NEW YORK, March 7, 2024 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in digitalized auto services and auto e-insurance in China, recently presented at the Citizens JMP Securities Technology Conference, providing an overview of the Company's progress and strategic direction since becoming the first China-based company in the automotive services industry to be listed on Nasdaq. With 16 years of industry leadership, SunCar has established itself as the leading digital B2B auto service and auto e-insurance platform in China. Participating on behalf of Suncar was Mr. Ye Zaichang, CEO and Chairman of Suncar, Mr Stanley.Yang, Chief Strategy Officer, and Ms Jennifer Jiang, Investor Relations Director.
During the presentation, management outlined its impressive growth trajectory, highlighting its dominant position in a market with significant size – $120 billion for auto insurance premiums and $20 billion for B2B auto services in China. SunCar has achieved consistent and fast growth over the last 9 years with a compound annual growth rate (CAGR) of 33%. During COVID-19, the Company grew its revenue to US$317 million with a CAGR of 17% from 2021 to the trailing twelve months (LTM) ended June 30, 2023. SunCar's growth has rebounded post COVID and the first half of 2023 has witnessed a 28% year-over-year (YoY) growth.
SunCar's B2B auto services business has demonstrated remarkable resilience despite industry challenges. The revenue has grown by a CAGR of 8% to $208 million from 2021 to LTM June 2023 during COVID-19. The asset-light and scalable business model, supported by a vast supplier network of over 46,000 suppliers in more than 350 cities, has led to a strong revenue performance. The Company serves a diverse base of enterprise clients nationwide, which include top banks and insurance companies in China.
SunCar's auto e-insurance business has grown rapidly with total revenue growing at a CAGR of 47% to US$ 109 million from 2021 to LTM June 2023. The first half of 2023 has seen a strong 74% revenue growth year over year. The company offers auto e-insurance through its 62,000+ sales partners and auto manufacturer relationships. The company has seen significant growth in the new cars and new electric vehichles (NEV) insurance segment over the last two years powered by extensive partnerships with NEV manufacturers.
The presentation also detailed SunCar's effective business model and growth strategy. SunCar aims to expand service offerings, grow regionally and internationally, and explore potential M&A opportunities to solidify its market position.
In closing, SunCar reiterated its commitment to leveraging its technological prowess and strategic partnerships to foster growth in the evolving auto service and auto insurance industries. The Company's forward-looking strategies, innovative platform, and robust market presence position SunCar for sustained growth and leadership in China's auto services and auto insurance sectors.
紐約,2024年3月7日 /PRNewswire/ — 中國數字化汽車服務和汽車電子保險領域的創新領導者SunCar Technology Group Inc.(“公司” 或 “SunCar”)(納斯達克股票代碼:SDA)最近在Citizens JMP證券技術會議上發表了演講,概述了該公司成爲汽車服務行業第一家在納斯達克上市的中國公司以來的進展和戰略方向。憑藉16年的行業領導地位,SunCar已確立了自己作爲中國領先的數字B2B汽車服務和汽車電子保險平台的地位。Suncar首席執行官兼董事長葉在昌先生、首席戰略官Stanley.Yang先生和投資者關係董事Jennifer Jiang女士代表Suncar與會。
在演講中,管理層概述了其令人印象深刻的增長軌跡,強調了其在龐大的市場中的主導地位——中國汽車保險費爲1200億美元,B2B汽車服務爲200億美元。在過去的9年中,SunCar實現了持續而快速的增長,複合年增長率(CAGR)爲33%。在 COVID-19 期間,該公司的收入增長至3.17億美元,從2021年到截至2023年6月30日的過去十二個月(LTM),複合年增長率爲17%。新冠疫情過後,SunCar的增長已經反彈,2023年上半年同比增長了28%。
儘管面臨行業挑戰,但SunCar的B2B汽車服務業務仍表現出非凡的彈性。在 COVID-19 期間,從 2021 年到 2023 年 6 月 LTM,收入以8%的複合年增長率增長了8%,達到2.08億美元。輕資產和可擴展的商業模式得到了遍佈350多個城市的46,000多家供應商的龐大供應商網絡的支持,帶來了強勁的收入表現。該公司爲全國範圍內的多元化企業客戶群提供服務,其中包括中國的頂級銀行和保險公司。
從2021年到2023年6月中旬,SunCar的汽車電子保險業務迅速增長,總收入以47%的複合年增長率增長至1.09億美元。2023年上半年的收入同比強勁增長了74%。該公司通過其62,000多個銷售合作伙伴和汽車製造商關係提供汽車電子保險。在過去的兩年中,在與新能源汽車製造商的廣泛合作伙伴關係的推動下,該公司在新車和新電動汽車(NEV)保險領域實現了顯著增長。
該演講還詳細介紹了SunCar的有效商業模式和增長戰略。SunCar旨在擴大服務範圍,在區域和國際上發展,並探索潛在的併購機會以鞏固其市場地位。
最後,SunCar重申致力於利用其技術實力和戰略合作伙伴關係來促進不斷變化的汽車服務和汽車保險行業的增長。該公司的前瞻性戰略、創新平台和強大的市場佔有率使SunCar在中國汽車服務和汽車保險領域保持持續增長和領先地位。