0001213900-24-036833 | 20-F | XBRL Viewer | Suncar Technology Group INC

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Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class A Ordinary Shares
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.00005
Ordinary shares, shares authorized	400,000,000	400,000,000
Ordinary shares, shares issued	40,076,493	31,971,435
Ordinary shares, shares outstanding	40,076,493	31,971,435
Class B Ordinary Shares
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	100,000,000	100,000,000
Ordinary shares, shares issued	49,628,565	49,628,565
Ordinary shares, shares outstanding	49,628,565	49,628,565

Software and Equipment, Net

12 Months Ended

Dec. 31, 2023

Software and Equipment, Net [Abstract]

SOFTWARE AND EQUIPMENT, NET

SOFTWARE AND EQUIPMENT, NET

Software and equipment, net, consisted of the following:

	December 31,
	2022			2023
Cost
Computer software ⁽ⁱ⁾		16,523			22,410
Electronic equipment		10,587			13,161
Vehicles		979			891
Office equipment and furniture		184			180
Leasehold improvements		762			40
Others		733			711
Total		29,768			37,393
Less: accumulated depreciation		(11,277	)		(14,927	)
Software and equipment, net	$	18,491			22,466

(i)

In 2022, hybrid cloud platform developed with the assistance of a third-party cloud service provider was partially substantially ready for use and transferred from other non-current assets. Cost of hybrid cloud platform represents the purchase price of the platform and other expenditures incurred to bring the platform into its intended use. The application of the hybrid cloud platform was to improve the IT development capability for internal-used software platforms which provide auto services and auto eInsurance service to customers, and Software-As-A-Service (“SaaS”) products which are provided to business partners as technology services.

Depreciation expense was $4,055, $5,078 and $4,114 for the years ended December 31, 2021, 2022 and December 31, 2023, respectively.

During the years ended December 31, 2021, 2022 and 2023, the Group recorded no impairment loss of software and equipment.

Summary of Significant Accounting Policies (Details) - Schedule of Unobservable Inputs Used in the Measurement of Fair Value of Private Warrant	12 Months Ended
	Dec. 31, 2023
Schedule of Unobservable Inputs Used in the Measurement of Fair Value of Private Warrant [Abstract]
Expected term (in years)	4 years 4 months 17 days
Volatility	64.34%
Risk-free interest rate	3.90%
Dividend yield

Condensed Financial Information of the Parent Company (Details) - Schedule of Condensed Parent Company Balance Sheets - Parent Company [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash	$ 2,025
Prepaid expenses and other current assets, net	7,342
Investment in subsidiaries	6,716
Total assets	16,083
LIABILITIES AND SHAREHOLDERS’(DEFICIT)/EQUITY
Accrued expenses and other current liabilities	5
Deficit in investment in subsidiaries		5,284
Total liabilities	5	5,284
Shareholders’(deficit)/equity
Additional paid in capital	144,160	95,764
Accumulated deficit	(128,091)	(101,056)
Total shareholders’(deficit)/equity	16,078	(5,284)
TOTAL LIABILITIES AND (DEFICIT)/EQUITY	16,083
Class A Ordinary Shares [Member]
Shareholders’(deficit)/equity
Ordinary shares, value	4	3
Class B Ordinary Shares [Member]
Shareholders’(deficit)/equity
Ordinary shares, value	$ 5	$ 5

Warrants

12 Months Ended

Dec. 31, 2023

Warrants [Abstract]

WARRANTS

12.

WARRANTS

GEM Warrant

On November 4, 2022, Auto Service Group Limited entered into a Share Purchase Agreement (the “GEM Purchase Agreement”) with GEM Global Yield LLC SCS (“GEM Investor”) and GEM Yield Bahamas Limited (“GYBL”) relating to a share subscription facility. Pursuant to the GEM Purchase Agreement, Auto Service Group Limited has the right to sell to GEM Investor up to $125 million of its ordinary shares (the “GEM Shares”) for a 36-month period following a public listing of the Group’s ordinary shares (the “Investment Period”). GEM Investor would pay 90% of the average daily closing price during the pricing period, which is a 30-day period after SunCar turns a draw-down notice to GEM Investor.

In addition, in connection with the execution of the GEM Purchase Agreement and as consideration for GEM Investor’s irrevocable commitment to purchase the GEM Shares, SunCar has agreed to make a warrant (the “GEM Warrants”) granting GYBL the right, during the Investment Period, to purchase the Group’s ordinary shares up to the equivalent of 3.3% of the total equity interests outstanding immediately after the completion of the Group’s public listing, calculated on a fully diluted basis. The exercise price of the GEM Warrant $11.50 per share in the case the Group consummates a merger transaction with GBRG, and priced customarily in the absence of the consummation of such a merger. The GEM Warrant may be exercised only on cash basis.

After the Business Combination completed in May 2023, SunCar Technology Group Inc. registered the GEM Shares and GEM Warrants for the GEM Investor pursuant to GEM Purchase Agreement. As of December 31, 2023, the Company did not sell any ordinary shares to GEM Investor pursuant to GEM Purchase Agreement. The Company issued 2,839,951 GEM Warrants with the exercise price of US$11.50 per share. Each GEM Warrant is entitled to purchase one Class A Ordinary Share. The GEM Warrants were exercisable from May 17, 2023, and shall expire on the date of the third anniversary of the public listing date.

The GEM Warrant met the criteria for equity classification. Pursuant to GEM Purchase Agreement, the GEM Warrants were issued as consideration for GEM Investor’s irrevocable commitment to purchase the GEM Shares, and thus, the initial fair value of the warrants was recorded as prepaid financing expense, which was amortized within the Investment Period commencing from May 17, 2023 to May 17, 2026. The Group recognized financing expense of US$377 for the years ended December 31, 2023.

Public Warrant and Private Warrant

In connection with the Business Combination, the Company has assumed 6,100,000 warrants outstanding, which consisted of: (i) 750,000 warrants (the “Public Warrants”) with each Public Warrant exercisable to purchase one-half (1/2) of one Class A Ordinary Share at a price of $11.50 per share, such Public Warrants originally issued in the initial public offering of Goldenbridge by holders, and (ii) 350,000 warrants (the “Private Warrants”) with each Private Warrant exercisable to purchase one-half (1/2) of one Class A Ordinary Share at a price of $11.50 per share, such Private Warrants originally issued in a private placement by Goldenbridge in connection with the initial public offering of GBRG by the holders.

When the Public Warrants are exercisable, the Company may redeem the Public Warrants in whole, and not in part, at a price of US$0.01 per warrant:

(i)

If, and only if the last reported sales price of the Class A Ordinary Shares equals or exceeds $16.50 per share (subject to adjustment for splits, dividends, recapitalizations and other similar events) for any 20 trading days within a 30-trading day period ending on the third business day prior to the date on which the Company send the notice of redemption to the warrant holders.

(ii)

Upon a minimum of 30 day’s prior written notice of redemption.

If the foregoing conditions are satisfied and the Company would issue a notice of redemption, each Public Warrant holder can exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the ordinary shares may fall below the US$16.50 trigger price as well as the US$11.50 warrant exercise price per full share after the redemption notice is issued and not limit our ability to complete the redemption.

The redemption criteria for the Public Warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result of the Company’s redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants.

Except as described below, the Private Warrants have terms and provisions that are identical to the Public Warrants. The Private Warrants will be non-redeemable and may be exercised on a cashless basis, in each case so long as they continue to be held by the initial purchaser or their permitted transferees.

The exercise period of Public Warrants and Private Warrants commence on the later to occur of (i) the completion of the Company’s initial business combination and (ii)12 months following the closing of the Public Offering of GBRG, and terminating on earlier to occur if (i) five years after the completion of the initial business combination (May 17, 2028), and (ii) the date fixed for redemption of the Warrants.

The Public Warrants met the criteria for equity classification and are recorded as additional paid-in capital on the Consolidated Balance Sheet at the completion of the Business Combination. The Private Warrants contain exercise and settlement features that may change with a change in the holder, which precludes the Private Warrants from being indexed to the Company’s own stock. Therefore, the Private Warrants are recognized as warrant liabilities on Consolidated Balance Sheet at fair value, with subsequent changes in fair value recognized in the Consolidated Statement of Operations and Comprehensive Loss at each reporting date until exercised. For the year ended December 31, 2023, the Group recognized change of fair value of the Private Warrants of $629.

Warrant issued in the Follow-on Offering

As part of the Follow-on Offering (See Note 13), the Company agreed to issue to the Institutional Investors certain common warrants (“Common Warrants”) for the purchase of up to 3,850,857 Ordinary Shares at an exercise price of $9.00 per share. The Warrants are exercisable immediately after October 30, 2023, the date of issuance and will have a term of five years therefrom.

The Company also entered into Placement Agency Agreement dated October 26, 2023 (the “Placement Agency Agreement”) with FT Global Capital, Inc., to act as exclusive placement agent in connection with the Follow-on Offering (the “Placement Agent”). The Company agreed to pay the Placement Agent a cash fee equal to 7.5% of the gross proceeds raised in the Follow-on Offering. In addition, the Company agreed to issue to the Placement Agent warrants (“PA Warrants”) to purchase a number of Ordinary Shares equal to 1% of the aggregate number of Ordinary Shares sold in the Follow-on Offering, at an exercise price equal to $10.225 per share. The number of PA Warrants issued to FT Global Capital, Inc was 25,672.

The Common Warrants and PA Warrants met the criteria for equity classification. The fair value of the Common Warrants and PA Warrants were of US$17,739, valued based on the Black-Scholes-Merton model and is recorded as additional paid-in capital from common stock on the relative fair value of net proceeds received.

The table summarizes the assumptions of the initial fair value of warrants under Black-Scholes-Merton model:

	GEM Warrants			Public Warrants and Private Warrants			Common Warrants			PA Warrants
Expected term (in years)		3			5			5			5
Volatility		59.84	%		59.84	%		63.84	%		63.84	%
Risk-free interest rate		3.94	%		3.59	%		4.80	%		4.80	%
Dividend yield		-			-			-			-

(1)

Expected term (in years)

Expected term (in years) of the warrants is extracted from warrant agreements.

(2)

Volatility

The volatility of the underlying ordinary shares during the lives of the warrants was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options.

(3)

Risk-free interest rate

Risk-free interest rate was estimated based on the daily treasury long term rate of the U.S. Treasury Department with a maturity period close to the expected term of the warrants.

(4)

Dividend yield

The dividend yield was estimated by the Group based on its expected dividend policy over the expected term of the warrants.

The table summarize the status of warrants outstanding and exercisable as of December 31, 2023:

	Warrants			Weighted Average Exercise Price
Warrants outstanding, as of December 31, 2022		-		$	-
Issued		12,816,480			10.75
Exercised		(384,806	)		11.50
Expired		-			-
Warrants outstanding, as of December 31, 2023		12,431,674		$	10.72
Warrants exercisable, as of December 31, 2023		12,431,674		$	10.72

As of December 31, 2023, the Company had 12,431,674 warrants outstanding to purchase 9,574,077 Class A Ordinary Shares with weighted average exercise price of US$ 10.72 per share and remaining contractual lives of 4.06 years.

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2023
Segment Information [Abstract]
Reportable segment	2

Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives	12 Months Ended
	Dec. 31, 2023
Vehicles [Member]
Schedule of Estimated Useful Lives [Line Items]
Residual value	5.00%
Vehicles [Member] \| Minimum [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	3 years
Vehicles [Member] \| Maximum [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	5 years
Office equipment and furniture [Member]
Schedule of Estimated Useful Lives [Line Items]
Residual value	5.00%
Office equipment and furniture [Member] \| Minimum [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	3 years
Office equipment and furniture [Member] \| Maximum [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	5 years
Electronic equipment [Member[
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	3 years
Residual value	5.00%
Computer software [Member]
Schedule of Estimated Useful Lives [Line Items]
Residual value
Computer software [Member] \| Minimum [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	5 years
Computer software [Member] \| Maximum [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	10 years
Leasehold improvements [Member]
Schedule of Estimated Useful Lives [Line Items]
Residual value
Estimated useful lives, description	Over the shorter of lease term or the estimated useful lives of the assets
Others [Member]
Schedule of Estimated Useful Lives [Line Items]
Residual value	5.00%
Others [Member] \| Minimum [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	3 years
Others [Member] \| Maximum [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	10 years

Summary of Significant Accounting Policies (Details) - Schedule of Revenues are Disaggregated by Timing of Revenue Recognition - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Revenues are Disaggregated by Timing of Revenue Recognition [Line Items]
Total revenues	$ 363,746	$ 282,413	$ 249,235
Revenue recognized at a point in time [Member]
Schedule of Revenues are Disaggregated by Timing of Revenue Recognition [Line Items]
Total revenues	333,088	266,934	244,646
Revenue recognized over time [Member]
Schedule of Revenues are Disaggregated by Timing of Revenue Recognition [Line Items]
Total revenues	$ 30,658	$ 15,479	$ 4,589

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies [Abstract]
Capital commitment	$ 16,902
Commitment expected term	1 year

Segment Information (Details) - Schedule of Assets from Continuing Operations by Segments - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment assets
Total segment assets from continuing operations	$ 223,235	$ 191,968
Automotive after-sales service [Member]
Segment assets
Total segment assets from continuing operations	136,387	113,992
Auto eInsurance service [Member]
Segment assets
Total segment assets from continuing operations	66,274	68,123
Others [Member]
Segment assets
Total segment assets from continuing operations	$ 20,574	$ 9,853

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

21.

SUBSEQUENT EVENTS

Equity Incentive Plan

On March 28, 2024, the board of directors of the Company approved 2024 Equity Incentive Plan (the “2024 Plan”). Under the 2024 Plan, the maximum aggregate number of Class A ordinary shares that may be issued pursuant to the awards shall be 8,800,000 shares. All of the 8,800,000 shares have been issued to employees.

The Group has evaluated subsequent events through April 29, 2024, the date of issuance of the consolidated financial statements, and did not identify any other subsequent events with material financial impact on the Group’s consolidated financial statements.

Summary of Significant Accounting Policies (Details) - Schedule of Consolidated Financial Statements	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance sheet items, except for equity accounts [Member]
Schedule of Consolidated Financial Statements [Line Items]
Currency exchange rates	7.0999	6.8972
Items in the statements of operations and comprehensive loss, and statements of cash flows [Member]
Schedule of Consolidated Financial Statements [Line Items]
Currency exchange rates	7.0809	6.729	6.4508

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Information [Abstract]

Schedule of Revenue and Operating Results by Segments

The revenue and operating results by segments were as follows:

	Year ended December 31, 2021
	Auto service			Auto eInsurance service			Others			Consolidated
Revenues from external customers	$	187,880		$	56,766		$	4,589		$	249,235
Depreciation and amortization	$	(3,404	)	$	(578	)	$	(73	)	$	(4,055	)
Segment income (loss) before tax	$	15,891		$	(4,256	)	$	(1,105	)	$	10,530

	Year ended December 31, 2022
	Auto service			Auto eInsurance service			Others			Consolidated
Revenues from external customers	$	199,294		$	67,640		$	15,479		$	282,413
Depreciation and amortization	$	(3,452	)	$	(1,558	)	$	(68	)	$	(5,078	)
Segment loss before tax	$	(8,109	)	$	(2,212	)	$	(353	)	$	(10,674	)

	Year Ended December 31, 2023
	Auto service			Auto eInsurance service			Others			Consolidated
Revenues from external customers	$	214,979		$	118,109		$	30,658		$	363,746
Depreciation and amortization	$	(2,759	)	$	(1,914	)	$	(195	)	$	(4,868	)
Segment income (loss) before tax	$	16,958		$	1,278		$	(33,243	)	$	(15,007	)

Schedule of Assets from Continuing Operations by Segments

The total assets from continuing operations by segments as of December 31, 2022 and 2023 were as follows:

	December 31,
	2022		2023
Segment assets
Auto service	$	113,992	$	136,387
Auto eInsurance service		68,123		66,274
Others		9,853		20,574
Total segment assets from continuing operations	$	191,968	$	223,235

Related Party Transactions (Details) - Schedule of Transactions with Interested and Related Parties - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions (Details) - Schedule of Transactions with Interested and Related Parties [Line Items]
Payables due to the transfer of SUNCAR Online		$ 40,854
Other payables	4,751	4,710
Payables due to the transfer of SunCar Online (1)	29,688
Related Party [Member]
Related Party Transactions (Details) - Schedule of Transactions with Interested and Related Parties [Line Items]
Total Current	4,751	45,564
Total Non Current	$ 29,688

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Schedule of Estimated Useful Lives

Estimated useful lives and residual value are as follows:

Category	Estimated useful lives	Residual value
Vehicles	3-5 years		5	%
Office equipment and furniture	3-5 years		5	%
Electronic equipment	3 years		5	%
Computer software	5, 10 years		nil
Leasehold improvements	Over the shorter of lease term or the estimated useful lives of the assets		nil
Others	3-10 years		5	%

Schedule of Consolidated Financial Statements

The following table details the fair value measurements of liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820, Fair Value Measurement, as of December 31 and May 17, 2023.

	Fair Value Measurement
	Level 1		Level 2		Level 3		Total fair value
Warrant liabilities:
As of December 31, 2023	$	-	$	-	$	661	$	661
As of May 17, 2023	$	-	$	-	$	32	$	32

Schedule of Fair value on a Recurring Basis Using Significant Unobservable Inputs

The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows:

	Private Warrants
Fair value as of December 31, 2022	$	-
Acquired from the Business Combination		32
Settlements		-
Change in fair value		629
Fair value as of December 31, 2023	$	661

Schedule of Unobservable Inputs Used in the Measurement of Fair Value of Private Warrant

The significant unobservable inputs used in the measurement of fair value of Private Warrant as of December 31, 2023 are as follows:

	As of December 31, 2023
Expected term (in years)		4.38
Volatility		64.34	%
Risk-free interest rate		3.90	%
Dividend yield		-

Schedule of Revenues are Disaggregated by Timing of Revenue Recognition

The Group’s revenues are disaggregated by timing of revenue recognition as follows:

	For the years ended December 31,
	2021		2022		2023
Revenue recognized at a point in time	$	244,646	$	266,934	$	333,088
Revenue recognized over time		4,589		15,479		30,658
Total revenues	$	249,235	$	282,413	$	363,746

Schedule of Consolidated Financial Statements

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements:

	As of December 31,
	2022		2023
Balance sheet items, except for equity accounts		6.8972		7.0999

	For the Years Ended December 31,
	2021		2022		2023
Items in the statements of operations and comprehensive loss, and statements of cash flows		6.4508		6.7290		7.0809

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Expenses and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:

	December 31,
	2022		2023

Technical service fee payable	$	438	$	2,174
Payroll payable		1,884		820
Value added taxes and other taxes payable		993		750
Subscription amount received for unvested restricted shares		913		592
Other accrued expenses		621		473
	$	4,849	$	4,809

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

11.

LEASES

The Group has entered into operating lease agreements for certain offices, which are substantially located in PRC. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the consolidated financial statements upon lease commencement, which is the date when the lessor makes the underlying asset available for use by the lessee.

