SunCar (SDA) renews service agreement with Nio (NIO) for 1 year

Chinese digital automotive after-sales service provider, SunCar Technology (NASDAQ: SDA) announced today that it has renewed its one-year insurance intermediation service agreement with electric automaker, Nio Inc. (NYSE: NIO).

“We have witnessed strong growth momentum for NEVs in China, driven by the increasing general customer acceptance of products, services, and technologies.” Said CEO YE Zaichang. “We will continue to expand our diverse services platform and look forward to supporting more leading NEV companies as they ramp up production and delivery capabilities.”

SunCar creates and manages digital platforms that effortlessly link drivers with an extensive array of automobile services and insurance alternatives, all sourced from a diverse network of providers spanning the entire country. This accomplishment has positioned SunCar as the predominant force in both China's B2B automotive after-sales services sector and the online insurance market dedicated to electric vehicles.

Shares of SDA are up 2.24% in afternoon trading Wednesday, while NIO is down 2.98%.

By Michael Elkins | [email protected]

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