Written by Cláudio Afonso | LinkedIn | X
China’s largest auto insurance company SunCar reported on Monday a 55 per cent revenue increase in its EV-Insurance business for the first half of the year. Total revenue rose 27 percent to $203.1 million for the period from January to June.
Over the same period, Chinese sales of battery electric vehicles (BEVs) rose 12 percent year-over-year to 3.02 million units, while sales of plug-in hybrid electric vehicles (PHEVs), including those with extended-range electric powertrains, surged 85 percent year-over-year to 1.92 million units.
The company’s revenue on its eInsurance business increased by 55 per cent to $73.7 million in the first half of the year — up from $47.7 million reported in the same period of 2023.
SunCar stated that its growth was “beyond expectations,” driven by partnerships with several leading carmakers, including Tesla, XPeng, Nio, Li Auto, and Xiaomi — which delivered its first vehicles in late March and aims to deliver 120,000 units this year.
“In the eInsurance business, the Company has made significant progress in its partnership with leading electric vehicle manufacturers, including Tesla, Xiaomi, Nio, Zeekr, Li Auto, XPeng, Seres, Leapmotor, SAIC Motor, and Changan Avatar. These collaborations have driven growth beyond expectations,” the company stated.
Additionally, SunCar mentioned the recently extended partnership with both EV brands Zeekr and Jiyue where it started providing “software-based insurance services using SunCar’s intelligent platform”.
The company also signed a partnership with Lotus to offer customers owners software-based automotive services and insurance.
Written by Cláudio Afonso | LinkedIn | X
