Chinese Auto Insurance Leader Reports Surge in Revenue Due to Electric Vehicle Boom

China’s SunCar saw a 55% revenue increase in its EV-Insurance business in the first half of the year, reaching $73.7 million. Over the same period, Chinese BEVs sales rose 12% to 3.02 million units, and PHEVs surged 85% to 1.92 million units. SunCar attributed its growth to partnerships with top carmakers like Tesla, XPeng, and Nio. The company also expanded partnerships with EV brands Zeekr and Jiyue, offering software-based insurance services. A new partnership with Lotus will provide customers with software-based automotive services and insurance. SunCar’s revenue growth exceeded expectations, driven by collaborations with leading electric vehicle manufacturers.