The balances for the operating leases where the Group is the lessee are presented as follows within the consolidated balance sheets:

	December 31,
	2022		2023

Operating lease right-of-use assets, net	$	344	$	1,280

Lease liabilities - current	$	315	$	748
Lease liabilities – non-current		-		504
Total operating lease liabilities	$	315	$	1,252

The components of lease expenses were as follows:

	For the years ended December 31,
	2022		2023
Lease cost
Amortization of right-of-use assets	$	619	$	754
Interest of operating lease liabilities		29		40
Total Lease cost	$	648	$	794

Other information related to leases where the Group is the lessee is as follows:

	For the years ended December 31,
	2022			2023

Weighted-average remaining lease term		0.61			1.11
Weighted-average discount rate		4.30	%		4.30	%

As of December 31, 2023, the following is a schedule of future minimum payments under the Group’s operating leases:

For the year ended December 31,	Operating Leases
2024	$	788
2025		510
2026		2
Total lease payments		1,300
Less: imputed interest		(48	)
Total	$	1,252

Accounts Receivable, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Net [Abstract]
Bad debt expense		$ 25,981
Reversed credit losses	$ 4,112

Accrued Expenses and Other Liabilities (Details) - Schedule of Accrued Expenses and Other Liabilities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Accrued Expenses and Other Liabilities [Abstract]
Technical service fee payable	$ 2,174	$ 438
Payroll payable	820	1,884
Value added taxes and other taxes payable	750	993
Subscription amount received for unvested restricted shares	592	913
Other accrued expenses	473	621
Accrued expenses and other current liabilities	$ 4,809	$ 4,849

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Automotive after-sales service	$ 214,979	$ 199,294	$ 187,880
Auto eInsurance service	118,109	67,640	56,766
Technology service	30,658	15,479	4,589
Total revenues	363,746	282,413	249,235
Operating cost and expenses
Integrated service cost	(209,553)	(166,793)	(156,852)
Promotional service expenses	(112,504)	(65,500)	(55,222)
Selling expenses	(20,578)	(16,477)	(12,731)
General and administrative expenses	(22,462)	(37,742)	(10,420)
Research and development expenses	(14,111)	(8,478)	(3,651)
Total operating costs and expenses	(379,208)	(294,990)	(238,876)
Operating profit/(loss)	(15,462)	(12,577)	10,359
Other income/(expenses)
Financial expenses, net	(4,435)	(3,659)	(3,045)
Investment income	518	441	759
Change of fair value of warrant liabilities	(629)
Other income, net	5,001	5,121	2,457
Total other income, net	455	1,903	171
Income/(loss) before income tax expense	(15,007)	(10,674)	10,530
Income tax expense	(2,572)	(231)	(938)
Income/(Loss) from continuing operations, net of tax	(17,579)	(10,905)	9,592
Discontinued operations:
Net loss from the operations of the discontinued operations, net of tax		(994)	(27,682)
Net loss	(17,579)	(11,899)	(18,090)
Net income/(loss) from continuing operations	(17,579)	(10,905)	9,592
Less: Net income/(loss) attributable to non-controlling interests of continuing operations	9,333	(5,230)	5,650
Net income/(loss) from continuing operations attributable to the Company’s ordinary shareholders	(26,912)	(5,675)	3,942
Loss from discontinued operations, net of tax		(994)	(27,682)
Less: Net loss attributable to non-controlling interests of discontinue operations			(19)
Net loss from discontinued operations attributable to the Company’s ordinary shareholders		(994)	(27,663)
Net loss attributable to the Company’s ordinary shareholders	$ (26,912)	$ (6,669)	$ (23,721)
Net income/(loss) per ordinary share from continuing operations:
Basic (in Dollars per share)	$ (0.31)	$ (0.07)	$ 0.05
Net loss per ordinary share from discontinued operations:
Basic (in Dollars per share)		(0.01)	(0.34)
Net loss attributable to the Company’s ordinary shareholders per ordinary share
Basic (in Dollars per share)	$ (0.31)	$ (0.08)	$ (0.29)
Weighted average shares outstanding used in calculating basic and diluted loss per share
Basic (in Shares)	85,441,057	81,600,000	81,600,000
Income/ (loss) from continuing operations before non-controlling interests	$ (17,579)	$ (10,905)	$ 9,592
Loss from discontinued operations, net of tax		(994)	(27,682)
Net loss	(17,579)	(11,899)	(18,090)
Other comprehensive income/(loss)
Foreign currency translation difference	(1,137)	(2,410)	907
Total other comprehensive income/(loss)	(1,137)	(2,410)	907
Total comprehensive loss	(18,716)	(14,309)	(17,183)
Less: total comprehensive income/(loss) attributable to non-controlling interest	8,087	(9,801)	6,839
Total comprehensive loss attributable to the SUNCAR TECHNOLOGY GROUP INC’s shareholders	$ (26,803)	$ (4,508)	$ (24,022)

Condensed Financial Information of the Parent Company (Details) - Schedule of Condensed Parent Company Statements of Operations - Parent Company [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating loss:
Selling expenses	$ (1)
General and administrative expenses	(10,723)
Research and development expenses	(500)
Share of loss of subsidiaries	(14,581)	(6,669)	(23,721)
Total operating costs and expenses	(25,805)	(6,669)	(23,721)
Financial expenses, net	(478)
Change of fair value of warrant liabilities	(629)
Total other loss, net	(1,107)
Loss before income tax expense	(26,912)	(6,669)	(23,721)
Income tax expense
Net loss	$ (26,912)	$ (6,669)	$ (23,721)

Concentration Risk (Details)	12 Months Ended
Concentration Risk (Details)	Dec. 31, 2023
Concentration Risk [Abstract]
Total revenue percentage	10.00%
Accounts receivable percentage	10.00%
Total purchase percentage	10.00%
Represent percentage	10.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Operating Leases within the Consolidated Balance Sheets

The balances for the operating leases where the Group is the lessee are presented as follows within the consolidated balance sheets:

	December 31,
	2022		2023

Operating lease right-of-use assets, net	$	344	$	1,280

Lease liabilities - current	$	315	$	748
Lease liabilities – non-current		-		504
Total operating lease liabilities	$	315	$	1,252

Schedule of Components of Lease Expenses

The components of lease expenses were as follows:

	For the years ended December 31,
	2022		2023
Lease cost
Amortization of right-of-use assets	$	619	$	754
Interest of operating lease liabilities		29		40
Total Lease cost	$	648	$	794

Schedule of Other Information Related to Leases

Other information related to leases where the Group is the lessee is as follows:

	For the years ended December 31,
	2022			2023

Weighted-average remaining lease term		0.61			1.11
Weighted-average discount rate		4.30	%		4.30	%

Schedule of Future Minimum Payments

As of December 31, 2023, the following is a schedule of future minimum payments under the Group’s operating leases:

For the year ended December 31,	Operating Leases
2024	$	788
2025		510
2026		2
Total lease payments		1,300
Less: imputed interest		(48	)
Total	$	1,252

Net Income (Loss) Per Share (Details) - Schedule of Basic and Diluted Net Income (Loss)) Per Share - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income/(loss) from continuing operations attributable to SunCar’s ordinary shareholders	$ (26,912)	$ (5,675)	$ 3,942
Net loss from discontinued operations attributable to SunCar’s ordinary shareholders		(994)	(27,663)
Net loss attributable to the Company’s ordinary shareholders	$ (26,912)	$ (6,669)	$ (23,721)
Denominator:
Weighted average number of ordinary shares (in Shares)	85,441,057	81,600,000	81,600,000
Net income/(loss) from continuing operations attributable to SunCar’s ordinary shareholders per ordinary share
Basic (in Dollars per share)	$ (0.31)	$ (0.07)	$ 0.05
Net loss from discontinued operations attributable to SunCar’s ordinary shareholders per ordinary share
Basic (in Dollars per share)		(0.01)	(0.34)
Net loss attributable to SunCar’s ordinary shareholders per ordinary share
Basic (in Dollars per share)	$ (0.31)	$ (0.08)	$ (0.29)

Organization and Principal Activities (Details) - Schedule of Major Subsidiaries	12 Months Ended
	Dec. 31, 2023
Shanghai Xuanbei Automobile Service Co., Limited (“Shanghai Xuanbei”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Apr. 26, 2018
Place of Incorporation	PRC
Percentage of Effective Ownership	100.00%
Principal Activities	Auto service
Shanghai Shengshi Dalian Automobile Service Co., Limited (“Shengda Automobile”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jun. 08, 2013
Place of Incorporation	PRC
Percentage of Effective Ownership	84.89%
Principal Activities	Auto service
Sun Car Online Insurance Agency Co., Ltd. (“SUNCAR Online”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 05, 2007
Place of Incorporation	PRC
Percentage of Effective Ownership	56.51%
Principal Activities	Auto eInsurance service
Haiyan Trading (Shanghai) Co., Limited (“Haiyan”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Nov. 22, 2012
Place of Incorporation	PRC
Percentage of Effective Ownership	100.00%
Principal Activities	Holding company
Shanghai Feiyou Trading Co., Limited (“Shanghai Feiyou”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jun. 11, 2009
Place of Incorporation	PRC
Percentage of Effective Ownership	100.00%
Principal Activities	Technology services

Other Non-current Assets

12 Months Ended

Dec. 31, 2023

Other Non-Current Assets [Abstract]

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS

Other non-current assets, consisted of the following:

	December 31,
	2022		2023

Private clouds in construction	$	13,629		12,012
Prepayment for equipment		794		-
	$	14,423		12,012

Other non-current assets primarily consisted of externally purchased private clouds under construction, which were not available for use as of December 31, 2022 and 2023.

Software and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Software and Equipment, Net [Abstract]

Schedule of Software and Equipment, Net

Software and equipment, net, consisted of the following:

	December 31,
	2022			2023
Cost
Computer software ⁽ⁱ⁾		16,523			22,410
Electronic equipment		10,587			13,161
Vehicles		979			891
Office equipment and furniture		184			180
Leasehold improvements		762			40
Others		733			711
Total		29,768			37,393
Less: accumulated depreciation		(11,277	)		(14,927	)
Software and equipment, net	$	18,491			22,466

(i)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss) from continuing operations	$ (17,579)	$ (10,905)	$ 9,592
Net loss from discontinued operations		(994)	(27,682)
Net loss	(17,579)	(11,899)	(18,090)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision (Reversal) for credit losses	(4,112)	25,981	148
Depreciation and amortization	4,114	5,078	4,055
Amortization of right-of-use assets	754	619
Share-based compensation of subsidiary	1,519	1,599	1,668
Share-based compensation of the Group	9,776
Loss/(gain) on disposal of software and equipment	(27)		27
Deferred income tax (benefit) expense	701	(1,951)	(1,124)
Fair value changes of warrant liabilities	629
Financing expense related to issuance of GEM Warrants	377
Changes in operating assets and liabilities:
Accounts receivable	30,822	(32,640)	(35,071)
Prepaid expenses and other current assets	(55,908)	(3,850)	3,181
Accounts payable	3,140	(5,019)	13,608
Deferred revenue	(418)	1,858	813
Accrued expenses and other current liabilities	(288)	2,548	(14,976)
Tax payable	(621)	(280)	(1,026)
Operating lease liabilities	(680)	(615)
Amount due to a related party	150	1,485
Net cash used in operating activities of continuing operations	(27,651)	(16,092)	(19,105)
Net cash used in operating activities of discontinued operations		(52)	(6,462)
Total net cash used in operating activities	(27,651)	(16,144)	(25,567)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of software and equipment	(4,928)	(4,351)	(1,284)
Proceeds from disposal of software and equipment	54
Purchase of short-term investment	(518)		(9,839)
Proceeds from the redemption of short-term investment	4,719	149
Purchase of other non-current assets	(1,721)	(1,200)	(8,968)
Net cash (used in) provided by investing activities of continuing operations	(2,394)	(5,402)	(20,091)
Net cash used in investing activities of discontinued operations		(517)	(591)
Total net cash (used in) provided by investing activities	(2,394)	(5,919)	(20,682)
CASH FLOWS FORM FINANCING ACTIVITIES
Proceeds from short-term loan	104,506	122,249	76,812
Repayments of short-term loan	(93,970)	(111,103)	(70,193)
Repayments of payables to a related party	(10,000)
Proceeds from issuance of ordinary shares, net of issuance cost	18,468
Cash required on reverse recapitalization	68
Proceeds from Private Placement	21,737
Payment for offering cost related to Business Combination	(588)
Shares repurchase	(2,000)
Exercise of warrants	2,213
Repurchase of non-controlling interests		(510)	(1,184)
Dividend paid to non-controlling shareholders			(6,620)
Net cash (used in) provided by financing activities of continuing operations	40,434	10,636	(1,185)
Net cash provided by financing activities of discontinued operations			1,119
Total net cash (used in) provided by financing activities	40,434	10,636	(66)
Effect of exchange rate changes	(711)	(2,573)	1,827
Net change in cash and restricted cash	9,678	(14,000)	(44,488)
Cash and restricted cash, beginning of the year	23,917	37,917	82,405
Cash and restricted cash, end of the year	33,595	23,917	37,917
Less: cash of discontinued operations at end of year			570
Cash and restricted cash at end of year for continuing operations	33,595	23,917	37,347
Reconciliation of cash and restricted cash to the consolidated balance sheets:
Cash	30,854	21,200	34,517
Restricted cash	2,741	2,717	2,830
Total cash and restricted cash	33,595	23,917	37,347
Supplemental disclosures of cash flow information:
Income tax paid		2,459	3,472
Interest expense paid	2,577	3,780	3,087
Supplemental disclosures of non-cash activities:
Disposal of Shengda Group		23,222
Decrease of accrued expenses and other current liabilities due to vest of restricted shares		311	311
Obtaining right-of-use assets in exchange for operating lease liabilities and prepaid expenses	1,702	972
Software and equipment transferred from other non-current assets	3,727,781	12,150
Prepaid financing expense related to issuance of GEM Warrants	$ 1,441,826

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies [Abstract]

Schedule of Commitments and Contingencies

The total future minimum lease payments under the non-cancellable operating lease with respect to the office as of December 31, 2023 are payable as follows:

	Lease Commitment
Within 1 year		788
1-3 years		512
Total		1,300

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Compensation [Abstract]

SHARE-BASED COMPENSATION

15.

SHARE-BASED COMPENSATION

Earnout Shares

The consideration for the Business Combination included earnout share to the management as follows (“Earnout Shares”):

(1)

1,600,000 Class A Ordinary Shares if the Group’s revenue equals or exceeds $258,000 for the fiscal year ending December 31, 2022, as reflected on the audited consolidated financial statements of the Company as of and for the fiscal year ended December 31, 2022;

(2)

1,600,000 Class A Ordinary Shares if the Group’s revenue equals or exceeds US$352,000,000 for the fiscal year ending December 31, 2023, as reflected on the audited consolidated financial statements of the Company as of and for the fiscal year ended December 31, 2023; and;

(3)

1,600,000 Class A Ordinary Shares if the Group’s revenue equals or exceeds US$459,000,000 for the fiscal year ending December 31, 2024, as reflected on the audited consolidated financial statements of the Company as of and for the fiscal year ended December 31, 2024.

The Business Combination was completed on May 17, 2023. The Earnout Shares related to the performance condition in 2022, attributable to pre-combination vesting, is substantially part of the consideration in the exchange for the Company. The Earnout Shares related to business performance in 2023 and 2024 are accounted for as share-based compensation under ASC718, using the graded vesting method over the applicable vesting period based on the fair value of the Earnout Shares of $6.11 per share on the grant date.

For the year ended December 31, 2023, the Group recognized share-based compensation expense related to Earnout Shares of $9,776.

Share-based compensation of a subsidiary

On September 9, 2020, the shareholders of Shengda Automobile, a subsidiary of SunCar, approved and adopted the Share Incentive Plan (the “2020 Plan”), under which eligible employees were granted 2,500,000 of restricted ordinary shares of Shanghai Shengda to award eligible employees’ contribution of the expansion of Shengda Automobile, at the price of RMB4.2 per share (“Restricted Shares”).

The restricted ordinary shares are subject to an annual vesting schedule that vests 20% of granted restricted shares over the next five years as the employees are required to provide services for a total of 60 months to earn the award. The employees have made full subscription payment of $1,553 during the year ended December 31, 2020. Upon termination, the unvested restricted shares are forfeited and the prepaid subscription amount for the unvested portion shall be returned to the employees.

These restricted ordinary shares were considered as nonvested shares under the definition of ASC 718-10-20. The fair value of the Shares at the grant date was RMB25.71 (US$3.94) per share, which was determined based on the purchase price of the financial offering of the same securities with external institutional investors. The Group accounts for forfeitures as a reduction of stock-based compensation expense when the forfeiture actually occurs.

SunCar recognizes compensation expenses related to those restricted shares on a straight-line basis over the vesting periods. $1,668, $1,599 and $1,519 of compensation expenses were recorded for the years ended December 31, 2021, 2022 and 2023.

As of December 31, 2023, the unrecognized compensation expense related to restricted shares amounted to 3,038, which will be recognized over a weighted-average period of 1.69 years.

The 2020 Plan was carried out in the way that eligible employees indirectly hold shares of Shanghai Shengda by holding shares of Jingning Shengjing Enterprise Management Partnership (Limited Partnership) (“Shareholding Platform”) as the general partner and limited partner of the Shareholding Platform.

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of presentation

(a).

Basis of presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. For consolidated subsidiaries where the Group’s ownership in the subsidiary is less than 100%, the equity interest not held by the Group is shown as non-controlling interests.

(b).

Basis of presentation

The preparation of the consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, the allowance for credit losses, useful lives and impairment of long-lived assets, valuation allowances of deferred tax assets, and warrant liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

Cash

(c).

Cash

Cash consist of cash on hand and cash in banks. The Group maintains cash with various financial institutions in China. The Group has not experienced any losses in bank accounts and believes it is not exposed to any risks on its cash in bank accounts.

Restricted cash

(d).

Restricted cash

Restricted cash represented a guaranteed deposit required by China Banking and Insurance Regulatory Commission (“CBIRC”) in order to protect insurance premium appropriation by insurance agency which is restricted as to withdrawal for other than current operations.

Accounts receivable, net

(e).

Accounts receivable, net

Accounts receivable, net are stated at the original amount less allowances for credit losses. Accounts receivable are recognized in the period when the Group has provided services to its customers and when its right to consideration is unconditional. The Group reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Group considers many factors in assessing the collectability of its receivables, such as the age of the amounts due, the customer’s payment history, credit-worthiness and other specific circumstances related to the accounts. An allowance for credit losses is recorded in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted.

Adoption of Accounting Standards Update (“ASU”) 2016-13

In June 2016, the FASB issued ASU 2016-13: Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. The Group adopted ASU 2016-13 from January 1, 2023 using modified-retrospective transition approach with a cumulative-effect adjustment to shareholders’ equity amounting to $507 recognized as of January 1, 2023.

Short-term investment

(f).

