Shares of SunCar Technology Group Inc (NASDAQ:SDA) surged 9.8% in premarket trading Wednesday after the company announced an expanded strategic partnership with Chinese EV manufacturer NIO Inc (NYSE:NIO).
The cloud-based automotive insurance and services firm revealed that it has entered a new stage of cooperation with NIO, building on a relationship that began in 2020. SunCar upgraded its Anji Cloud Service Center in late 2023 to provide more detailed, tailored auto insurance offerings for NIO vehicle owners.
The partnership expansion coincides with strong sales of NIO’s ES8 and ONVO L90 models, which feature advanced intelligent driving capabilities, ultra-fast charging, and luxury technology enhancements. SunCar will use its AI and big data analytics to design customized smart insurance solutions specifically for NIO clients.
Positioning itself as China’s leading cloud-based auto insurance service provider, SunCar focuses on B2B software solutions for the automotive sector. Its technology platform aims to create insurance products that align with the sophisticated features of NIO’s electric vehicles.
The deepened collaboration reflects SunCar’s continued strategy to expand its presence in China’s growing EV market through partnerships with leading manufacturers.
SunCar Technology Group stock price
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