SunCar Technology gains after extending its partnership with Xiaomi

[Financial rising graph and chart with lines and numbers]
ismagilov

SunCar Technology Group Inc. (NASDAQ:SDA [https://seekingalpha.com/symbol/SDA]) announced on Monday the continued progression of the company's partnership with Xiaomi Corporation (OTCPK:XIACF [https://seekingalpha.com/symbol/XIACF]).

With the official launch of Xiaomi Auto's first pure electric SUV, the Xiaomi YU7 in April 2024, the two parties have been engaged in the field of intelligent vehicle insurance, creating a fully intelligent and digitized auto insurance service system for Xiaomi (OTCPK:XIACF [https://seekingalpha.com/symbol/XIACF]). The partnership utilizes SunCar's (NASDAQ:SDA [https://seekingalpha.com/symbol/SDA]) cloud-based platform, which connects drivers to a wide range of auto services and insurance options via a nationwide network. The platform empowers Xiaomi (OTCPK:XIACF [https://seekingalpha.com/symbol/XIACF]) to offer digital insurance solutions through Software as a Service (SaaS) and Platform as a Service (PaaS) models.

The current collaboration extends across 14 major Chinese cities, including Shanghai, Guangzhou, and Chengdu. As the partnership enters its next phase, SunCar (SDA [https://seekingalpha.com/symbol/SDA]) expects the business with Xiaomi to double in 2025.

Shares of SunCar Technology (SDA [https://seekingalpha.com/symbol/SDA]) were up 3.1% in premarket action on Monday to $2.56 vs. the 52-week range of $2.41 to $11.74. The Seeking Alpha Quant Rating on SDA is flashing Strong Sell due to low factor grades for momentum and profitability.

MORE ON SUNCAR TECHNOLOGY GROUP

* SunCar Technology Group Inc. (SDA) Q4 2024 Earnings Call Transcript [https://seekingalpha.com/article/4779212-suncar-technology-group-inc-sda-q4-2024-earnings-call-transcript]
* SunCar lands bull rating from Oppenheimer for its AI upside [https://seekingalpha.com/news/4456891-suncar-lands-bull-rating-from-oppenheimer-for-its-ai-upside]
* SunCar Technology Group GAAP EPS of -$0.04, revenue of $102.6M [https://seekingalpha.com/news/4450273-suncar-technology-group-gaap-eps-of-0_04-revenue-of-102_6m]
* Seeking Alpha’s Quant Rating on SunCar Technology Group [https://seekingalpha.com/symbol/SDA/ratings/quant-ratings]
* Historical earnings data for SunCar Technology Group [https://seekingalpha.com/symbol/SDA/earnings]