Short-term investment

The Group invested in certain trust products and bank financial products, with various interest rates and are restricted as to withdrawal and use before maturity. The Group classifies the trust and financial products as held-to-maturity securities. The original maturities of the short-term investments are longer than three-months, but shorter than one year. The carrying amount of these short-term investments approximate their fair values due to the short-term maturities of these investments.

The Group reviews its short-term investments for other-than-temporary impairment (“OTTI”) based on the specific identification method. The Group considers available quantitative and qualitative evidences in evaluating the potential impairment of its short-term investments. If the carrying amount of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, expected future performance of the investees, the duration and the extent to which the fair value of the investment is less than the carrying amount, and the Group’s intent and ability to hold the investments. OTTI is recognized as a loss in the consolidation statements of operations. No impairment charge was recognized for the years ended December 31, 2021, 2022 and 2023.

Prepaid expenses and other current assets

(g).

Prepaid expenses and other current assets

Prepaid expenses and other current assets primarily consist of advances to suppliers, value-added tax receivables, and other current assets. Advances to suppliers are prepayment to suppliers in the procurement of services from auto service providers, technology service providers, and promotion service providers. Advance payment depends on specific circumstances, including the industry practice, negotiations with suppliers, security for steady supply of service, and the delivery time of services received from suppliers after the advance payment. Advance to suppliers is settled when the services are provided and accepted by the Group. The Group reviews its advance to suppliers on a periodic basis and makes general and specific allowances when amounts outstanding are not likely to be collected in cash or utilized against receive of services.

Software and equipment, net

(h).

Software and equipment, net

Software and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives and residual value are as follows:

Category	Estimated useful lives	Residual value
Vehicles	3-5 years		5	%
Office equipment and furniture	3-5 years		5	%
Electronic equipment	3 years		5	%
Computer software	5, 10 years		nil
Leasehold improvements	Over the shorter of lease term or the estimated useful lives of the assets		nil
Others	3-10 years		5	%

Computer software

Acquisition costs associated with internal-use software are capitalized and include external direct costs of services principally related to platform development, including support systems, software coding, designing system interfaces, and installation and testing of the software. These costs are recorded as software and equipment and are generally amortized beginning when the asset is substantially ready for use. Costs incurred for enhancements that are expected to result in additional features or functionalities are capitalized and amortized over the estimated useful life of the enhancements. Costs incurred during the preliminary project stage, as well as maintenance and training costs, are expensed as incurred.

Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of software and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of operations and comprehensive loss.

Other non-current assets

(i).

Other non-current assets

The Group recognizes other non-current assets, which primarily consisted of private clouds in construction and prepayment for equipment, at their initial cost. Private clouds in construction are recorded at the cumulative cost incurred, including the purchase price and any directly attributable costs to it.

Impairment of long-lived assets

(j).

Impairment of long-lived assets

The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, which is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. No impairment charge was recognized for the years ended December 31, 2021, 2022 and 2023.

Long-term investments

(k).

Long-term investments

Beginning on January 1, 2018, the Group’s equity investments without readily determinable fair values, which do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”), and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative upon the adoption of ASU 2016-01 (the “Measurement Alternative”). Under the Measurement Alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in the consolidated statements of operations and comprehensive income/(loss). The Group makes assessment of whether an investment is impaired based on performance and financial position of the investee as well as other evidence of market value at each reporting date. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance. The Group recognizes an impairment loss equal to the difference between the carrying value and fair value in the consolidated statements of operations and comprehensive income/(loss) if any.

On November 20, 2019, Jiaxing Hanchao Equity Investment Partnership (L.P.) (“Jiaxing Hanchao”) was incorporated. Pursuant to the partnership agreement, SUNCAR Online invested $290, accounting for 5% of the total investment as a limited partner. The investment was accounted for under the cost method as the Group had no significant influence over the investee and Jiaxing Hanchao had no readily determinable fair value.

Accounts payable

(l).

Accounts payable

Accounts payable is payable to suppliers in the procurement of service to auto service providers to customized services for end consumers of the enterprise clients, and promotional service to channels.

Short-term loan

(m).

Short-term loan

Short-term loan represents the Group’s borrowings from commercial banks for the Group’s working capital. Short-term loan includes borrowings with maturity terms shorter than one year.

Related party

(n).

Related party

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, stockholder, or a related corporation.

Warrant

(o).

Warrant

The Group accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair value of the Private Warrants was estimated using a Black-Scholes model. For the years ended December 31, 2023, the Group recognized change of fair value of the Private Warrants of $629.

Fair value measurement

(p).

Fair value measurement

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

●

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2—Include other inputs that are directly or indirectly observable in the marketplace.

●

Level 3—Unobservable inputs which are supported by little or no market activity.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Financial assets and liabilities of the Group primarily consist of cash, accounts receivable, other receivables included in prepayments and other current assets, short-term borrowings, accounts payable, other payables included in accrued expenses and other current liabilities, and warrant liabilities. As of December 31, 2022 and 2023, the carrying amounts of other financial instruments approximated to their fair values due to the short-term maturity of these instruments. The warrant liabilities were measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy.

The Group’s non-financial assets, such as software and equipment, would be measured at fair value only if they were determined to be impaired.

	Fair Value Measurement
	Level 1		Level 2		Level 3		Total fair value
Warrant liabilities:
As of December 31, 2023	$	-	$	-	$	661	$	661
As of May 17, 2023	$	-	$	-	$	32	$	32

The fair value of the Private Warrants (See Note 12) is considered a Level 3 valuation and is determined using the Black-Scholes valuation model. As of December 31, 2023, the fair value of the Private Warrants was $3.78 per share, with an exercise price of $11.50 per share. The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows:

	Private Warrants
Fair value as of December 31, 2022	$	-
Acquired from the Business Combination		32
Settlements		-
Change in fair value		629
Fair value as of December 31, 2023	$	661

The significant unobservable inputs used in the measurement of fair value of Private Warrant as of December 31, 2023 are as follows:

	As of December 31, 2023
Expected term (in years)		4.38
Volatility		64.34	%
Risk-free interest rate		3.90	%
Dividend yield		-

Revenue recognition

(q).

Revenue recognition

The Group’s revenues are mainly generated from providing auto service, auto eInsurance service and technology service.

The Group recognizes revenue pursuant to ASC 606, Revenue from Contracts with Customers (“ASC 606”). In accordance with ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, reduced by Value Added Tax (“VAT”). To achieve the core principle of this standard, we applied the following five steps:

	1.	Identification of the contract, or contracts, with the customer;

	2.	Identification of the performance obligations in the contract;

	3.	Determination of the transaction price;

	4.	Allocation of the transaction price to the performance obligations in the contract; and

	5.	Recognition of the revenue when, or as, a performance obligation is satisfied.

Auto service

The Group defines enterprise clients as the Group’s customers and the Group sells auto service coupons to enterprise clients, which each coupon represents one specific auto service. There are various service types including vehicle washing, waxing, maintenance, driving service and road assistance, and the Group only provides one specific service among various service types for each specific service coupon. The Group identifies each specific service coupon as a contract that establishes enforceable rights and obligations for each party. The Group charges the service fee at a fixed price per service when the service is performed. For service coupons with limited duration, the Group either charges the service fee at a fixed price per service when the service is performed or when the coupon expires, whether or not the service has been performed. The Group considers each service coupon is a distinct service that is capable of providing a benefit to the customer on its own according to ASC 606-10-25-14(a). Therefore, the Group identifies only one performance obligation under a contract, which is to provide a specific service or to stand-ready to perform a specific service within a limited duration. The Group acts as a principal as the Group controls the right to services before the services are provided to customers and the Group has the ability to direct other parties to provide the services to customers on the Group’s behalf. Specifically, the Group has the ability to choose service providers, is primarily responsible for the acceptability for the service meeting customer specifications, bears inventory risk after transfer of control of services to customers, and has the discretion in establishing the price with customers and with service providers and bears credit risk. The Group recognizes revenue in the gross amount of consideration at a point of time when the service is provided, or when the service coupon expires. The Group does not provide refunds to customers when a coupon is expired but not used.

Auto eInsurance Service

The Group provides auto eInsurance service distributing primarily vehicle insurance on behalf of the insurance companies and charges insurance companies for intermediation service commissions. Auto eInsurance services are considered to be rendered and completed, and revenue is recognized, at the time an insurance policy becomes effective, that is, when the signed insurance policy is in place and the premium is collected from the insured. The Group has satisfied the performance obligation to recognize revenue when the premiums are collected by the respective insurance companies and not before, because collectability is not ensured until receipt of the premium. Accordingly, the Group does not accrue any auto eInsurance service commission and fees prior to the receipt of the related premiums. No allowance for cancellation has been provided for intermediation services as cancellation of policies rarely occurs.

Technology service

The Group provides technology service including technical software and consulting related to automobile services and insurance, such as customer relationship management (CRM), order management, finance management and visual analysis systems. The Group charges service fee based on fixed price per month for service provided, and recognizes revenue over time during the service period.

The Group’s revenues are disaggregated by timing of revenue recognition as follows:

	For the years ended December 31,
	2021		2022		2023
Revenue recognized at a point in time	$	244,646	$	266,934	$	333,088
Revenue recognized over time		4,589		15,479		30,658
Total revenues	$	249,235	$	282,413	$	363,746

Contract Balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Group has satisfied its performance obligation and has an unconditional right to the payment. Contract assets represent the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer. The Group has no contract assets as of December 31, 2022 and 2023.

The contract liabilities consist of deferred revenue, which represents the billings or cash received for services in advance of revenue recognition and is recognized as revenue the performance obligation is satisfied. The Group’s deferred revenue amounted to $3,569 and $3,050 as of December 31, 2022 and 2023, respectively. During the years ended December 31, 2021, 2022 and 2023, the Group recognized $1,053, $1,901 and $3,569 that was included in deferred revenue balance at January 1, 2021, 2022 and 2023, respectively.

Integrated service cost

(r).

Integrated service cost

Integrated service cost primarily includes the service fee paid to suppliers undertaking and performing the automobile service to the users of customer, and outsourcing service fee paid to the third party for technological development. The service fee is determined based on the actual services rendered and recognized in the period incurred.

Promotional service expenses

(s).

Promotional service expenses

Promotional service expenses represent (i) promotional service fee to explore extensive networks of auto service and auto eInsurance service; and (ii) service fees to promotion channels, including but not limited to offline after-sales networks, online platforms, and emerging new energy vehicle original equipment manufacturers (“NEV OEMs”) and service providers. These channels have their own users, who are potential business customers. Promotional service expenses are recognized in the period incurred.

Research and development expense

(t).

Research and development expense

Research and development expenses consist primarily of payroll and employee benefit for research and development employees, rental expense, utilities and other related expenses related to design, develop and maintain technology service platform to support the Group’s internal and external business. Research and development expenses are expensed as incurred. Software development costs are recorded in “Research and development” as incurred as the costs qualifying for capitalization have been insignificant.

Government grants

(u).

Government grants

Government grant is recognized when there is reasonable assurance that the Group will comply with the conditions attach to it and the grant will be received. Government grant for the purpose of giving immediate financial support to the Group with no future related costs or obligation is recognized in “other income” in the Group’s consolidated statements of comprehensive loss when the grant is received.

For the years ended December 31, 2021, 2022 and 2023, the Group received government grants from the local PRC government authorities aggregately of $1,897, $3,753, $4,959, respectively, among which the government grants related to achievement of annual income tax filling target and value-added tax deduction were $1,729, $3,426, $4,733, respectively, and the awards to high-tech enterprises were $168, $327, $226, respectively.

Share-based compensation

(v).

Share-based compensation

The Group grants restricted share units (“RSUs”) of SunCar’s subsidiary, SunCar Online, to eligible employees and management. The Group accounts for share-based awards issued to employees and non-employees in accordance with ASC Topic 718 Compensation – Stock Compensation. The Group recognizes compensation cost for an equity classified award using the straight-line method over the applicable vesting period based on the fair value of restricted shares granted on the date of the grant. Awards of subsidiary equity is recognized in “non-controlling interest” in the consolidated entity.

The consideration for the business combination closed on May 17, 2023 included totally 4,800,000 earnout shares (“Earnout Shares”) granted to the management upon the achievement of revenue targets in 2022, 2023 and 2024. Earnout Shares in 2022 was accounted for as part of the consideration of the business combination. The Group recognizes Earnout Shares in 2023 and 2024 for an equity classified award using the graded vesting method over the applicable vesting period based on the fair value of the Earnout Shares on the grant date.

Employee benefits

(w).

Employee benefits

The Group’s subsidiaries in PRC participate in a government mandated, multiemployer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in the PRC to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The Group has no further commitments beyond its monthly contribution.

Leases

(x).

Leases

The Group leases facilities in the PRC under non-cancellable operating leases expiring on different dates. On January 1, 2022, the Company adopted ASU No. 2016-02 (Topic 842) “Leases” using the optional transition method. Results and disclosure requirements for reporting periods beginning after January 1, 2022 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under Topic 840. Under Topic 842, lessees are required to recognize assets and liabilities on the balance sheet for most leases. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assesses whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.

The main impact of the adoption of the standard is that assets and liabilities amounting to $972 and $939, respectively, were recognized beginning January 1, 2022 for leased office space with terms of more than 12 months. The Company accounts for short-term leases with terms less than 12 months in accordance with ASC 842-20-25-2 to recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The adoption of the standard did not have a significant impact on the Group’s consolidated financial statements.

Right-of-use (“ROU”) assets represent the Group’s rights to use underlying assets for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Operating lease ROU assets

The right-of-use assets are initially measured at cost, which comprise the initial amounts of the lease liabilities adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentive received.

Operating lease liabilities

Lease liabilities are initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the discount rate for the leases. As most of the Group’s leases do not provide an implicit rate, the Group uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option.

Lease liabilities are measured at amortized cost using the effective interest rate method. They are re-measured when there is a change in future lease payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is any change in the Group assessment of option purchases, contract extensions or termination options.

Income taxes

(y).

Income taxes

The Group accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Group’s operating subsidiaries in PRC are subject to examination by the relevant tax authorities. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB 100,000($14,358). In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.

The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of operations for the years ended December 31, 2021, 2022 and 2023, respectively. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

Value added tax (“VAT”)

(z).

Value added tax (“VAT”)

The Group is subject to VAT and related surcharges on revenue generated from providing auto service, auto eInsurance service, and technology service. The Group records revenue net of VAT. This VAT may be offset by qualified input VAT paid by the Group to suppliers. Net VAT balance between input VAT and output VAT is recorded in the line item of other current assets on the consolidated balance sheets.

Foreign currency transactions and translations

(aa).

Foreign currency transactions and translations

The Group’s principal country of operations is the PRC. The financial position and results of its operations are determined using RMB, the local currency, as the functional currency. The Group’s financial statements are reported using U.S. Dollars (“$”). The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in consolidated statements of changes in equity. Gains and losses from foreign currency transactions are included in the results of operations.

The value of RMB against $ and other currencies may fluctuate and Is affected by, among other things, changes in the PRC’s political and economic conditions. Any significant revaluation of RMB may materially affect the Group’s financial condition in terms of $ reporting. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements:

	As of December 31,
	2022		2023
Balance sheet items, except for equity accounts		6.8972		7.0999

	For the Years Ended December 31,
	2021		2022		2023
Items in the statements of operations and comprehensive loss, and statements of cash flows		6.4508		6.7290		7.0809

No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.

Non-controlling interest

(bb).

Non-controlling interest

A non-controlling interest in a subsidiary of the Company represents the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to the Company. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and net loss and other comprehensive loss attributable to non-controlling shareholders are presented as a separate component on the consolidated statements of operations and comprehensive loss.

Earnings/(Loss) per share

(cc).

Earnings/(Loss) per share

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders, taking into consideration the deemed dividends to preferred shareholders (if any), by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Shares issuable for little to no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic earnings (loss) per share as of the date that all necessary conditions have been satisfied. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share the losses.

Diluted earnings (loss) per share is calculated by dividing net earnings (loss) attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable upon the exercise of share warrants using the treasury stock method, and earn-out shares. Ordinary equivalent shares are not included in the denominator of the diluted earnings (loss) per share calculation when inclusion of such share would be anti-dilutive.

Discontinued operations

(dd).

Discontinued operations

A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs:

(1)

the component of an entity or group of components of an entity meets the criteria to be classified as held for sale;

(2)

the component of an entity or group of components of an entity is disposed of by sale;

(3)

the component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff).

For any component classified as held for sale or disposed of by sale or other than by sale that qualify for presentation as a discontinued operation in the period, the Group has reported the assets and liabilities of the discontinued operations as current and non-current assets of discontinued operations, and current and non-current liabilities of discontinued operations in the consolidated balance sheets as of December 31, 2022 and 2023. The results of operations of discontinued operation for the years ended December 31, 2021, 2022 and 2023 have been reflected separately in the consolidated statements of income/(loss) as a single line item for all periods presented in accordance with U.S. GAAP. Cash flows from discontinued operations of the three categories for the years ended December 31, 2021, 2022 and 2023 were separately presented in the consolidated statements of cash flows for all periods presented in accordance with U.S. GAAP.

Segment reporting

(ee).

Segment reporting

The Group has organized its continuing operations into two operating segments. The segments reflect the way the Group evaluates its business performance and manages its operations by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group.

The Group has two reportable segments from continuing operations, including auto service business and auto eInsurance business. The Group considers a “management approach” concept as the basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the Group for making operating decisions, allocating resources, and assessing performance. The Group’s reportable segments are strategic business units that offer different services and are managed separately because each business requires different technology and marketing strategies. As the Group’s long-lived assets are substantially located in the PRC, no geographical segments are presented.

Comprehensive loss

(ff).

Comprehensive loss

Comprehensive loss is comprised of the Group’s net loss and other comprehensive income (loss). The components of other comprehensive income (loss) consist of foreign currency translation adjustments.

Recent accounting pronouncements

(gg).

Recent accounting pronouncements

The Group is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 revised the guidance in Subtopic 815-40 to remove the conditions including: (i) settlement in unregistered shares; (ii) collateral; and (iii) shareholder rights. In addition, regarding the condition about failure to timely file in the settlement guidance, ASU 2020-06 clarify that penalty payments do not preclude equity classification. For public companies not eligible to be a smaller reporting company, the guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. For all other entities, the guidance is effective for fiscal years and interim periods beginning after December 15, 2023. Early adoption is permitted. The Company elected to early adopted ASU 2020-06 from January 1, 2023.

