurance clients and partners into our technology business clients.

Direct synergies between
our two major business segments

We believe that our strong
capability in managing extensive networks of auto service providers across China is the engine of our dual platforms of auto eInsurance
and auto services. We believe it enables us to synergistically develop both of our business segments, as follows:

  Cost-effective end customer-acquisition for our auto eInsurance business by cross-engaging our auto service providers to provide referrals. Auto service providers such as car wash and beauty st...  

  Efficient promotion of our auto services by cross-selling to our insurance company clients. Insurance companies strive to promote their auto eInsurance products and enhance the loyalty of their...  

Our Value Propositions

We believe that our synergistic
double platform can provide unique values for enterprise customers and their end customers in the auto services and the auto eInsurance
markets. We strive to promote sustainable and healthy development of an integrated and digitalized service platform for car owners in
China.

Our value proposition
for our enterprise customers:

  One-stop, plug-in, round-the-clock service enablement. Our service solutions contain diverse service selections, provided 24/7 across China, empowering our customers with round-the-clock, on-de...  
  Simple, convenient and cost-efficient service process. The management believes we have built and enabled an extensive network of quality auto service providers and set up stringent service stan...  
  Quality auto services to end customers of our customers to increase their loyalty and