SDAWWNasdaqServices-Automotive Repair, Services & ParkingUS GAAP · USD

SunCar Technology Group Inc.

SunCar Technology Group Inc. builds cloud-based platforms that connect drivers, enterprise customers, and auto service providers across China. The company’s business combines auto insurance distribution, insurance renewal management, and a broad auto services marketplace delivered through a nationwide partner network and enterprise software tools.

Revenue489m USD
+10.7 %y/y
Operating profit (EBIT)3.9m USD
+106.7 %y/y
EBIT margin0.8%
+14.0 ppy/y
Net income-2.4m USD
+96.3 %y/y
Free cash flow5.3m USD
−52.6 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-2000200400600m USD2021: 249 m USD2021: EBIT 10 m USD20212022: 282 m USD2022: EBIT -13 m USD20222023: 364 m USD2023: EBIT -15 m USD20232024: 442 m USD2024: EBIT -58 m USD20242025: 489 m USD2025: EBIT 3.9 m USD20254893.9
RevenueOperating profit (EBIT)

Business

Share of revenue
Auto eInsurance Platform45 %

Digital insurance distribution, renewal management, and policy-related services for vehicle owners and OEM partners.

Auto Services Platform30 %

Marketplace and workflow software for booking and managing vehicle-related services through partner vendors.

Enterprise Solutions15 %

Cloud-based tools for automakers, banks, insurers, and dealers to manage customer journeys and service workflows.

Chauffeur and Concierge Services10 %

Premium transportation and customer-assistance services sold to corporate and wealth-management clients.

Products

Reported · share of revenue
45.6%43.4%11.0%FY2025100 %
  • Auto Service45.6 %
  • Auto E Insurance Service43.4 %
  • Technology Service11.0 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

SunCar sells to enterprise clients, automotive original equipment manufacturers, banks, insurers, and car dealers that need software and outsourced service workflows. It also serves vehicle owners indirectly through partner channels, where the platform is used to quote, sell, renew, and fulfill auto insurance and auto services. The business is structured around B2B relationships, with the end user typically being the driver or vehicle owner.

Automotive OEMs and EV brands

They buy insurance-sales enablement, renewal management, and service workflows that support new-car sales and post-sale monetization.

Banks and financial institutions

They buy chauffeur, concierge, and VIP customer-service offerings for cardholders and high-net-worth clients.

Insurers and insurance intermediaries

They use SunCar’s platform to distribute policies, manage renewals, and run customer-service operations.

Dealers and sales partners

They use quoting, lead management, and service tools to sell insurance and auto services at the point of sale.

Vehicle owners and drivers

They buy insurance coverage, renewal services, and vehicle services through SunCar-enabled channels.

Strategy

SunCar’s strategy is to deepen embedded relationships with OEMs, banks, insurers, and dealer networks so that insurance and auto services are sold through recurring digital workflows. It also expands its platform value by connecting customers to a larger vendor network, automating quoting and scheduling, and broadening into premium services such as chauffeur solutions.

Deepen OEM and enterprise partnershipsShort term

Embedded relationships give SunCar recurring access to drivers and service demand.

Expand auto-service network densityMedium term

A larger vendor base improves service coverage, fulfillment speed, and customer choice.

Scale premium auto servicesMedium term

Corporate chauffeur and concierge contracts diversify revenue beyond insurance workflows.

Geography

SunCar’s operating footprint is centered in China, where it connects a nationwide network of sales partners and service vendors. The company’s platforms are built around the Chinese passenger vehicle market, with customer relationships spanning major urban regions and broad national coverage. Geography matters because the business depends on local partner density, OEM relationships, and service fulfillment across China rather than on a single physical market.

Risks

SunCar depends on a concentrated set of enterprise, OEM, and financial-institution relationships, so contract timing or partner turnover can affect volumes. Its business is also exposed to China-specific regulatory, competitive, and execution risks because it sits between insurers, drivers, dealers, and service vendors in a highly networked market. As a platform model, service quality, partner coverage, and transaction reliability are critical to retention and renewal rates.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration1China regulatory exposure2Partner-network execution3Competitive pressure in embedded auto services4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentrationImpact: HighLikelihood: Medium

    A meaningful share of activity comes from a limited number of OEMs, banks, and enterprise clients.

    ExposureEnterprise partnershipsBank contractsOEM alliances
  2. China regulatory exposureImpact: HighLikelihood: Medium

    Insurance distribution and auto-services workflows are subject to Chinese rules on insurance, data, and consumer services.

    ExposureAuto insuranceDigital platformsData handling
  3. Partner-network executionImpact: MediumLikelihood: High

    The model relies on coordinated fulfillment across many third-party vendors and sales partners.

    ExposureService qualitySchedulingCustomer experience
  4. Competitive pressure in embedded auto servicesImpact: MediumLikelihood: Medium

    OEMs, insurers, and digital platforms can build or source similar insurance and service solutions.

    ExposureAuto insurance distributionVehicle service platforms

Accounting

Judgemental items
Revenue recognition

The company combines platform services, insurance distribution, and concierge fulfillment, which can create different recognition patterns.

Impact: May affect revenue timing and gross margin presentation

Contract liabilities and deferred revenue

Enterprise arrangements and multi-period service commitments may require deferral until performance is satisfied.

Impact: Can move revenue between quarters

Consolidation and non-controlling interests

The group includes subsidiaries and reports non-controlling interests in consolidated results.

Impact: Affects attributable income and equity presentation

Reverse recapitalization accounting

Historical shares and equity structure were retrospectively adjusted in the transaction history.

Impact: Impacts comparability of per-share and equity data

Publicly listed companies with a comparable business focus.

Last updated: 28/09/2026