In November 2023, the FASB issued ASU 2023-07, which modifies the disclosure and presentation requirements of reportable segments. The new guidance requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Group does not expect that the adoption of ASU 2023-07 will have a material impact on its consolidated financial statements disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Group is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statement.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

Concentration Risk (Details) - Schedule of Group’s Total Accounts Receivable	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Customer B [Member]
Concentration Risk (Details) - Schedule of Group’s Total Accounts Receivable [Line Items]
Accounts receivable percentage		23.00%
Customer C [Member]
Concentration Risk (Details) - Schedule of Group’s Total Accounts Receivable [Line Items]
Accounts receivable percentage	14.00%	25.00%
Customer D [Member]
Concentration Risk (Details) - Schedule of Group’s Total Accounts Receivable [Line Items]
Accounts receivable percentage		12.00%
Customer E [Member]
Concentration Risk (Details) - Schedule of Group’s Total Accounts Receivable [Line Items]
Accounts receivable percentage	13.00%	10.00%
Customer F [Member]
Concentration Risk (Details) - Schedule of Group’s Total Accounts Receivable [Line Items]
Accounts receivable percentage	11.00%
Customer G [Member]
Concentration Risk (Details) - Schedule of Group’s Total Accounts Receivable [Line Items]
Accounts receivable percentage	12.00%

Prepaid Expenses and Other Current Assets, Net (Details) - Schedule of prepayments and other current assets, net - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of prepayments and other current assets, net [Abstract]
Advances to suppliers	$ 58,814	$ 4,537
Value-added tax (“VAT”) receivables	2,985	1,954
Prepaid financing expense	1,442
Advance for deferred cost of Business Combination		1,325
Deferred IPO costs		868
Others	894	763
Prepaid expenses and other current assets	64,135	9,447
Allowance for credit losses	(172)	(177)
Prepaid expenses and other current assets, net	$ 63,963	$ 9,270

Warrants (Details) - Schedule of Status of Warrants Outstanding and Exercisable	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Schedule of Status of Warrants Outstanding and Exercisable [Abstract]
Warrants outstanding, Warrants \| shares
Warrants outstanding, Weighted Average Exercise Price \| $ / shares
Warrants outstanding, Warrants \| shares	12,431,674
Warrants outstanding, Weighted Average Exercise Price \| $ / shares	$ 10.72
Warrants exercisable, Warrants \| shares	12,431,674
Warrants exercisable, Weighted Average Exercise Price \| $ / shares	$ 10.72
Issued, Warrants \| shares	12,816,480
Issued, Weighted Average Exercise Price \| $ / shares	$ 10.75
Exercised, Warrants \| shares	(384,806)
Exercised, Weighted Average Exercise Price \| $ / shares	$ 11.5
Expired, Warrants \| shares
Expired, Weighted Average Exercise Price \| $ / shares

Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

EQUITY

13.

EQUITY

Private Placement

On May 19, 2023, the Company entered into a Share Subscription Agreement with a certain non-U.S. person, Anji Zerun Private Equity Investment Partnership (Limited Partnership) (“Anji”) pursuant to which the Company agreed to sell to Anji, and Anji agreed to purchase from the Company, in a private placement 2,173,657 Class A ordinary shares, par value $0.0001 per share, of the Company, at the total consideration of US$21,737. The excess of par value per share of the consideration was accounted for as additional paid-in capital of US$21,737.

Shares issued to Trans Asia

Trans Asia Capital Management Ltd. (“Trans Asia”) acted as a finder in seeking appropriate special purpose acquisition companies (“SPACs”) for the Company’s de-SPAC transaction. For its work, Trans Asia received 160,000 Class A Ordinary Shares issued by the Company after the completion of the merger.

Shares converted from the extension cost of GBRG

Before the completion of the Business Combination, Auto Services Group Limited made the payment for Goldenbridge to extend the period of time for Goldenbridge to consummate the Business Combination. As of May 17, 2023, the Closing Date, the advance for deferred cost of Business Combination was of $1,499, and was expected to converted into ordinary shares at a price of US$10 per share. As of the date of issuance of the consolidated financial statements, the Company did not complete the registration and issuance of the shares.

Share Repurchase

On May 17, 2023, SunCar entered into share repurchase agreement with Goldenbridge. Pursuant to the agreement, Goldenbridge’s initial shareholders shall transfer certain ordinary shares to SunCar, depending on the cash retained by Goldenbridge upon the closing of the Business Combination. Since Goldenbridge retained no more than $30,000 in cash immediately after the closing, the Company repurchased 200,000 ordinary shares at a price of $10.00 per share as treasury stock, for an aggregate purchase price of $2,000.

Follow-on Offering

On October 26, 2023, the Company entered into certain securities purchase agreements with certain institutional investors (“Institutional Investors”) for a follow-on offering (the “Follow-on Offering”) of $21 million of Class A Ordinary Shares, par value $0.0001 per share (the “Ordinary Shares”) at a price of $8.18 per share (the “Purchase Price”). Pursuant to the Purchase Agreement, the Company issued a total of 2,567,238 Ordinary Shares to the Institutional Investors.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a).

Basis of presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

(b).

Basis of presentation

(c).

Cash

(d).

Restricted cash

(e).

Accounts receivable, net

Adoption of Accounting Standards Update (“ASU”) 2016-13

(f).

Short-term investment

(g).

Prepaid expenses and other current assets

(h).

Software and equipment, net

Category	Estimated useful lives	Residual value
Vehicles	3-5 years		5	%
Office equipment and furniture	3-5 years		5	%
Electronic equipment	3 years		5	%
Computer software	5, 10 years		nil
Leasehold improvements	Over the shorter of lease term or the estimated useful lives of the assets		nil
Others	3-10 years		5	%

Computer software

(i).

Other non-current assets

(j).

Impairment of long-lived assets

(k).

Long-term investments

(l).

Accounts payable

(m).

Short-term loan

Short-term loan represents the Group’s borrowings from commercial banks for the Group’s working capital. Short-term loan includes borrowings with maturity terms shorter than one year.

(n).

Related party

(o).

Warrant

(p).

Fair value measurement

●

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2—Include other inputs that are directly or indirectly observable in the marketplace.

●

Level 3—Unobservable inputs which are supported by little or no market activity.

The Group’s non-financial assets, such as software and equipment, would be measured at fair value only if they were determined to be impaired.

	Fair Value Measurement
	Level 1		Level 2		Level 3		Total fair value
Warrant liabilities:
As of December 31, 2023	$	-	$	-	$	661	$	661
As of May 17, 2023	$	-	$	-	$	32	$	32

	Private Warrants
Fair value as of December 31, 2022	$	-
Acquired from the Business Combination		32
Settlements		-
Change in fair value		629
Fair value as of December 31, 2023	$	661

The significant unobservable inputs used in the measurement of fair value of Private Warrant as of December 31, 2023 are as follows:

	As of December 31, 2023
Expected term (in years)		4.38
Volatility		64.34	%
Risk-free interest rate		3.90	%
Dividend yield		-

(q).

Revenue recognition

The Group’s revenues are mainly generated from providing auto service, auto eInsurance service and technology service.

	1.	Identification of the contract, or contracts, with the customer;

	2.	Identification of the performance obligations in the contract;

	3.	Determination of the transaction price;

	4.	Allocation of the transaction price to the performance obligations in the contract; and

	5.	Recognition of the revenue when, or as, a performance obligation is satisfied.

Auto service

Auto eInsurance Service

Technology service

The Group’s revenues are disaggregated by timing of revenue recognition as follows:

	For the years ended December 31,
	2021		2022		2023
Revenue recognized at a point in time	$	244,646	$	266,934	$	333,088
Revenue recognized over time		4,589		15,479		30,658
Total revenues	$	249,235	$	282,413	$	363,746

Contract Balances

(r).

Integrated service cost

(s).

Promotional service expenses

(t).

Research and development expense

(u).

Government grants

(v).

Share-based compensation

(w).

Employee benefits

(x).

Leases

Operating lease ROU assets

Operating lease liabilities

(y).

Income taxes

(z).

Value added tax (“VAT”)

(aa).

Foreign currency transactions and translations

	As of December 31,
	2022		2023
Balance sheet items, except for equity accounts		6.8972		7.0999

	For the Years Ended December 31,
	2021		2022		2023
Items in the statements of operations and comprehensive loss, and statements of cash flows		6.4508		6.7290		7.0809

No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.

(bb).

Non-controlling interest

(cc).

Earnings/(Loss) per share

(dd).

Discontinued operations

(1)

the component of an entity or group of components of an entity meets the criteria to be classified as held for sale;

(2)

the component of an entity or group of components of an entity is disposed of by sale;

(3)

the component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff).

(ee).

Segment reporting

(ff).

Comprehensive loss

(gg).

Recent accounting pronouncements

Condensed Financial Information of the Parent Company (Details) - Schedule of Condensed Parent Company Balance Sheets (Parentheticals) - Parent Company [Member] - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class A Ordinary Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	400,000,000	400,000,000
Ordinary shares, shares issued	40,076,493	31,971,435
Ordinary shares, shares outstanding	40,076,493	31,971,435
Class B Ordinary Shares [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	100,000,000	100,000,000
Ordinary shares, shares issued	49,628,565	49,628,565
Ordinary shares, shares outstanding	49,628,565	49,628,565

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	May 19, 2023	May 17, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 26, 2023
Equity [Line Items]
Total consideration	$ 21,737		$ 21,737
Deferred cost of Business Combination		$ 1,499
Price per share (in Dollars per share)			$ 11.5
Cash amount		$ 30,000
Repurchased shares (in Shares)		200,000	3,850,857
Purchase price		$ 2,000
Private Placement [Member]
Equity [Line Items]
Additional paid-in capital	$ 21,737
Ordinary Shares [Member]
Equity [Line Items]
Shares issued (in Shares)						2,567,238
Price per share (in Dollars per share)		$ 10				$ 8.18
Treasury Stocks [Member]
Equity [Line Items]
Price per share (in Dollars per share)		$ 10
Class A Ordinary Shares [Member]
Equity [Line Items]
Common stock per value (in Dollars per share)	$ 0.0001		$ 0.0001	$ 0.00005		$ 0.0001
Shares issued (in Shares)			160,000
Ordinary shares value			$ 4	$ 3		$ 21,000
Class A Ordinary Shares [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Private placement shares (in Shares)			2,173,657
GEM Investor [Member]
Equity [Line Items]
Private placement shares (in Shares)	2,173,657

Share-Based Compensation (Details)				12 Months Ended
Share-Based Compensation (Details)	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2020 ¥ / shares	Sep. 09, 2020 ¥ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Share Based Compensation [Line Items]
Ordinary shares (in Shares)					1,600,000	1,600,000
Revenue exceeds \| $					$ 352,000,000	$ 258,000
Earnout price per share (in Dollars per share) \| $ / shares					$ 6.11
Earnout shares (in Shares)					9,776
Employees granted restricted shares vesting period					5 years
Employees subscription payment \| $	$ 1,553,000
Fair value of shares grant date per share \| (per share)	$ 3.94	¥ 25.71
Compensation expenses cost \| $					$ 1,519,000	$ 1,599,000	$ 1,668,000
Restricted shares (in Shares)					3,038,000
Weighted-average period					1 year 8 months 8 days
Share Incentive Plan 2020 [Member]
Share Based Compensation [Line Items]
Employees shares granted (in Shares)			2,500,000
Employees contribution price per share (in Yuan Renminbi per share) \| ¥ / shares			¥ 4.2
Share Based Compensation [Member]
Share Based Compensation [Line Items]
Employees granted restricted shares vesting rate					20.00%
Forecast [Member]
Share Based Compensation [Line Items]
Ordinary shares (in Shares)				1,600,000
Revenue exceeds \| $				$ 459,000,000

Net Income (Loss) Per Share (Details)	12 Months Ended
Net Income (Loss) Per Share (Details)	Dec. 31, 2023 shares
Earnings Per Share [Abstract]
Dilutive securities share	876,025

Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings [Abstract]

BORROWINGS

BORROWINGS

As of December 31, 2022 and 2023, the bank borrowings were for working capital and capital expenditure purposes. Short-term borrowings consisted of the following:

	Annual Interest				December 31,
	Rate			Maturity	2022		2023
Huaxia Bank Shanghai Branch Sales Department		4.35	%	September to October, 2024	$	11,567	$	14,087
China Merchants Bank Shanghai Damuqiao Branch(i)		4.00%-5.01	%	April to September, 2024		9,961		8,310
Bank of Communications Shanghai Putuo Branch(i)		4.79	%	January, 2024		7,249		7,042
Putuo Branch of Shanghai Pudong Development Bank(i)		4.20	%	May, 2024		4,350		4,225
Bank of Dalian Shanghai Jing’an Sub-branch(i)		4.80	%	November, 2024		4,350		4,225
China Construction Bank Shanghai Jing’an Branch(i)		3.55%-3.65	%	February to June, 2024		4,350		4,225
Bank of Beijing Shanghai Branch(i)		3.65	%	May, 2024		1,160		4,225
HSBC Bank (China) Limited Shanghai branch(i)		4.85	%	March, 2024		-		4,225
China Minsheng Bank Co., LTD. Shanghai branch		3.80	%	August, 2024		-		4,225
Bank of China Limited Shanghai Zhabei branch(i)		3.20%-4.57	%	May to November, 2024		-		4,155
China CITIC Bank Shanghai Pudian Road Branch(i)		4.50	%	January to April, 2024		1,435		4,085
Bank of Nanjing North Bund Branch(i)		5.00	%	March, 2024		3,625		3,521
Huangpu Branch of Bank of Shanghai(i)		4.45	%	February, 2024		2,900		2,817
ICBC Shanghai Zhang Jiang high tech Park Branch(i)		3.35	%	December, 2024		2,610		2,817
Xiamen International Bank Shanghai Jinqiao Branch(i)		5.20	%	April, 2024		1,450		2,817
Bank of Ningbo Co., LTD. Shanghai Lianyang branch(i)		4.30	%	June, 2024		-		2,817
Industrial Bank Co., LTD. Shanghai Pudong branch(i)		4.95	%	April, 2024		-		2,817
Agricultural Bank of China Co., LTD. Shanghai Minhang branch(ii)		3.15	%	November, 2024		-		1,408
Guangfa Bank Co., LTD. Shanghai branc(ii)		3.80	%	April, 2024		-		986
China Minsheng Bank Shanghai Jiujiang Branch		3.70%-3.85	%	January to July, 2023		7,249		-
Bank of Beijing Shanghai Zhangjiang Sub-branch(i)		4.80	%	December, 2023		4,350		-
Bank of China Shanghai Gonghexin Road Sub-branch(ii)		3.65%-4.22	%	March to November, 2023		4,277		-
Industry bank Shanghai Zhijiang Branch(i)		4.65%-5.05	%	February, 2023		2,900		-
Shanghai Rural Commercial Bank Minhang Branch(ii)		5.20	%	June, 2023		870		-
Total					$	74,653	$	83,029

(i)

As of December 31, 2022 and 2023, the bank borrowings of $35,234 and $54,015 were guaranteed by SunCar Online, one of subsidiaries of SunCar.

(ii)

As of December 31, 2022 and 2023, the bank borrowings of $8,047 and $5,211 were guaranteed by Shengda Automobile, one of subsidiaries of SunCar.

The interest expenses were $3,476, $3,809 and $3,666 for the years ended December 31, 2021, 2022 and 2023, respectively. The weighted average interest rates of short-term loans outstanding were 4.98%, 4.89% and 4.45% per annum as of December 31, 2021, 2022 and 2023, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Related Party Transactions (Details) ¥ / shares in Units, ¥ in Millions		12 Months Ended
	Dec. 03, 2021 CNY (¥) ¥ / shares	Dec. 31, 2023 USD ($)	Mar. 01, 2022 USD ($)
Related Party Transactions [Line Items]
Per Share \| ¥ / shares	¥ 4
Transfer value \| ¥	¥ 282
Purchase agreement amount \| $			$ 1
Interest rate		1.00%
Debt repaid \| $		$ 10,000
Shengda Group [Member]
Related Party Transactions [Line Items]
Interest percentage	55.09%
Transfer value \| ¥	¥ 282

Taxation

12 Months Ended

Dec. 31, 2023

Taxation [Abstract]

TAXATION

16.

TAXATION

Cayman Islands

Under the current laws of the Cayman Islands, the Group is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

Hong Kong

According to Tax (Amendment) (No. 3) Ordinance 2018 published by Hong Kong government, form April 1, 2018, under the two-tiered profits tax rates regime, the profits tax rate for the first HKD2 million of assessable profits will be lowered to 8.25% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance (IRO)) for corporations. China Auto Market was not subject to Hong Kong profit tax for any period presented as it did not have assessable profit during the periods presented.

PRC

Generally, the Group’s subsidiaries, which are considered PRC resident enterprises under PRC tax law, are subject to enterprise income tax (“EIT”) on their worldwide taxable income as determined under PRC tax laws and accounting standards at a rate of 25%. EIT grants preferential tax treatment to High and New Technology Enterprises (“HNTEs”) at a rate of 15%, subject to a requirement that they re-apply for HNTE status every three years. The Group’s subsidiaries, Shengda Automobile and Shanghai Chengle Network Technology Co., Ltd. were approved as a HNTE and is entitled to a reduced income tax rate of 15% beginning November 2018 and renewing the HNTE in December 2021. The certificate is valid for three years.

According to Taxation [2019] No. 13 which was effective from January 1, 2019 to December 31, 2021 and Taxation [2021] No. 12 which was effective from January 1, 2021 to December 31, 2022, an enterprise is recognized as a small-scale and low-profit enterprise when its taxable income is less than RMB3 million. A small-scale and low-profit enterprise receives a tax preference including a preferential tax rate of 2.5% on its taxable income below RMB1 million and another preferential tax rate of 10% on its taxable income between RMB1 million and RMB3 million in 2021 and 2022. According to Taxation [2022] No. 13 which was effective from January 1, 2022 to December 31, 2024, a small-scale and low-profit enterprise receives a tax preference including a preferential tax rate of 5% on its taxable income between RMB1 million and RMB3 million. According to Taxation [2023] No. 06 which was effective from January 1, 2023 to December 31, 2024, a small-scale and low-profit enterprise receives a tax preference including a preferential tax rate of 5% on its taxable income below RMB1 million.

