SunCar Technology Group Inc. (NASDAQ:SDA) shares raced higher on Monday. The company announced a strategic partnership with Wuhan JIDU Automobile Service, a joint venture between Baidu Inc (NASDAQ:BIDU) and Geely. Here's what you need to know.
What To Know: SunCar has entered into a strategic partnership with Wuhan JIDU to provide a cutting-edge insurance technology platform to auto buyers and customers across China. SunCar Technology shares jumped on the news.
The collaboration aims to launch a nationwide intelligent insurance platform in China designed to streamline and digitize auto insurance processes for Wuhan JIDU's customers. SunCar's platform offers features such as online quoting, electronic policy issuance, claims management and underwriting, all powered by AI and big data.
Wuhan JIDU focuses on intelligent electric vehicles and autonomous technology. Through this partnership, the company plans to enhance its customer offerings by integrating SunCar's digital insurance solutions, which connect customers with leading insurance providers.
Ye Zaichang, Chairman and CEO of SunCar Technology, stated that this collaboration represents a step forward in creating a fully digital-first insurance ecosystem tailored to tech-savvy consumers.
"This collaboration not only enhances the value Wuhan JIDU delivers to its customers but also demonstrates the scalability and versatility of our Platform. We are committed to supporting Wuhan JIDU as it continues its rapid growth, offering seamless, intelligent services to auto buyers nationwide," Ye said.
SDA Price Action: SunCar Technology shares closed Monday up 10.6% at $10.20, according to Benzinga Pro.
