SunCar Technology Group Inc. (NASDAQ: SDA) witnessed a noteworthy surge of 8.43%, culminating at $9.00 during the recent trading session. This uptick in SunCar’s stock value was spurred by a momentous development—the company’s successful procurement of a substantial contract.
SunCar (SDA) unveiled an exclusive vehicle service contract with the Sichuan Branch of China Construction Bank, a prominent entity within China’s expansive financial landscape. Anticipating an accrued revenue of approximately RMB 23.4 million, equivalent to USD 3.3 million, SunCar envisions a prosperous collaboration with one of the nation’s largest financial institutions.
This one-year exclusive agreement with the Sichuan Branch builds upon SDA’s recent triumph—a strategic partnership with the Fujian Branch of China Construction Bank, valued at RMB 25 million. These engagements with distinct branches of China Construction Bank underscore SunCar’s unwavering commitment to delivering superior service quality and reliability, aligning seamlessly with the company’s strategic vision to extend its clientele reach within China’s extensive banking sector.
SDA is poised to deliver a comprehensive suite of automotive services specifically tailored to meet the distinctive requirements of China Construction Bank’s Sichuan Branch clientele. Leveraging its extensive network, comprising over 460 car wash locations and numerous service points for diverse automotive needs, SunCar is strategically positioned to provide top-tier services with efficiency and effectiveness.
This contract represents the pinnacle of SunCar’s rapid commercial ascent. Over the past year, SDA has fostered meaningful partnerships with major financial institutions, including Bank of Communications Limited (BoComm), China Minsheng Banking Corp., Ltd., the Agricultural Bank of China, and China CITIC Bank.
These collaborations underscore SDA’s unwavering commitment to excellence and its ability to cater to the multifaceted and demanding requirements of institutional clients within the automotive service sector. By extending its collaboration with China Construction Bank through this latest agreement with their Sichuan Branch, SunCar not only demonstrates its capacity to deliver services at scale but also reinforces the profound confidence institutional partners have in the company’s capabilities.