Continuing operations:

The income tax provision consisted of the following components:

	For the years ended December 31,
	2021			2022			2023
Current income tax expenses	$	2,062		$	2,182		$	1,871
Deferred income tax (benefit) expense		(1,124	)		(1,951	)		701
Total income tax expense	$	938		$	231		$	2,572

A reconciliation between the Group’s actual provision for income taxes and the provision at the PRC, mainland statutory rate is as follows:

	For the years ended December 31,
	2021			2022			2023
Income (Loss) before income tax expense	$	10,530		$	(10,674	)	$	(15,007	)
Computed income tax expense (benefit) with statutory tax rate		2,632			(2,669	)		(3,752	)
Additional deduction for research and development expenses		(509	)		(635	)		(546	)
Tax effect of preferred tax rate		(1,389	)		1,050			2,264
Tax effect of favorable tax rates on small-scale and low-profit entities		(93	)		123			(92	)
Tax effect of tax relief		(9	)		(7	)		(2	)
Tax effect of non-deductible items		71			26			77
Tax effect due to the disposal of Shengda Group		-			(3,580	)		-
Tax effect of expired tax attribute carryforwards		-			-			165
Tax effect of deferred tax effect of tax rate change		-			129			(40	)
Changes in valuation allowance		235			5,794			4,498
Income tax expense	$	938		$	231		$	2,572

As of December 31, 2022 and 2023, the significant components of the deferred tax assets are summarized below:

	December 31,
	2022			2023
Deferred tax assets:
Temporary difference in accounts receivable recognition	$	5,353		$	5,727
Temporary difference in research and development costs		3,738			3,187
Accrued expense		-			402
Net operating loss carried forward		7,676			10,841
Share-based compensation		78			76
Allowance for doubtful accounts		3,802			3,585
Total deferred tax assets		20,647			23,818
Valuation allowance		(7,577	)		(11,820	)
Deferred tax assets, net of valuation allowance	$	13,070		$	11,998

Changes in valuation allowance are as follows:

	December 31,
	2022			2023
Balance at the beginning of the year	$	2,314		$	7,577
Additions		5,436			4,459
Foreign currency translation adjustments		(173	)		(216	)
Balance at the end of the year	$	7,577		$	11,820

As of December 31, 2022 and 2023, the Group had net operating loss carryforwards of approximately $32,266 and $45,196, respectively, which arose from the Group’s subsidiaries in the PRC. As of December 31, 2022 and 2023, deferred tax assets from the net operating loss carryforwards amounted to $7,676 and $10,841, respectively, and the Group has recorded valuation allowances of $7,577 and $11,820 as of December 31, 2022 and 2023, respectively. Full valuation allowances have been provided where, based on all available evidence, management determined that deferred tax assets are not more likely than not to be realizable in future tax years.

As of December 31, 2023, net operating loss carryforwards will expire, if unused, in the following amounts:

2024	$	2,243
2025		5,407
2026		5,309
2027		17,708
2028		14,529
Total	$	45,196

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Fair Value Measurements of Liabilities - USD ($) $ in Thousands	Dec. 31, 2023	May 17, 2023
Warrant liabilities:
Warrant liabilities	$ 661	$ 32
Level 1 [Member]
Warrant liabilities:
Warrant liabilities
Level 2 [Member]
Warrant liabilities:
Warrant liabilities
Level 3 [Member]
Warrant liabilities:
Warrant liabilities	$ 661	$ 32

Accounts Receivable, Net (Details) - Schedule of Accounts Receivable, Net - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Accounts Receivable Net [Abstract]
Accounts receivable	$ 77,187	$ 110,967
Allowance for credit losses	(21,144)	(25,348)
Accounts receivable, net	$ 56,043	$ 85,619

Leases (Details) - Schedule of Components of Lease Expenses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Components of Lease Expenses [Abstract]
Lease cost
Amortization of right-of-use assets	754	619
Interest of operating lease liabilities	40	29
Total Lease cost	$ 794	$ 648

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2023

Accounts Receivable, Net [Abstract]

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

	December 31,
	2022			2023
Accounts receivable	$	110,967		$	77,187
Allowance for credit losses		(25,348	)		(21,144	)
Accounts receivable, net	$	85,619		$	56,043

The Group recognized bad debt expense of nil and $25,981 for the years ended December 31, 2021 and 2022, and reversed credit losses of $4,112 for the years ended December 31, 2023.

The movement of allowance for credit losses for the years ended December 31, 2021, 2022 and 2023 were as following:

	December 31,
	2022			2023
Balance at the beginning of the year	$	-		$	25,348
Additions		25,981			-
Reversal		-			(4,112	)
Foreign currency translation		(633	)		(92	)
Balance at the end of the year	$	25,348		$	21,144

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Net Income (Loss) Per Share [Abstract]

Schedule of Basic and Diluted Net Income (Loss)) Per Share

The following table sets forth the basic and diluted net income (loss) per share computation and provides a reconciliation of the numerator and denominator for the years presented:

	For the years ended December 31,
	2021			2022			2023
Numerator:
Net income/(loss) from continuing operations attributable to SunCar’s ordinary shareholders	$	3,942		$	(5,675	)	$	(26,912	)
Net loss from discontinued operations attributable to SunCar’s ordinary shareholders		(27,663	)		(994	)		-
Numerator for basic and diluted net loss per share calculation	$	(23,721	)	$	(6,669	)	$	(26,912	)

Denominator:
Weighted average number of ordinary shares		81,600,000			81,600,000			85,441,057

Net income/(loss) from continuing operations attributable to SunCar’s ordinary shareholders per ordinary share
—Basic and diluted	$	0.05		$	(0.07	)	$	(0.31	)

Net loss from discontinued operations attributable to SunCar’s ordinary shareholders per ordinary share
—Basic and diluted	$	(0.34	)	$	(0.01	)	$	-

Net loss attributable to SunCar’s ordinary shareholders per ordinary share
—Basic and diluted	$	(0.29	)	$	(0.08	)	$	(0.31	)

Summary of Significant Accounting Policies (Details) - Schedule of Fair value on a Recurring Basis Using Significant Unobservable Inputs - Private Warrants [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Schedule of Fair value on a Recurring Basis Using Significant Unobservable Inputs [Line Items]
Fair value as of December 31, 2022
Acquired from the Business Combination	32
Settlements
Change in fair value	629
Fair value as of December 31, 2023	$ 661

Accounts Receivable, Net (Details) - Schedule of Allowance of Credit Losses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Allowance of Doubtful Accounts [Abstract]
Balance at the beginning of the year	$ 25,348
Additions		25,981
Reversal	(4,112)	25,981	$ 148
Foreign currency translation	(92)	(633)
Balance at the end of the year	$ 21,144	$ 25,348

Warrants (Details) - Schedule of Initial Fair Value of Warrants Under Black-Scholes-Merton Model	12 Months Ended
	Dec. 31, 2023
GEM Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	3 years
Volatility	59.84%
Risk-free interest rate	3.94%
Dividend yield
Public Warrants and Private Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	5 years
Volatility	59.84%
Risk-free interest rate	3.59%
Dividend yield
Common Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	5 years
Volatility	63.84%
Risk-free interest rate	4.80%
Dividend yield
PA Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	5 years
Volatility	63.84%
Risk-free interest rate	4.80%
Dividend yield

Commitments and Contingencies (Details) - Schedule of Commitments and Contingencies $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies (Details) - Schedule of Commitments and Contingencies [Line Items]
Lease commitment	$ 1,300
Within 1 year [Member]
Commitments and Contingencies (Details) - Schedule of Commitments and Contingencies [Line Items]
Lease commitment	788
1-3 years [Member]
Commitments and Contingencies (Details) - Schedule of Commitments and Contingencies [Line Items]
Lease commitment	$ 512

Other Non-current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Non-Current Assets [Abstract]

Schedule of Other Non-Current Assets

Other non-current assets, consisted of the following:

	December 31,
	2022		2023

Private clouds in construction	$	13,629		12,012
Prepayment for equipment		794		-
	$	14,423		12,012

Concentration Risk (Tables)

12 Months Ended

Dec. 31, 2023

Concentration Risk [Abstract]

Schedule of Group’s Total Revenue

The following table sets forth a summary of single customers who represent 10% or more of the Group’s total revenue.

	For the years ended December 31,
	2021			2022			2023
Percentage of the Group’s total revenue
Customer A		*			*			19	%
Customer B		15	%		11	%		*
Customer C		*			15	%		*
Customer H		*			*			18	%
Customer I		*			*			11	%

represent percentage less than 10%

Schedule of Group’s Total Accounts Receivable

The following table sets forth a summary of single customers who represent 10% or more of the Group’s total accounts receivable:

	As of December 31,
	2022			2023
Percentage of the Group’s accounts receivable
Customer B		23	%		*
Customer C		25	%		14	%
Customer D		12	%		*
Customer E		10	%		13	%
Customer F		*			11	%
Customer G		*			12	%

represent percentage less than 10%

Schedule of Group’s Total Purchase

The following table sets forth a summary of each supplier who represent 10% or more of the Group’s total purchase:

	For the years ended December 31,
	2021			2022			2023
Percentage of the Group’s total purchase
Supplier A		*			*			*
Supplier B		12	%		24	%		17	%
Supplier C		11	%		19	%		*
Supplier D		10	%		16	%		23	%

represent percentage less than 10%

Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information of the Parent Company [Member]

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

22.

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

The Group performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the Group is required to disclose the financial statements for the parent Company.

CONDENSED PARENT COMPANY BALANCE SHEETS

	As of December 31,
	2022			2023
ASSETS
Cash	$	-		$	2,025
Prepaid expenses and other current assets, net		-			7,342
Investment in subsidiaries		-			6,716
Total assets		-			16,083

LIABILITIES AND SHAREHOLDERS’(DEFICIT)/EQUITY
Accrued expenses and other current liabilities		-			5
Deficit in investment in subsidiaries		5,284			-
Total liabilities		5,284			5

Shareholders’(deficit)/equity
Class A Ordinary shares* (par value of US$0.0001 per share; 400,000,000 Class A Ordinary shares authorized as of December 31, 2022 and 2023, respectively; 31,971,435 and 40,076,493 Class A Ordinary shares issued and outstanding as of December 31, 2022 and 2023, respectively)		3			4
Class B Ordinary shares* (par value of US$0.0001 per share; 100,000,000 Class B Ordinary shares authorized as of December 31, 2022 and 2023, respectively; 49,628,565 and 49,628,565 Class B Ordinary shares issued and outstanding as of December 31, 2022 and 2023, respectively)		5			5
Additional paid in capital		95,764			144,160
Accumulated deficit		(101,056	)		(128,091	)
Total shareholders’(deficit)/equity		(5,284	)		16,078
TOTAL LIABILITIES AND (DEFICIT)/EQUITY	$	-		$	16,083

CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS

	For the years ended December 31,
	2021			2022			2023
Operating loss:
Selling expenses	$	-		$	-		$	(1	)
General and administrative expenses		-			-			(10,723	)
Research and development expenses		-			-			(500	)
Share of loss of subsidiaries		(23,721	)		(6,669	)		(14,581	)
Total operating costs and expenses		(23,721	)		(6,669	)		(25,805	)

Financial expenses, net		-			-			(478	)
Change of fair value of warrant liabilities		-			-			(629	)
Total other loss, net		-			-			(1,107	)

Loss before income tax expense		(23,721	)		(6,669	)		(26,912	)
Income tax expense		-			-			-
Net loss	$	(23,721	)	$	(6,669	)	$	(26,912	)

CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOW

	For the years ended December 31,
	2021		2022		2023
Cash flows used in operating activities	$	-	$	-	$	(1,177	)
Cash flows used in investing activities		-		-		(6,000	)
Cash flows provided by financing activities		-		-		9,202
Net increase in cash		-		-		2,025
Cash at beginning of year		-		-		-
Cash at end of year	$	-	$	-	$	2,025

Taxation (Details) - Schedule of Deferred Tax Assets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Temporary difference in accounts receivable recognition	$ 5,727	$ 5,353
Temporary difference in research and development costs	3,187	3,738
Accrued expense	402
Net operating loss carried forward	10,841	7,676
Share-based compensation	76	78
Allowance for doubtful accounts	3,585	3,802
Total deferred tax assets	23,818	20,647
Valuation allowance	(11,820)	(7,577)
Deferred tax assets, net of valuation allowance	$ 11,998	$ 13,070

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Net Income (Loss) Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

17.

NET INCOME (LOSS) PER SHARE

The following table sets forth the basic and diluted net income (loss) per share computation and provides a reconciliation of the numerator and denominator for the years presented:

	For the years ended December 31,
	2021			2022			2023
Numerator:
Net income/(loss) from continuing operations attributable to SunCar’s ordinary shareholders	$	3,942		$	(5,675	)	$	(26,912	)
Net loss from discontinued operations attributable to SunCar’s ordinary shareholders		(27,663	)		(994	)		-
Numerator for basic and diluted net loss per share calculation	$	(23,721	)	$	(6,669	)	$	(26,912	)

Denominator:
Weighted average number of ordinary shares		81,600,000			81,600,000			85,441,057

Net income/(loss) from continuing operations attributable to SunCar’s ordinary shareholders per ordinary share
—Basic and diluted	$	0.05		$	(0.07	)	$	(0.31	)

Net loss from discontinued operations attributable to SunCar’s ordinary shareholders per ordinary share
—Basic and diluted	$	(0.34	)	$	(0.01	)	$	-

Net loss attributable to SunCar’s ordinary shareholders per ordinary share
—Basic and diluted	$	(0.29	)	$	(0.08	)	$	(0.31	)

For the year ended December 31, 2023, warrants were anti-dilutive and thus excluded from the calculation of diluted loss per share. The potential dilutive securities that were not included in the calculation of dilutive loss per share in 2023 are 876,025.

Non-Controlling Interests

12 Months Ended

Dec. 31, 2023

Non-Controlling Interests [Abstract]

NON-CONTROLLING INTERESTS

14.

NON-CONTROLLING INTERESTS

Repurchase of noncontrolling interests

Since 2014, one of the Company’s subsidiary, SunCar Online, was listed on the National Equities Exchange and Quotations Co., Ltd., or the NEEQ, and the Company owns a majority ownership in SunCar Online. In 2021, a 100% owned subsidiary of the Company, Haiyan, acquired 0.99% of ownership of SunCar Online from non-controlling shareholders via NEEQ capital market. In 2022, Haiyan, and another 100% owned subsidiary of SunCar, Shanghai Feiyou, acquired 0.01% and 0.25% of ownership of SUNCAR Online from non-controlling shareholders via NEEQ capital market, respectively.

Since both Haiyan and Shanghai Feiyou were 100% owned by the Company, the ownership purchase transactions were considered as repurchase of non-controlling interests by the Company in substance. During the year ended December 31, 2021, as a result of the repurchase of 0.99% non-controlling interest of SunCar Online, the Group derecognized non-controlling interest of $948, and the difference between the purchase price and the carrying amount of the proportional net assets that repurchased from non-controlling shareholders was recorded in additional paid-in capital, which was $236. During the year ended December 31, 2022, as a result of the repurchase of 0.26% non-controlling interest of SunCar Online, the Group derecognized non-controlling interest of $234, and the difference between the purchase price and the carrying amount of the proportional net assets that repurchased from non-controlling shareholders was recorded in additional paid-in capital, which was $276.

Dividend paid to noncontrolling shareholders

On October 26, 2021, SunCar Online declared and paid dividend of RMB102,304 (US$15,859), among which RMB42,702 (US$6,620) was paid to non-controlling shareholders of SunCar Online. The remaining dividends were paid to Haiyan, Shengda Auto Service Group Co., Ltd., Shanghai Lianming Advertising Communication Co., Ltd., and Shanghai Shanda Jiarui Automobile Sales Co., Ltd., which are all 100% owned subsidiaries of the Group, and the payment of the remaining dividends to these subsidiaries were eliminated on the consolidated financial statements of the Group.

Segment Information (Details) - Schedule of Revenue and Operating Results by Segments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Revenue and Operating Results by Segments [Line Items]
Revenues from external customers	$ 363,746	$ 282,413	$ 249,235
Depreciation and amortization	(4,868)	(5,078)	(4,055)
Segment income (loss) before tax	(15,007)	(10,674)	10,530
Auto service [Member]
Schedule of Revenue and Operating Results by Segments [Line Items]
Revenues from external customers	214,979	199,294	187,880
Depreciation and amortization	(2,759)	(3,452)	(3,404)
Segment income (loss) before tax	16,958	(8,109)	15,891
Auto eInsurance [Member]
Schedule of Revenue and Operating Results by Segments [Line Items]
Revenues from external customers	118,109	67,640	56,766
Depreciation and amortization	(1,914)	(1,558)	(578)
Segment income (loss) before tax	1,278	(2,212)	(4,256)
Others [Member]
Schedule of Revenue and Operating Results by Segments [Line Items]
Revenues from external customers	30,658	15,479	4,589
Depreciation and amortization	(195)	(68)	(73)
Segment income (loss) before tax	$ (33,243)	$ (353)	$ (1,105)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Prepaid Expenses and Other Current Assets, Net

12 Months Ended

Dec. 31, 2023

Prepaid Expenses and Other Current Assets, Net [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

Prepayments and other current assets, net consisted of the following:

	December 31,
	2022			2023

Advances to suppliers	$	4,537		$	58,814
Value-added tax (“VAT”) receivables		1,954			2,985
Prepaid financing expense⁽¹⁾		-			1,442
Advance for deferred cost of Business Combination⁽²⁾		1,325			-
Deferred IPO costs		868			-
Others		763			894
Prepaid expenses and other current assets		9,447			64,135
Allowance for credit losses		(177	)		(172	)
Prepaid expenses and other current assets, net	$	9,270		$	63,963

(1)

It represented prepaid financing expense related to issuance of GEM Warrants (See Note 12).

(2)

The advance for deferred cost of Business Combination represented the advances to Goldenbridge in form of non-interest-bearing loans, pursuant to the agreement and plan of merger, dated as of May 23, 2022, which provides for a Business Combination between Goldenbridge and Auto Services Group Limited. Such advance was provided to GBRG to extend the period of time for Goldenbridge to consummate the Business Combination and shall become repayable upon closing of the Business Combination, or if Goldenbridge materially breach the agreement.

As of May 17, 2023, the Closing Date, the advance for deferred cost of Business Combination was of $1,499, and was expected to converted into ordinary shares at a price of US$10 per share. As of the date of the report, the Company did not complete the registration and issuance of the shares.

The Group assessed the collectability of other current assets, and recorded $148, nil and $nil provision for doubtful recoveries of advances to suppliers that the collectability is considered remote for the years ended December 31, 2021, 2022 and 2023, respectively.

