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SunCar Technology extends partnership with Xiaomi, gains following announcement.
ByAinvest
Monday, Jun 30, 2025 7:48 am ET1min read
SunCar Technology Group Inc. (NASDAQ:SDA) announced the continuation of its partnership with Xiaomi Corporation (OTCPK:XIACF) for Xiaomi Auto's first pure electric SUV, the Xiaomi YU7, set to launch in April 2024. The partnership aims to enhance the company's presence in the electric vehicle market.
SunCar Technology Group Inc. (NASDAQ: SDA) has announced the continuation of its partnership with Xiaomi Corporation (OTCPK: XIACF) for Xiaomi Auto's first pure electric SUV, the Xiaomi YU7. The partnership, set to enhance SunCar's presence in the electric vehicle (EV) market, comes as Xiaomi's YU7 is poised to launch in April 2024.The partnership between SunCar and Xiaomi is expected to double SunCar's business with Xiaomi in 2025. SunCar, known for its cloud-based, software-focused B2B auto eInsurance and auto services in China, has leveraged its artificial intelligence (AI) and big data analysis technologies to tailor an intelligent vehicle insurance solution specifically for Xiaomi Auto.
The YU7, priced at approximately $35,000, undercuts Tesla's Model Y by nearly 4% and has received an impressive response from consumers. Within the first hour of its launch, Xiaomi received 289,000 pre-orders, signaling strong market demand for the vehicle [3].
The partnership between SunCar and Xiaomi aims to create a fully intelligent and digitized auto insurance service system for Xiaomi. SunCar's platform connects drivers with a wide range of auto services and insurance coverage options through a nationwide network of sales partners, making it a leader in China's auto eInsurance market for electric vehicles and the B2B auto services market.
As the EV market in China continues to grow, SunCar's partnership with Xiaomi is set to strengthen its position in the market. The partnership not only enhances SunCar's offerings but also positions Xiaomi as a major player in the EV market, challenging established players like Tesla [2].
References:
[1] https://finance.yahoo.com/news/suncars-partnership-xiaomi-enters-phase-13000376.html
[2] https://nypost.com/2025/06/27/business/chinese-customers-snapping-up-xiaomis-suv-in-bad-sign-for-elon-musk/
[3] https://www.abc.net.au/news/2025-06-30/china-electric-vehicle-xiaomi-sells-289-000-suvs-tesla-model-y/105476084
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