Kuala Lampur:According to BERNAMA News Agency, SunCar Technology Group Inc, a leader in AI-powered auto insurance and services, announced a net income of US$3.4 million for the first half of 2026. This marks a substantial turnaround from a US$5.5 million net loss in the same period last year.

The company attributed this improvement to increased revenue from electric vehicle insurance and technology services, alongside disciplined expense management. Revenue rose by 24 percent to US$276.5 million, up from US$222.3 million the previous year, driven by continued growth in auto insurance and stronger growth in auto services.

Adjusted EBITDA increased by 276 percent to US$9.4 million, reflecting better operating performance and cost efficiency. Chairman and CEO Zaichang Ye highlighted the company's 24 percent top-line growth and major contract wins, including agreements with AgBank and Huawei ecosystem customers, as indicators of SunCar's expanding contract size and scope.

Insurance premiums for electric vehicles climbed 31 percent to US$915.9 million, while auto eInsurance service revenue increased by 29 percent to US$126.2 million. Auto service revenue also grew by 22 percent to US$122.3 million.

Operating costs and expenses rose by 21 percent to US$270.2 million, with integrated service costs up 39 percent. However, selling expenses dropped 49 percent and general and administrative expenses fell 56 percent. SunCar continued to expand its customer base, including partnerships with Tesla, Xiaomi, NIO, Li Auto, and Zeekr. The auto services division secured contracts with PICC, Ping An Insurance, Ping An Bank, Agricultural Bank of China, and China UnionPay.

Progress in SunCar's AI initiatives was noted, with feature testing completed for eight OEM projects and automated testing coverage reaching 75 percent of vehicles. Operational efficiency improved by 45 percent, while error rates decreased by 80 percent. The company maintained its full-year 2026 revenue forecast at approximately US$600 million.