The movement of allowance for credit losses for the years ended December 31, 2021, 2022 and 2023 were as following:

	December 31,
	2022			2023
Balance at the beginning of the year	$	191		$	177
Additions		-			-
Foreign currency translation		(14	)		(5	)
Balance at the end of the year	$	177		$	172

Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Borrowings [Line Items]
Interest expenses	$ 3,666	$ 3,809	$ 3,476
Weighted average interest rates	4.45%	4.89%	4.98%
SunCar Online [Member]
Borrowings [Line Items]
Bank borrowings	$ 54,015	$ 35,234
Shengda Automobile [Member]
Borrowings [Line Items]
Bank borrowings	$ 5,211	$ 8,047

Prepaid Expenses and Other Current Assets, Net (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expenses and Other Current Assets, Net [Abstract]
Deferred cost	$ 1,499
Converted ordinary share price (in Dollars per share)	$ 10
Provision for doubtful recoveries				$ 148

Software and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Software and Equipment net, [LIne Items]
Depreciation expense	$ 4,114	$ 5,078	$ 4,055

Warrants (Tables)

12 Months Ended

Dec. 31, 2023

Warrants [Abstract]

Schedule of Initial Fair Value of Warrants Under Black-Scholes-Merton Model

The table summarizes the assumptions of the initial fair value of warrants under Black-Scholes-Merton model:

	GEM Warrants			Public Warrants and Private Warrants			Common Warrants			PA Warrants
Expected term (in years)		3			5			5			5
Volatility		59.84	%		59.84	%		63.84	%		63.84	%
Risk-free interest rate		3.94	%		3.59	%		4.80	%		4.80	%
Dividend yield		-			-			-			-

Schedule of Status of Warrants Outstanding and Exercisable

The table summarize the status of warrants outstanding and exercisable as of December 31, 2023:

	Warrants			Weighted Average Exercise Price
Warrants outstanding, as of December 31, 2022		-		$	-
Issued		12,816,480			10.75
Exercised		(384,806	)		11.50
Expired		-			-
Warrants outstanding, as of December 31, 2023		12,431,674		$	10.72
Warrants exercisable, as of December 31, 2023		12,431,674		$	10.72

Concentration Risk (Details) - Schedule of Group’s Total Revenue	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Customer A [Member]
Revenue, Major Customer [Line Items]
Total revenue percentage	19.00%
Customer B [Member]
Revenue, Major Customer [Line Items]
Total revenue percentage		11.00%	15.00%
Customer C [Member]
Revenue, Major Customer [Line Items]
Total revenue percentage		15.00%
Customer H [Member]
Revenue, Major Customer [Line Items]
Total revenue percentage	18.00%
Customer I [Member]
Revenue, Major Customer [Line Items]
Total revenue percentage	11.00%

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations [Abstract]

Schedule of discontinued operations, net of tax

The comparative consolidated statements of operations have been represented to show the discontinued operations separately from continuing operations. Details of the results from discontinued operations, net of tax are set out below:

	For the years ended December 31,
	2021			2022*			2023

Interest income	$	1,884		$	142		$	-
Interest cost		(7,322	)		(457	)		-
Net interest loss		(5,438	)		(315	)		-

Operating expenses
Selling expenses		(235	)		(22	)		-
General and administrative expenses		(12,998	)		(760	)		-
Total operating expenses		(13,233	)		(782	)		-

Operating loss		(18,671	)		(1,097	)		-

Other income (expenses)
Financial expenses, net		(604	)		(70	)		-
Investment income/(loss)		6			-			-
Other income, net		878			174			-
Total other income, net		280			104			-

Loss before income tax expense		(18,391	)		(993	)		-
Income tax expense		(9,291	)		(1	)		-
Loss from discontinued operations, net		(27,682	)		(994	)		-

Less: Net loss attributable to non-controlling interests		(19	)		-			-

Net loss from discontinued operations attributable to SunCar’s ordinary shareholders	$	(27,663	)	$	(994	)	$	-

The result of discontinued operations included those of discontinued operations from January 1, 2022 to March 1, 2022.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-Name Accounting Standards Codification
-Section 50
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+ Details

Leases (Details) - Schedule of Operating Leases within the Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Operating Leases With in the Consolidated Balance Sheets [Abstract]
Operating lease right-of-use assets, net	$ 1,280	$ 344
Lease liabilities - current	748	315
Lease liabilities – non-current	504
Total operating lease liabilities	$ 1,252	$ 315

Organization and Principal Activities

12 Months Ended

Dec. 31, 2023

Organization and Principal Activities [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

Auto Services Group Limited (“SunCar”) was incorporated under the laws of the British Virgin Islands (“BVI”) on September 19, 2012 and continued in the Cayman Islands in accordance with applicable laws.

On May 23, 2022, SunCar entered into the Agreement and Plan of Merger (“Merger Agreement”) with Goldenbridge Acquisition Limited (“Goldenbridge”), SunCar Technology Group Inc. (“SunCar Technology”, or the “Company”), and SunCar Technology Global Inc (the “Merger Sub”), a Cayman Islands exempted company and wholly owned subsidiary of SunCar Technology.

Pursuant to the Merger Agreement, at the closing of the transactions (the “Business Combination”, or the “Transaction”) contemplated by the Merger Agreement (the “Closing”), (i) Goldenbridge was merged with and into SunCar Technology, the separate corporate existence of Goldenbridge ceasing and SunCar Technology continuing as the surviving corporation; (ii) the Merger Sub was merged with and into SunCar, the Merger Sub ceasing and SunCar continuing as the surviving company.

The Company, through its wholly-owned subsidiaries (collectively, the “Group”) primarily engages in providing auto service, auto eInsurance service and technology service in the People’s Republic of China (“PRC” or “China”).

Sun Car Online Insurance Agency Co., Ltd. (“SunCar Online”) was incorporated under the laws of PRC on December 5, 2007, and along with its subsidiaries, are the Group’s main operating entities in China.

Prior to March 2022, the Group also engaged in the business of financial leasing through its subsidiaries, Shengda Automobile Service Group Co. Limited (“Shengda Group”). During the year ended December 31, 2021, the Group reached a resolution to dispose Shengda Group. On March 1, 2022, the Group transferred the total equity of Shengda Group, to a related party at a nominal consideration of RMB1, for the purpose of focusing on providing auto service and auto eInsurance service (See Note 3 Discontinued Operations). As of December 31, 2022, the disposal of Shengda Group was completed.

Reverse recapitalization

On May 17, 2023 (the “Closing Date”), Goldenbridge and SunCar Technology consummated the closing of the Transaction of Goldenbridge and SunCar Technology, following the approval at a Special Meeting of the shareholders on April 14, 2023. Following the consummation of the Transaction, Goldenbridge as a wholly-owned subsidiary of SunCar Technology and the outstanding shares of Goldenbridge being converted into the right to receive shares of SunCar Technology, the combined company will retain the SunCar Technology name.

SunCar was determined to be the accounting acquirer given it effectively controlled the combined entity after the Transaction. The Transaction is not a business combination because Goldenbridge was not a business. The Transaction is accounted for as a reverse recapitalization, which is equivalent to the issuance of shares by SunCar for the net monetary assets of the Company, accompanied by a recapitalization. SunCar is determined as the accounting acquirer and the historical financial statements of SunCar became the Company’s historical financial statements, with retrospective adjustments to give effect of the reverse recapitalization. All of the Ordinary Shares and Convertible Preferred Shares of SunCar that were issued and outstanding immediately prior to the Transaction were cancelled and converted into an aggregate of 31,971,435 Class A ordinary shares and 49,628,565 Class B ordinary shares, which has been restated retrospectively to reflect the equity structure of the Company. Net loss per share is retrospectively restated using the historical weighted-average number of ordinary shares outstanding multiplied by the exchange ratio.

The par value of ordinary shares changed from $0.00005 to $0.0001, the difference of $3 was adjusted retrospectively as in addition paid-in capital as of December 31, 2022. The consolidated statements of changes in shareholders’ equity for the years ended December 31, 2021, 2022 and 2023 were also adjusted retrospectively to reflect these changes. The weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - basic and diluted was adjusted retrospectively from 418,668,614 to 81,600,000 (including 1,600,000 Earnout Shares, See Note 15) for the years ended December 31, 2021, 2022.

The net loss per share before and after the retrospective adjustments are as follows.

	For the years ended December 31,
	2021						2022
	Before adjustment			After adjustment			Before adjustment			After adjustment

Net income (loss) from continuing operation attributable to the Company’s ordinary shareholders per ordinary share
—Basic and diluted	$	0.01		$	0.05		$	(0.03	)	$	(0.07	)

Net loss from discontinued operation attributable to the Company’s ordinary shareholders per ordinary share
—Basic and diluted	$	(0.12	)	$	(0.34	)	$	-		$	(0.01	)

Net income attributable to the Company’s ordinary shareholders per ordinary share
—Basic and diluted	$	(0.11	)	$	(0.29	)	$	(0.03	)	$	(0.08	)

As of December 31, 2023, SunCar’s major subsidiaries are as follows:

Name	Date of Incorporation	Place of Incorporation	Percentage of Effective Ownership			Principal Activities
Shanghai Xuanbei Automobile Service Co., Limited (“Shanghai Xuanbei”)	April 26, 2018	PRC		100.00	%	Auto service
Shanghai Shengshi Dalian Automobile Service Co., Limited (“Shengda Automobile”)	June 8, 2013	PRC		84.89	%	Auto service
Sun Car Online Insurance Agency Co., Ltd. (“SUNCAR Online”)	December 5, 2007	PRC		56.51	%	Auto eInsurance service
Haiyan Trading (Shanghai) Co., Limited (“Haiyan”)	November 22, 2012	PRC		100.00	%	Holding company
Shanghai Feiyou Trading Co., Limited (“Shanghai Feiyou”)	June 11, 2009	PRC		100.00	%	Technology services

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Information [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The CODM reviews financial information of operating segments based on internal management report when making decisions about allocating resources and assessing the performance of the Group. As a result of the assessment made by CODM, the Group has two reportable segments for continuing operations, including auto service business and auto eInsurance business. The Group’s CODM evaluates performance based on the operating segment’s revenue and their operating results. The revenue and operating results by segments were as follows:

	Year ended December 31, 2021
	Auto service			Auto eInsurance service			Others			Consolidated
Revenues from external customers	$	187,880		$	56,766		$	4,589		$	249,235
Depreciation and amortization	$	(3,404	)	$	(578	)	$	(73	)	$	(4,055	)
Segment income (loss) before tax	$	15,891		$	(4,256	)	$	(1,105	)	$	10,530

	Year ended December 31, 2022
	Auto service			Auto eInsurance service			Others			Consolidated
Revenues from external customers	$	199,294		$	67,640		$	15,479		$	282,413
Depreciation and amortization	$	(3,452	)	$	(1,558	)	$	(68	)	$	(5,078	)
Segment loss before tax	$	(8,109	)	$	(2,212	)	$	(353	)	$	(10,674	)

	Year Ended December 31, 2023
	Auto service			Auto eInsurance service			Others			Consolidated
Revenues from external customers	$	214,979		$	118,109		$	30,658		$	363,746
Depreciation and amortization	$	(2,759	)	$	(1,914	)	$	(195	)	$	(4,868	)
Segment income (loss) before tax	$	16,958		$	1,278		$	(33,243	)	$	(15,007	)

The total assets from continuing operations by segments as of December 31, 2022 and 2023 were as follows:

	December 31,
	2022		2023
Segment assets
Auto service	$	113,992	$	136,387
Auto eInsurance service		68,123		66,274
Others		9,853		20,574
Total segment assets from continuing operations	$	191,968	$	223,235

As the reportable segment for financial leasing qualified for discontinued operation, it is not required to disclose the information in segment reporting required by ASC 280.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands	Class A Ordinary Shares	Class B Ordinary Shares	Treasury shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive comprehensive loss	Total Company’s shareholders’ equity/(deficit)	Non- controlling interests	Total
Balance at Dec. 31, 2020	$ 3	$ 5		$ 75,497	$ (69,190)	$ (3,336)	$ 2,979	$ 46,492	$ 49,471
Balance (in Shares) at Dec. 31, 2020	31,971,435	49,628,565
Repurchase of non-controlling interests				(236)			(236)	(948)	(1,184)
Net (loss)/profit					(23,721)		(23,721)	5,631	(18,090)
Dividend paid to noncontrolling shareholders								(6,620)	(6,620)
Share-based compensation				(157)			(157)	2,136	1,979
Foreign currency translation						(301)	(301)	1,208	907
Balance at Dec. 31, 2021	$ 3	$ 5		75,104	(92,911)	(3,637)	(21,436)	47,899	26,463
Balance (in Shares) at Dec. 31, 2021	31,971,435	49,628,565
Repurchase of non-controlling interests				(276)			(276)	(234)	(510)
Disposal of Shengda Group				21,059			21,059	2,163	23,222
Net (loss)/profit					(6,669)		(6,669)	(5,230)	(11,899)
Offering costs in the Business Combination									(234)
Share-based compensation				(123)			(123)	2,033	1,910
Foreign currency translation						2,161	2,161	(4,571)	(2,410)
Balance at Dec. 31, 2022	$ 3	$ 5		95,764	(99,580)	(1,476)	(5,284)	42,060	36,776
Balance (in Shares) at Dec. 31, 2022	31,971,435	49,628,565
Net (loss)/profit					(26,912)		(26,912)	9,333	(17,579)
Adoption of ASC326					(232)		(232)	(264)	(496)
Reverse recapitalization				(2,506)			(2,506)		(2,506)
Reverse recapitalization (in Shares)	1,873,010
Conversion of Public Rights
Conversion of Public Rights (in Shares)	610,000
Equity financing through Private Placement				21,736			21,736		21,736
Equity financing through Private Placement (in Shares)	2,173,657
Issuance of ordinary shares, net of offering costs				18,467			18,468		18,468
Issuance of ordinary shares, net of offering costs (in Shares)	3,255,988
Offering costs in the Business Combination				(910)			(910)		(910)
Issuance of GEM Warrants				1,818			1,818		1,818
Exercise of warrants				2,213			2,213		$ 2,213
Exercise of warrants (in Shares)	192,403								2,839,951
Shares repurchase				(2,000)			(2,000)		$ (2,000)
Shares repurchase (in Shares)			(200,000)						(3,850,857)
Share-based compensation				9,578			9,578	2,029	$ 11,607
Foreign currency translation						109	109	(1,246)	(1,137)
Balance at Dec. 31, 2023	$ 4	$ 5		$ 144,160	$ (126,724)	$ (1,367)	$ 16,078	$ 51,912	$ 67,990
Balance (in Shares) at Dec. 31, 2023	40,076,493	49,628,565	(200,000)

Related Party Transactions (Details) - Schedule of Major Related Parties Transaction	12 Months Ended
	Dec. 31, 2023
Schedule of Major Related Paries Transaction [Abstract]
Name of related parties	Shengda Group
Relationship with the Group	An entity ultimately controlled by Mr. Ye Zaichang, the Company’s Chief Executive Officer

Taxation (Details) - Schedule of Net Operating Loss Carryforwards - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Net Operating Loss Carryforwards [Abstract]
2024	$ 2,243
2025	5,407
2026	5,309
2027	17,708
2028	14,529
Total	$ 45,196	$ 32,266

Concentration Risk

12 Months Ended

Dec. 31, 2023

Concentration Risk [Abstract]

CONCENTRATION RISK

19.

CONCENTRATION RISK

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of accounts receivable. The Group conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Group evaluates its collection experience and long outstanding balances to determine the need for an allowance for credit losses. The Group conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

The following table sets forth a summary of single customers who represent 10% or more of the Group’s total revenue.

	For the years ended December 31,
	2021			2022			2023
Percentage of the Group’s total revenue
Customer A		*			*			19	%
Customer B		15	%		11	%		*
Customer C		*			15	%		*
Customer H		*			*			18	%
Customer I		*			*			11	%

The following table sets forth a summary of single customers who represent 10% or more of the Group’s total accounts receivable:

	As of December 31,
	2022			2023
Percentage of the Group’s accounts receivable
Customer B		23	%		*
Customer C		25	%		14	%
Customer D		12	%		*
Customer E		10	%		13	%
Customer F		*			11	%
Customer G		*			12	%

The following table sets forth a summary of each supplier who represent 10% or more of the Group’s total purchase:

	For the years ended December 31,
	2021			2022			2023
Percentage of the Group’s total purchase
Supplier A		*			*			*
Supplier B		12	%		24	%		17	%
Supplier C		11	%		19	%		*
Supplier D		10	%		16	%		23	%

represent percentage less than 10%

Net Income (Loss) Per Share (Details) - Schedule of Basic and Diluted Net Income (Loss)) Per Share (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Basic and Diluted Net Loss Per Share [Abstract]
Diluted	$ (0.31)	$ (0.07)	$ 0.05
Diluted		(0.01)	(0.34)
Diluted	$ (0.31)	$ (0.08)	$ (0.29)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

20.

COMMITMENTS AND CONTINGENCIES

Lease Commitments

The total future minimum lease payments under the non-cancellable operating lease with respect to the office as of December 31, 2023 are payable as follows:

	Lease Commitment
Within 1 year		788
1-3 years		512
Total		1,300

Contingencies

In the ordinary course of business, the Group may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Group records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31,2023 and through the issuance date of these consolidated financial statements.

Capital commitments

The Group’s capital commitments primarily relate to commitments on purchase of private cloud. Total capital commitment contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 was $16,902, which was expected to be paid within 1 year.

Taxation (Details) - Schedule of Changes in Valuation Allowance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Changes in Valuation Allowance [Abstract]
Balance at the beginning of the year	$ 7,577	$ 2,314
Additions	4,459	5,436
Foreign currency translation adjustments	(216)	(173)
Balance at the end of the year	$ 11,820	$ 7,577

Non-Controlling Interests (Details) ¥ in Thousands, $ in Thousands			12 Months Ended
	Oct. 26, 2021 USD ($)	Oct. 26, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Non-Controlling Interests (Details) [Line Items]
Variable interest percentage					0.99%
Subsidiary owned	100.00%	100.00%	100.00%	100.00%
Non-controlling interest percentage				0.26%	0.99%
Repurchase of non-controlling interests (in Dollars)				$ 510	$ 1,184
Non-controlling interest	$ 6,620	¥ 42,702	$ 910	$ 234
Dividend paid	$ 15,859	¥ 102,304
SunCar [Member]
Non-Controlling Interests (Details) [Line Items]
Variable interest percentage					100.00%
Repurchase of non-controlling interests (in Dollars)					$ 948
Minimum [Member]
Non-Controlling Interests (Details) [Line Items]
Variable interest percentage				0.01%
Maximum [Member]
Non-Controlling Interests (Details) [Line Items]
Variable interest percentage				0.25%
Haiyan and Shanghai Feiyou [Member]
Non-Controlling Interests (Details) [Line Items]
Additional paid-in capital (in Dollars)				$ 276	$ 236

Prepaid Expenses and Other Current Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expenses and Other Current Assets, Net [Abstract]

Schedule of prepayments and other current assets, net

Prepayments and other current assets, net consisted of the following:

	December 31,
	2022			2023

Advances to suppliers	$	4,537		$	58,814
Value-added tax (“VAT”) receivables		1,954			2,985
Prepaid financing expense⁽¹⁾		-			1,442
Advance for deferred cost of Business Combination⁽²⁾		1,325			-
Deferred IPO costs		868			-
Others		763			894
Prepaid expenses and other current assets		9,447			64,135
Allowance for credit losses		(177	)		(172	)
Prepaid expenses and other current assets, net	$	9,270		$	63,963

(1)

It represented prepaid financing expense related to issuance of GEM Warrants (See Note 12).

