SunCar wins insurance contract for Aistaland luxury EV brand

SunCar Technology Group Inc. (NASDAQ: SDA) announced it has secured a contract to manage auto insurance for Aistaland, a luxury electric vehicle brand co-developed by Huawei, according to a company press release.

The agreement makes SunCar the exclusive insurance partner for all Huawei luxury EV partner brands. SunCar currently works with five other Huawei partner brands and maintains partnerships with more than 20 EV brands including Tesla, Xiaomi, NIO, XPeng, Li Auto, and others.

Under the contract, SunCar will create customized insurance solutions that integrate with Huawei's Qiankun intelligent vehicle system. The company plans to use its vehicle database and Doubao's large language model to build AI models for calculating vehicle and driver risk, matching insurance policies, predicting maintenance needs, and reducing claims costs.

SunCar will provide services through its network of 48,000 automotive service providers, offering underwriting process management, claims processing, roadside assistance, and maintenance services to Aistaland owners.

"Successfully winning the bid for Aistaland's auto insurance business is high recognition of the strength of the Company's AI technology and luxury EV service capabilities," said Zaichang Ye, Chairman and CEO of SunCar.

Founded in 2007, SunCar operates AI cloud-based platforms that connect drivers with auto services and insurance coverage options in China's vehicle market.

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