Update to Include Customers of 18 Leading NEV Companies

NEW YORK, Nov. 2, 2023 /PRNewswire/ -- SunCar Technology Group Inc. ("SunCar", "we", or the "Company") (Nasdaq:SDA), a leading provider of digitalized enterprise automotive after-sales services and online auto insurance intermediation services in China, announced the release of its latest version of its cutting-edge digital insurance system, Version 7.9.0. This significant update reflects the Company's commitment to staying at the forefront of the evolving auto insurance industry. Version 7.9.0 is currently being deployed by 18 leading new energy vehicle (NEV) companies, including Geely Auto, BYD, Nio, Xiaopeng, Nio, Li Auto, and Seres.

Over the course of the year, SunCar's platform has undertaken comprehensive updates, driven by the dynamic shifts in our industry, the meticulous research we have conducted on user scenarios and requirements, and important collaborations with world-renowned NEV manufacturers on software development. A primary enhancement in this release is the enhanced capability for automatic storage and astute management of user insurance image data. Our system can now classify insurance image data by leveraging advanced image recognition technology, facilitating automatic storage and intelligent matching in real-world application scenarios. This enhancement underscores SunCar's dedication to elevating the user experience of digital insurance intermediation.

Furthermore, SunCar has improved the traceability feature within the insurance intermediation process. Comprehensive image storage and management are now available throughout the entire user online operation process, regardless of the platform - mobile or PC. This innovation aligns with the market's growing demand for a robust traceability for online insurance intermediation process.

Mr. YE Zaichang, Chairman and CEO of SunCar, commented, "I am proud of our team's relentless efforts in bringing forth the 7.9.0 version of our insurance system. This update is a testament to SunCar's unwavering commitment to innovation and understanding of the intricate needs of our users. By incorporating advanced technologies and responding proactively to industry dynamics, we strive to redefine excellence in the insurance technology domain. We believe this release will significantly enhance user experience, allowing us to continue setting the industry benchmark. At SunCar, our mission has always been to stay ahead, and with this update, we are taking another significant step forward, providing state-of-the-art solutions that resonate with our customers' needs."

About SunCar Technology Group Inc.

Originally founded in 2007, SunCar is transforming the customer journey for car insurance and aftermarket services in China, the largest passenger vehicle market in the world. SunCar develops and operates online platforms that seamlessly connect drivers with a wide range of automotive services and insurance coverage options through a nationwide network of provider partners. As a result, SunCar has established itself as the leader in China in the B2B automotive after-sales services market and the online insurance market for electric vehicles. The company's multi-tenant, cloud-based platform empowers its enterprise clients to optimally access and manage their customer database and offerings, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application. For more information, please visit: https://suncartech.com.

Forward-Looking Statements

This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.

Contact Information :

SunCar:
Investor Relations: Ms. Hui Jiang
Email: [email protected]
Legal: Ms. Li Chen
Email: [email protected]

U.S. Investor Relations
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: [email protected]