(2)

Schedule of Allowance of Credit Losses

The movement of allowance for credit losses for the years ended December 31, 2021, 2022 and 2023 were as following:

	December 31,
	2022			2023
Balance at the beginning of the year	$	191		$	177
Additions		-			-
Foreign currency translation		(14	)		(5	)
Balance at the end of the year	$	177		$	172

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings [Abstract]

Schedule of Short-Term Borrowings

Short-term borrowings consisted of the following:

	Annual Interest				December 31,
	Rate			Maturity	2022		2023
Huaxia Bank Shanghai Branch Sales Department		4.35	%	September to October, 2024	$	11,567	$	14,087
China Merchants Bank Shanghai Damuqiao Branch(i)		4.00%-5.01	%	April to September, 2024		9,961		8,310
Bank of Communications Shanghai Putuo Branch(i)		4.79	%	January, 2024		7,249		7,042
Putuo Branch of Shanghai Pudong Development Bank(i)		4.20	%	May, 2024		4,350		4,225
Bank of Dalian Shanghai Jing’an Sub-branch(i)		4.80	%	November, 2024		4,350		4,225
China Construction Bank Shanghai Jing’an Branch(i)		3.55%-3.65	%	February to June, 2024		4,350		4,225
Bank of Beijing Shanghai Branch(i)		3.65	%	May, 2024		1,160		4,225
HSBC Bank (China) Limited Shanghai branch(i)		4.85	%	March, 2024		-		4,225
China Minsheng Bank Co., LTD. Shanghai branch		3.80	%	August, 2024		-		4,225
Bank of China Limited Shanghai Zhabei branch(i)		3.20%-4.57	%	May to November, 2024		-		4,155
China CITIC Bank Shanghai Pudian Road Branch(i)		4.50	%	January to April, 2024		1,435		4,085
Bank of Nanjing North Bund Branch(i)		5.00	%	March, 2024		3,625		3,521
Huangpu Branch of Bank of Shanghai(i)		4.45	%	February, 2024		2,900		2,817
ICBC Shanghai Zhang Jiang high tech Park Branch(i)		3.35	%	December, 2024		2,610		2,817
Xiamen International Bank Shanghai Jinqiao Branch(i)		5.20	%	April, 2024		1,450		2,817
Bank of Ningbo Co., LTD. Shanghai Lianyang branch(i)		4.30	%	June, 2024		-		2,817
Industrial Bank Co., LTD. Shanghai Pudong branch(i)		4.95	%	April, 2024		-		2,817
Agricultural Bank of China Co., LTD. Shanghai Minhang branch(ii)		3.15	%	November, 2024		-		1,408
Guangfa Bank Co., LTD. Shanghai branc(ii)		3.80	%	April, 2024		-		986
China Minsheng Bank Shanghai Jiujiang Branch		3.70%-3.85	%	January to July, 2023		7,249		-
Bank of Beijing Shanghai Zhangjiang Sub-branch(i)		4.80	%	December, 2023		4,350		-
Bank of China Shanghai Gonghexin Road Sub-branch(ii)		3.65%-4.22	%	March to November, 2023		4,277		-
Industry bank Shanghai Zhijiang Branch(i)		4.65%-5.05	%	February, 2023		2,900		-
Shanghai Rural Commercial Bank Minhang Branch(ii)		5.20	%	June, 2023		870		-
Total					$	74,653	$	83,029

(i)

As of December 31, 2022 and 2023, the bank borrowings of $35,234 and $54,015 were guaranteed by SunCar Online, one of subsidiaries of SunCar.

(ii)

As of December 31, 2022 and 2023, the bank borrowings of $8,047 and $5,211 were guaranteed by Shengda Automobile, one of subsidiaries of SunCar.

Consolidated Statements of Operations and Comprehensive Income (Loss) (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Diluted	$ (0.31)	$ (0.07)	$ 0.05
Diluted		(0.01)	(0.34)
Diluted	$ (0.31)	$ (0.08)	$ (0.29)
Diluted (in Shares)	85,441,057	81,600,000	81,600,000

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-1

+ Details

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2023

Organization and Principal Activities [Abstract]

Schedule of Net Loss Per Share Before and After the Retrospective Adjustments

The net loss per share before and after the retrospective adjustments are as follows.

	For the years ended December 31,
	2021						2022
	Before adjustment			After adjustment			Before adjustment			After adjustment

Net income (loss) from continuing operation attributable to the Company’s ordinary shareholders per ordinary share
—Basic and diluted	$	0.01		$	0.05		$	(0.03	)	$	(0.07	)

Net loss from discontinued operation attributable to the Company’s ordinary shareholders per ordinary share
—Basic and diluted	$	(0.12	)	$	(0.34	)	$	-		$	(0.01	)

Net income attributable to the Company’s ordinary shareholders per ordinary share
—Basic and diluted	$	(0.11	)	$	(0.29	)	$	(0.03	)	$	(0.08	)

Schedule of Major Subsidiaries

As of December 31, 2023, SunCar’s major subsidiaries are as follows:

Name	Date of Incorporation	Place of Incorporation	Percentage of Effective Ownership			Principal Activities
Shanghai Xuanbei Automobile Service Co., Limited (“Shanghai Xuanbei”)	April 26, 2018	PRC		100.00	%	Auto service
Shanghai Shengshi Dalian Automobile Service Co., Limited (“Shengda Automobile”)	June 8, 2013	PRC		84.89	%	Auto service
Sun Car Online Insurance Agency Co., Ltd. (“SUNCAR Online”)	December 5, 2007	PRC		56.51	%	Auto eInsurance service
Haiyan Trading (Shanghai) Co., Limited (“Haiyan”)	November 22, 2012	PRC		100.00	%	Holding company
Shanghai Feiyou Trading Co., Limited (“Shanghai Feiyou”)	June 11, 2009	PRC		100.00	%	Technology services

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Expenses and Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER LIABILITIES

10.

ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consisted of the following:

	December 31,
	2022		2023

Technical service fee payable	$	438	$	2,174
Payroll payable		1,884		820
Value added taxes and other taxes payable		993		750
Subscription amount received for unvested restricted shares		913		592
Other accrued expenses		621		473
	$	4,849	$	4,809

Concentration Risk (Details) - Schedule of Group’s Total Purchase	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplier A [Member]
Percentage of the Group’s total purchase
Total purchase percentage
Supplier B [Member]
Percentage of the Group’s total purchase
Total purchase percentage	17.00%	24.00%	12.00%
Supplier C [Member]
Percentage of the Group’s total purchase
Total purchase percentage		19.00%	11.00%
Supplier D [Member]
Percentage of the Group’s total purchase
Total purchase percentage	23.00%	16.00%	10.00%

Discontinued Operations (Details) - Schedule of discontinued operations, net of tax - Discontinued Operations [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest income		$ 142	$ 1,884
Interest cost		(457)	(7,322)
Net interest loss		(315)	(5,438)
Operating expenses
Selling expenses		(22)	(235)
General and administrative expenses		(760)	(12,998)
Total operating expenses		(782)	(13,233)
Operating loss		(1,097)	(18,671)
Other income (expenses)
Financial expenses, net		(70)	(604)
Investment income/(loss)			6
Other income, net		174	878
Total other (expenses) income, net		104	280
Loss before income tax expense		(993)	(18,391)
Income tax expense		(1)	(9,291)
Loss from discontinued operations, net		(994)	(27,682)
Less: Net loss attributable to non-controlling interests			(19)
Net loss from discontinued operations attributable to SunCar’s ordinary shareholders		$ (994)	$ (27,663)

Discontinued Operations (Details) $ in Thousands		12 Months Ended
Discontinued Operations (Details) $ in Thousands	Mar. 01, 2022 CNY (¥)	Dec. 31, 2023 USD ($)
Discontinued Operations (Details) [Line Items]
Net liability \| ¥	¥ 1
Transfer percentage	25.00%
Financial Leasing \| ¥	¥ 1
Shengda Group [Member]
Discontinued Operations (Details) [Line Items]
Additional paid-in capital \| $		$ 21,059
Non controlling interest \| $		$ 2,163

Borrowings (Details) - Schedule of Short-Term Borrowings - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Total	$ 83,029	$ 74,653
Huaxia Bank Shanghai Branch Sales Department [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.35%
Maturity	September to October, 2024
Total	$ 14,087	11,567
China Merchants Bank Shanghai Damuqiao Branch [Member]
Short-Term Debt [Line Items]
Maturity	April to September, 2024
Total	$ 8,310	9,961
China Merchants Bank Shanghai Damuqiao Branch [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.00%
China Merchants Bank Shanghai Damuqiao Branch [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	5.01%
Bank of Communications Shanghai Putuo Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.79%
Maturity	January, 2024
Total	$ 7,042	7,249
Putuo Branch of Shanghai Pudong Development Bank [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.20%
Maturity	May, 2024
Total	$ 4,225	4,350
Bank of Dalian Shanghai Jing’an Sub-branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.80%
Maturity	November, 2024
Total	$ 4,225	4,350
China Construction Bank Shanghai Jing’an Branch [Member]
Short-Term Debt [Line Items]
Maturity	February to June, 2024
Total	$ 4,225	4,350
China Construction Bank Shanghai Jing’an Branch [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.55%
China Construction Bank Shanghai Jing’an Branch [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.65%
Bank of Beijing Shanghai Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.65%
Maturity	May, 2024
Total	$ 4,225	1,160
HSBC Bank (China) Limited Shanghai Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.85%
Maturity	March, 2024
Total	$ 4,225
China Minsheng Bank Co., LTD. Shanghai Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.80%
Maturity	August, 2024
Total	$ 4,225
Bank of China Limited Shanghai Zhabei Branch [Member]
Short-Term Debt [Line Items]
Maturity	May to November, 2024
Total	$ 4,155
Bank of China Limited Shanghai Zhabei Branch [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.20%
Bank of China Limited Shanghai Zhabei Branch [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.57%
China CITIC Bank Shanghai Pudian Road Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.50%
Maturity	January to April, 2024
Total	$ 4,085	1,435
Bank of Nanjing North Bund Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	5.00%
Maturity	March, 2024
Total	$ 3,521	3,625
Huangpu Branch of Bank of Shanghai [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.45%
Maturity	February, 2024
Total	$ 2,817	2,900
ICBC Shanghai Zhang Jiang high tech Park Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.35%
Maturity	December, 2024
Total	$ 2,817	2,610
Xiamen International Bank Shanghai Jinqiao Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	5.20%
Maturity	April, 2024
Total	$ 2,817	1,450
Bank of Ningbo Co., LTD. Shanghai Lianyang Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.30%
Maturity	June, 2024
Total	$ 2,817
Industrial Bank Co., LTD. Shanghai Pudong Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.95%
Maturity	April, 2024
Total	$ 2,817
Agricultural Bank of China Co., LTD. Shanghai Minhang Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.15%
Maturity	November, 2024
Total	$ 1,408
Guangfa Bank Co., LTD. Shanghai Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.80%
Maturity	April, 2024
Total	$ 986
China Minsheng Bank Shanghai Jiujiang Branch [Member]
Short-Term Debt [Line Items]
Maturity	January to July, 2023
Total		7,249
China Minsheng Bank Shanghai Jiujiang Branch [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.70%
China Minsheng Bank Shanghai Jiujiang Branch [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.85%
Bank of Beijing Shanghai Zhangjiang Sub-branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.80%
Maturity	December, 2023
Total		4,350
Bank of China Shanghai Gonghexin Road Sub-branch [Member]
Short-Term Debt [Line Items]
Maturity	March to November, 2023
Total		4,277
Bank of China Shanghai Gonghexin Road Sub-branch [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	3.65%
Bank of China Shanghai Gonghexin Road Sub-branch [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.22%
Industry bank Shanghai Zhijiang Branch [Member[
Short-Term Debt [Line Items]
Maturity	February, 2023
Total		2,900
Industry bank Shanghai Zhijiang Branch [Member[ \| Minimum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	4.65%
Industry bank Shanghai Zhijiang Branch [Member[ \| Maximum [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	5.05%
Shanghai Rural Commercial Bank Minhang Branch [Member]
Short-Term Debt [Line Items]
Annual Interest Rate	5.20%
Maturity	June, 2023
Total		$ 870

Other Non-current Assets (Details) - Schedule of Other Non-Current Assets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Non-current Assets (Details) - Schedule of Other Non-Current Assets [Line Items]
Other non-current assets	$ 12,012	$ 14,423
Private clouds in construction [Member]
Other Non-current Assets (Details) - Schedule of Other Non-Current Assets [Line Items]
Other non-current assets	12,012	13,629
Prepayment for equipment [Member]
Other Non-current Assets (Details) - Schedule of Other Non-Current Assets [Line Items]
Other non-current assets		$ 794

Taxation (Tables)

12 Months Ended

Dec. 31, 2023

Taxation [Abstract]

Schedule of Income Tax Provision

The income tax provision consisted of the following components:

	For the years ended December 31,
	2021			2022			2023
Current income tax expenses	$	2,062		$	2,182		$	1,871
Deferred income tax (benefit) expense		(1,124	)		(1,951	)		701
Total income tax expense	$	938		$	231		$	2,572

Schedule of Provision for Income Taxes and the Provision at the PRC, Mainland Statutory Rate

A reconciliation between the Group’s actual provision for income taxes and the provision at the PRC, mainland statutory rate is as follows:

	For the years ended December 31,
	2021			2022			2023
Income (Loss) before income tax expense	$	10,530		$	(10,674	)	$	(15,007	)
Computed income tax expense (benefit) with statutory tax rate		2,632			(2,669	)		(3,752	)
Additional deduction for research and development expenses		(509	)		(635	)		(546	)
Tax effect of preferred tax rate		(1,389	)		1,050			2,264
Tax effect of favorable tax rates on small-scale and low-profit entities		(93	)		123			(92	)
Tax effect of tax relief		(9	)		(7	)		(2	)
Tax effect of non-deductible items		71			26			77
Tax effect due to the disposal of Shengda Group		-			(3,580	)		-
Tax effect of expired tax attribute carryforwards		-			-			165
Tax effect of deferred tax effect of tax rate change		-			129			(40	)
Changes in valuation allowance		235			5,794			4,498
Income tax expense	$	938		$	231		$	2,572

Schedule of Deferred Tax Assets

As of December 31, 2022 and 2023, the significant components of the deferred tax assets are summarized below:

	December 31,
	2022			2023
Deferred tax assets:
Temporary difference in accounts receivable recognition	$	5,353		$	5,727
Temporary difference in research and development costs		3,738			3,187
Accrued expense		-			402
Net operating loss carried forward		7,676			10,841
Share-based compensation		78			76
Allowance for doubtful accounts		3,802			3,585
Total deferred tax assets		20,647			23,818
Valuation allowance		(7,577	)		(11,820	)
Deferred tax assets, net of valuation allowance	$	13,070		$	11,998

Schedule of Changes in Valuation Allowance

Changes in valuation allowance are as follows:

	December 31,
	2022			2023
Balance at the beginning of the year	$	2,314		$	7,577
Additions		5,436			4,459
Foreign currency translation adjustments		(173	)		(216	)
Balance at the end of the year	$	7,577		$	11,820

Schedule of Net Operating Loss Carryforwards

As of December 31, 2023, net operating loss carryforwards will expire, if unused, in the following amounts:

2024	$	2,243
2025		5,407
2026		5,309
2027		17,708
2028		14,529
Total	$	45,196

Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

On March 1, 2022, the Group entered into a share purchase agreement (the “SPA”) with Jiachen Information Technology (Shanghai) Co., Ltd., an affiliate of Mr. Ye Zaichang, to transfer the total equity of Shengda Group at a nominal consideration of RMB1 due to the net liability position of Shengda Group as of the transfer date, and the transfer was accounted for as a capital transaction. At the same time, China Auto Market Group Limited., subsidiary of the Group, transferred its 25% equity interest of Shanghai Financial Leasing and Shenglian Finance Leasing (Tianjin) Co., Ltd, subsidiaries of Shengda Group, to a related party YSY GROUP LIMITED (“YSY”), an affiliate of Mr. Ye Zaichang at the time (Mr. Ye Zaichang has not been affiliated to YSY since August 3, 2022), with the consideration of RMB1. The agreements have been approved by an independent committee of the Group’s Board of Directors and the disposal transaction was completed as of March 1, 2022.

As the business of Shengda Group and its subsidiaries represents a separate major line of business of the Group, the disposition was considered as a strategic shift that had a major effect on operations and financial results of the Group. The Group disclosed the results of the business of Shengda Group and its subsidiaries as discontinued operations. As the disposal of Shengda Group was under common control, the Group recognized additional paid-in capital of $21,059 and non-controlling interest of $2,163 on deconsolidation, which was equal to the difference on the deconsolidation date between: (i) the aggregate of (a) the consideration received, (b) the carrying amount of non-controlling interest in Shengda Group, less (ii) the carrying amount of Shengda Group’s assets and liabilities. No gain or loss was recorded as the result of the disposal. Accordingly, assets, liabilities, interest income and expenses and cash flows have been reclassified into consolidated financial statements as discontinued operations for all periods presented.

	For the years ended December 31,
	2021			2022*			2023

Interest income	$	1,884		$	142		$	-
Interest cost		(7,322	)		(457	)		-
Net interest loss		(5,438	)		(315	)		-

Operating expenses
Selling expenses		(235	)		(22	)		-
General and administrative expenses		(12,998	)		(760	)		-
Total operating expenses		(13,233	)		(782	)		-

Operating loss		(18,671	)		(1,097	)		-

Other income (expenses)
Financial expenses, net		(604	)		(70	)		-
Investment income/(loss)		6			-			-
Other income, net		878			174			-
Total other income, net		280			104			-

Loss before income tax expense		(18,391	)		(993	)		-
Income tax expense		(9,291	)		(1	)		-
Loss from discontinued operations, net		(27,682	)		(994	)		-

Less: Net loss attributable to non-controlling interests		(19	)		-			-

Net loss from discontinued operations attributable to SunCar’s ordinary shareholders	$	(27,663	)	$	(994	)	$	-

The result of discontinued operations included those of discontinued operations from January 1, 2022 to March 1, 2022.

Subsequent Events (Details) - Forecast [Member]	Mar. 28, 2024 shares
Subsequent Events (Details) [Line Items]
Shares issued pursuant to awrad	8,800,000
Shares issued to employees	8,800,000

Related Party Transactions

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

18.

RELATED PARTY TRANSACTIONS

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2022 and December 31, 2023:

Name of related parties		Relationship with the Group
Shengda Group		An entity ultimately controlled by Mr. Ye Zaichang, the Company’s Chief Executive Officer

Balances with related parties

Amount due to a related party

	December 31,
	2022		2023
Amount due to a related party, current
Shengda Group
Payables due to the transfer of SunCar Online (1)	$	40,854	$	-
Other payables (2)		4,710		4,751
	$	45,564	$	4,751
Amount due to a related party, non-current
Shengda Group
Payables due to the transfer of SunCar Online (1)	$	-	$	29,688
	$	-	$	29,688

(1)

On December 3, 2021, Shengda Group transfered all of its equity interest, which was 55.09% as of the transfer date, of SunCar Online to Shanghai Feiyou, at price RMB4 per share, totaling RMB282 million. Upon completion of the transfer, Feiyou is liable to Shengda Group RMB282 million for the transfer of SunCar Online. As a result of the disposal of Shengda Group, Shengda Group became the related party of the Group, and the balance due to Shengda Group was presented as amount due to a related party. On March 1, 2022, the Group entered into a share purchase agreement (the “SPA”) with an affiliate of Mr. Ye to transfer the total equity of Shengda Group with the consideration of RMB 1. Pursuant to the SPA, the Group agreed to repay the debt owed to Shengda Group by full before June 1, 2023.

In April 2023, the Group negotiated with Shengda Group and consented to have an extension of payment to extend the repayment date to December 31, 2025, with annual interest rate of 1% from June 1, 2023 to December 31, 2025. Therefore, the Group reclassified the balance to non-current portion after the extension.

As of December 31, 2023, the Group repaid the debt owed to Shengda Group of $10,000.

(2)	Other payables were for the ordinary course of operation, which were interest free, unsecure and could be settled on demand.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Document And Entity Information	12 Months Ended
Document And Entity Information	Dec. 31, 2023 shares
Document Information Line Items
Entity Registrant Name	SunCar Technology Group Inc.
Document Type	20-F
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001936804
Entity Current Reporting Status	Yes
Entity Voluntary Filers	Yes
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41706
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Suite 209
Entity Address, Address Line Two	No. 656 Lingshi Road
Entity Address, Address Line Three	Jing’an District
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200072
Entity Address, Country	CN
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Auditor Name	Enrome LLP
Auditor Firm ID	6907
Auditor Location	Singapore
Business Contact
Document Information Line Items
Contact Personnel Name	Shanghai Feiyou Trading Co., Ltd.
Entity Address, Address Line One	Suite 209
Entity Address, Address Line Two	No. 656 Lingshi Road
Entity Address, Address Line Three	Jing’an District
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200072
Entity Address, Country	CN
City Area Code	(86)
Local Phone Number	138-1779-6110
Class A Ordinary Shares
Document Information Line Items
Trading Symbol	SDA
Entity Common Stock, Shares Outstanding	40,076,493
Title of 12(b) Security	Class A Ordinary Shares, $0.0001 par value per share
Security Exchange Name	NASDAQ
Warrants, each exercisable for one-half of one Class A Ordinary Share at an exercise price of $11.50 per full share
Document Information Line Items
Trading Symbol	SDAWW
Title of 12(b) Security	Warrants, each exercisable for one-half of one Class A Ordinary Share at an exercise price of $11.50 per full share
Security Exchange Name	NASDAQ
Class B Ordinary Shares
Document Information Line Items
Entity Common Stock, Shares Outstanding	49,628,565

Organization and Principal Activities (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	May 17, 2023 shares	May 01, 2022 CNY (¥)	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 shares	Oct. 26, 2023 $ / shares	May 19, 2023 $ / shares
Organization and Principal Activities (Details) [Line Items]
Related party consideration (in Yuan Renminbi) \| ¥		¥ 1
Amount of addition paid-in capital adjusted (in Dollars) \| $				$ 3
Net loss per ordinary share - basic			85,441,057	81,600,000	81,600,000
Net loss per ordinary share - diluted			85,441,057	81,600,000	81,600,000
Number of Earnout shares	4,800,000		1,600,000
Maximum [Member]
Organization and Principal Activities (Details) [Line Items]
Net loss per ordinary share - basic					418,668,614
Minimum [Member]
Organization and Principal Activities (Details) [Line Items]
Net loss per ordinary share - diluted				81,600,000
Class B Ordinary Shares
Organization and Principal Activities (Details) [Line Items]
Ordinary shares issued			40,076,493	31,971,435
Ordinary shares outstanding			40,076,493	31,971,435
Ordinary shares (in Dollars per share) \| $ / shares			$ 0.0001	$ 0.00005		$ 0.0001	$ 0.0001
Class A Ordinary Shares [Member]
Organization and Principal Activities (Details) [Line Items]
Ordinary shares issued			49,628,565	49,628,565
Ordinary shares outstanding			49,628,565	49,628,565
Ordinary shares (in Dollars per share) \| $ / shares			$ 0.0001	$ 0.0001

Taxation (Details) - Schedule of Income Tax Provision - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Income Tax Provision [Abstract]
Current income tax expenses	$ 1,871	$ 2,182	$ 2,062
Deferred income tax (benefit) expense	701	(1,951)	(1,124)
Total income tax expense	$ 2,572	$ 231	$ 938

Warrants (Details) - USD ($)				12 Months Ended
Warrants (Details) - USD ($)	Oct. 26, 2023	May 17, 2023	Nov. 04, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Warrants (Details) [Line Items]
Average daily closing price			90.00%
Exercise price per share (in Dollars per share)				$ 11.5
Warrants issued				2,839,951
Financing expense (in Dollars)				$ 377,000
Warrants outstanding				6,100,000
Change of fair value (in Dollars)				$ 629,000
Ordinary Shares purchased		200,000		3,850,857
Warrant exercise price (in Dollars per share)				$ 629
Gross proceeds rate	7.50%
Ordinary shares percentage	1.00%
Exercise price per share (in Dollars per share)	$ 10.225
PA warrants (in Dollars)				$ 17,739,000
Weighted average exercise price (in Dollars per share)				$ 10.72
Remaining contractual lives				4 years 21 days
Class A Ordinary Shares [Member]
Warrants (Details) [Line Items]
Ordinary shares issued				160,000
Exercise price per share (in Dollars per share)				$ 16.5
Ordinary share purchased				1
Warrants outstanding				12,431,674
Purchased shares				9,574,077
Public Warrant [Member]
Warrants (Details) [Line Items]
Exercise price per share (in Dollars per share)				$ 11.5
Warrants outstanding				750,000
Purchased shares				1
Warrant price per share (in Dollars per share)				$ 0.01
Public Warrant [Member] \| Class A Ordinary Shares [Member]
Warrants (Details) [Line Items]
Exercise price per share (in Dollars per share)				11.5
Private Warrant [Member]
Warrants (Details) [Line Items]
Exercise price per share (in Dollars per share)				$ 16.5
Warrants outstanding				350,000
Purchased shares				1
Change of fair value (in Dollars)				$ 629
Private Warrant [Member] \| Class A Ordinary Shares [Member]
Warrants (Details) [Line Items]
Exercise price per share (in Dollars per share)				$ 11.5
Warrant issued in the Follow on Offering [Member]
Warrants (Details) [Line Items]
Warrant exercise price (in Dollars per share)				$ 9
FT Global Capital, Inc [Member]
Warrants (Details) [Line Items]
Warrants issued				25,672
GEM Warrant [Member]
Warrants (Details) [Line Items]
Ordinary shares issued			125,000,000
Equity interests outstanding				3.30%
Exercise price per share (in Dollars per share)				$ 11.5

Software and Equipment, Net (Details) - Schedule of Software and Equipment, Net - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Software and Equipment, Net [Line Items]
Total	$ 37,393	$ 29,768
Less: accumulated depreciation	(14,927)	(11,277)
Software and equipment, net	22,466	18,491
Computer software [Member]
Schedule of Software and Equipment, Net [Line Items]
Total	22,410	16,523
Electronic equipment [Member[
Schedule of Software and Equipment, Net [Line Items]
Total	13,161	10,587
Vehicles [Member]
Schedule of Software and Equipment, Net [Line Items]
Total	891	979
Office equipment and furniture [Member]
Schedule of Software and Equipment, Net [Line Items]
Total	180	184
Leasehold improvements [Member]
Schedule of Software and Equipment, Net [Line Items]
Total	40	762
Others [Member]
Schedule of Software and Equipment, Net [Line Items]
Total	$ 711	$ 733

Leases (Details) - Schedule of Other Information Related to Leases	Dec. 31, 2023	Dec. 31, 2022
Schedule of Other Information Related to Leases [Abstract]
Weighted-average remaining lease term	1 year 1 month 9 days	7 months 9 days
Weighted-average discount rate	4.30%	4.30%

Organization and Principal Activities (Details) - Schedule of Net Loss Per Share Before and After the Retrospective Adjustments - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Before adjustment [Member]
Net income (loss) from continuing operation attributable to the Company’s ordinary shareholders per ordinary share
—Basic	$ (0.03)	$ 0.01
Net loss from discontinued operation attributable to the Company’s ordinary shareholders per ordinary share
—Basic		(0.12)
Net income attributable to the Company’s ordinary shareholders per ordinary share
—Basic	(0.03)	(0.11)
After adjustment [Member]
Net income (loss) from continuing operation attributable to the Company’s ordinary shareholders per ordinary share
—Basic	(0.07)	0.05
Net loss from discontinued operation attributable to the Company’s ordinary shareholders per ordinary share
—Basic	(0.01)	(0.34)
Net income attributable to the Company’s ordinary shareholders per ordinary share
—Basic	$ (0.08)	$ (0.29)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Details) - Schedule of Future Minimum Payments - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Future Minimum Payments [Abstract]
2024	$ 788
2025	510
2026	2
Total lease payments	1,300
Less: imputed interest	(48)
Total operating lease liabilities	$ 1,252	$ 315

Taxation (Details) $ in Thousands, ¥ in Millions, $ in Millions		12 Months Ended			24 Months Ended	36 Months Ended
	Apr. 01, 2018 HKD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2022 USD ($)
Taxation (Details) [Line Items]
Profits tax rate (in Dollars) \| $	$ 2
Assessable profit percentage	8.25%
Accounting standards, percentage		25.00%
Preferential tax rate		15.00%
Income tax rate		15.00%
Taxable income (in Yuan Renminbi)			¥ 1
Preferential tax rate			10.00%
Net operating loss carryforwards (in Dollars) \| $		$ 45,196					$ 32,266
Deferred tax assets, net operating loss carryforwards (in Dollars) \| $		10,841					7,676
valuation allowances (in Dollars) \| $		$ 11,820					$ 7,577
Minimum [Member]
Taxation (Details) [Line Items]
Taxable income (in Yuan Renminbi)				¥ 1
Maximum [Member]
Taxation (Details) [Line Items]
Taxable income (in Yuan Renminbi)			¥ 3
PRC [Member]
Taxation (Details) [Line Items]
Taxable income (in Yuan Renminbi)			¥ 3
Preferential tax rate			2.50%
Forecast [Member]
Taxation (Details) [Line Items]
Taxable income (in Yuan Renminbi)					¥ 1
Preferential tax rate					5.00%	5.00%
Forecast [Member] \| Minimum [Member]
Taxation (Details) [Line Items]
Taxable income (in Yuan Renminbi)						¥ 1
Forecast [Member] \| Maximum [Member]
Taxation (Details) [Line Items]
Taxable income (in Yuan Renminbi)						¥ 3

Summary of Significant Accounting Policies (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands				12 Months Ended
	May 17, 2023 shares	Jan. 01, 2023 USD ($)	Nov. 20, 2019 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2022 USD ($)
Summary of Significant Accounting Policies [Line Items]
Shareholders’ equity amount		$ 507
Invested amount			$ 290
Total investment percentage			5.00%
Private warrants price per share (in Dollars per share) \| $ / shares				$ 629
Price per share (in Dollars per share) \| $ / shares				$ 11.5
Deferred revenue				$ 3,050		$ 3,569
Deferred revenue recognized amount				3,569		1,901	$ 1,053
Local PRC government authorities amount				4,959		3,753	1,897
Value-added tax deduction				4,733		3,426	1,729
High-tech enterprises				$ 226		$ 327	$ 168
Earnout Shares (in Shares) \| shares	4,800,000			1,600,000	1,600,000
Assets								$ 972
Liabilities								$ 939
Underpayment of taxes				$ 14,358	¥ 100,000
Warrant [Member]
Summary of Significant Accounting Policies [Line Items]
Private warrants price per share (in Dollars per share) \| $ / shares				$ 3.78
SunCar [Member]
Summary of Significant Accounting Policies [Line Items]
Equity interest percentage				100.00%

Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information of the Parent Company [Member]

Schedule of Condensed Parent Company Balance Sheets

	As of December 31,
	2022			2023
ASSETS
Cash	$	-		$	2,025
Prepaid expenses and other current assets, net		-			7,342
Investment in subsidiaries		-			6,716
Total assets		-			16,083

LIABILITIES AND SHAREHOLDERS’(DEFICIT)/EQUITY
Accrued expenses and other current liabilities		-			5
Deficit in investment in subsidiaries		5,284			-
Total liabilities		5,284			5

Shareholders’(deficit)/equity
Class A Ordinary shares* (par value of US$0.0001 per share; 400,000,000 Class A Ordinary shares authorized as of December 31, 2022 and 2023, respectively; 31,971,435 and 40,076,493 Class A Ordinary shares issued and outstanding as of December 31, 2022 and 2023, respectively)		3			4
Class B Ordinary shares* (par value of US$0.0001 per share; 100,000,000 Class B Ordinary shares authorized as of December 31, 2022 and 2023, respectively; 49,628,565 and 49,628,565 Class B Ordinary shares issued and outstanding as of December 31, 2022 and 2023, respectively)		5			5
Additional paid in capital		95,764			144,160
Accumulated deficit		(101,056	)		(128,091	)
Total shareholders’(deficit)/equity		(5,284	)		16,078
TOTAL LIABILITIES AND (DEFICIT)/EQUITY	$	-		$	16,083

Schedule of Condensed Parent Company Statements of Operations

	For the years ended December 31,
	2021			2022			2023
Operating loss:
Selling expenses	$	-		$	-		$	(1	)
General and administrative expenses		-			-			(10,723	)
Research and development expenses		-			-			(500	)
Share of loss of subsidiaries		(23,721	)		(6,669	)		(14,581	)
Total operating costs and expenses		(23,721	)		(6,669	)		(25,805	)

Financial expenses, net		-			-			(478	)
Change of fair value of warrant liabilities		-			-			(629	)
Total other loss, net		-			-			(1,107	)

Loss before income tax expense		(23,721	)		(6,669	)		(26,912	)
Income tax expense		-			-			-
Net loss	$	(23,721	)	$	(6,669	)	$	(26,912	)

Schedule of Condensed Parent Company Statements of Cash Flow

	For the years ended December 31,
	2021		2022		2023
Cash flows used in operating activities	$	-	$	-	$	(1,177	)
Cash flows used in investing activities		-		-		(6,000	)
Cash flows provided by financing activities		-		-		9,202
Net increase in cash		-		-		2,025
Cash at beginning of year		-		-		-
Cash at end of year	$	-	$	-	$	2,025

Taxation (Details) - Schedule of Provision for Income Taxes and the Provision at the PRC, Mainland Statutory Rate - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Provision For Income Taxes and the Provision at the Prc Mainland Statutory Rate [Abstract]
Income (Loss) before income tax expense	$ (15,007)	$ (10,674)	$ 10,530
Computed income tax expense (benefit) with statutory tax rate	(3,752)	(2,669)	2,632
Additional deduction for research and development expenses	(546)	(635)	(509)
Tax effect of preferred tax rate	2,264	1,050	(1,389)
Tax effect of favorable tax rates on small-scale and low-profit entities	(92)	123	(93)
Tax effect of tax relief	(2)	(7)	(9)
Tax effect of non-deductible items	77	26	71
Tax effect due to the disposal of Shengda Group		(3,580)
Tax effect of expired tax attribute carryforwards	165
Tax effect of deferred tax effect of tax rate change	(40)	129
Changes in valuation allowance	4,498	5,794	235
Income tax expense	$ 2,572	$ 231	$ 938

Prepaid Expenses and Other Current Assets, Net (Details) - Schedule of Allowance of Credit Losses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Allowance of Doubtful Accounts [Abstract]
Balance at the beginning of the year	$ 177	$ 191
Additions
Foreign currency translation	(5)	(14)
Balance at the end of the year	$ 172	$ 177

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Major Related Parties Transaction

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2022 and December 31, 2023:

Name of related parties		Relationship with the Group
Shengda Group		An entity ultimately controlled by Mr. Ye Zaichang, the Company’s Chief Executive Officer

Schedule of Transactions with Interested and Related Parties

Amount due to a related party

	December 31,
	2022		2023
Amount due to a related party, current
Shengda Group
Payables due to the transfer of SunCar Online (1)	$	40,854	$	-
Other payables (2)		4,710		4,751
	$	45,564	$	4,751
Amount due to a related party, non-current
Shengda Group
Payables due to the transfer of SunCar Online (1)	$	-	$	29,688
	$	-	$	29,688

(1)

As of December 31, 2023, the Group repaid the debt owed to Shengda Group of $10,000.

(2)	Other payables were for the ordinary course of operation, which were interest free, unsecure and could be settled on demand.

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Receivable, Net [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:

	December 31,
	2022			2023
Accounts receivable	$	110,967		$	77,187
Allowance for credit losses		(25,348	)		(21,144	)
Accounts receivable, net	$	85,619		$	56,043

Schedule of Allowance of Credit Losses

The movement of allowance for credit losses for the years ended December 31, 2021, 2022 and 2023 were as following:

	December 31,
	2022			2023
Balance at the beginning of the year	$	-		$	25,348
Additions		25,981			-
Reversal		-			(4,112	)
Foreign currency translation		(633	)		(92	)
Balance at the end of the year	$	25,348		$	21,144

Organization and Principal Activities (Details) - Schedule of Net Loss Per Share Before and After the Retrospective Adjustments (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Before adjustment [Member]
Condensed Income Statements, Captions [Line Items]
—Diluted	$ (0.03)	$ 0.01
—Diluted		(0.12)
—Diluted	(0.03)	(0.11)
After adjustment [Member]
Condensed Income Statements, Captions [Line Items]
—Diluted	(0.07)	0.05
—Diluted	(0.01)	(0.34)
—Diluted	$ (0.08)	$ (0.29)

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash	$ 30,854	$ 21,200
Restricted cash	2,741	2,717
Short-term investments	21,596	26,544
Accounts receivable, net	56,043	85,619
Prepaid expenses and other current assets, net	63,963	9,270
Total current assets	175,197	145,350
Non-current assets
Long-term investment	282	290
Software and equipment, net	22,466	18,491
Deferred tax assets, net	11,998	13,070
Other non-current assets	12,012	14,423
Right-of-use assets	1,280	344
Total non-current assets	48,038	46,618
TOTAL ASSETS	223,235	191,968
Current liabilities
Short-term loan	83,029	74,653
Accounts payable	26,641	24,200
Deferred revenue	3,050	3,569
Tax payables	1,364	2,042
Accrued expenses and other current liabilities	4,809	4,849
Operating lease liability, current	748	315
Total current liabilities	124,392	155,192
Non-current liabilities
Operating lease liability, non-current	504
Warrant liabilities	661
Total non-current liabilities	30,853
Total liabilities	155,245	155,192
Commitments and contingencies (Note 20)
Shareholders’(deficit)/equity
Additional paid in capital	144,160	95,764
Accumulated deficit	(126,724)	(99,580)
Accumulated other comprehensive loss	(1,367)	(1,476)
Total SUNCAR TECHNOLOGY GROUP INC’s shareholders’ (deficit)/equity	16,078	(5,284)
Non-controlling interests	51,912	42,060
Total equity	67,990	36,776
TOTAL LIABILITIES AND EQUITY	223,235	191,968
Class A Ordinary Shares
Shareholders’(deficit)/equity
Ordinary shares value	4	3
Class B Ordinary Shares
Shareholders’(deficit)/equity
Ordinary shares value	5	5
Related Party [Member]
Current liabilities
Amount due to a related party, current	4,751	45,564
Non-current liabilities
Amount due to a related party, non-current	$ 29,688

Condensed Financial Information of the Parent Company (Details) - Schedule of Condensed Parent Company Statements of Cash Flow - Parent Company [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows used in operating activities	$ (1,177)
Cash flows used in investing activities	(6,000)
Cash flows provided by financing activities	9,202
Net increase in cash	2,025
Cash at beginning of year
Cash at end of year	$ 2,025