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Borrowings
 12 Months Ended
Dec. 31, 2022
Borrowings [Abstract]  
BORROWINGS
9. BORROWINGS

 

As of December 31, 2021 and 2022, the bank borrowings were for working capital and capital expenditure purposes. Short-term borrowings consisted of the following:

 

   Annual
Interest		       December 31, 
   Rate    Maturity   2021   2022 
Huaxia Bank Shanghai Branch Sales Department   2-4.75%   August to September, 2023   $15,692   $11,567 
China Merchants Bank Shanghai Damuqiao Branch   4.8-5.3%   February to May, 2023    7,783    9,961 
China Minsheng Bank Shanghai Jiujiang Branch   3.70-3.85%   January to July, 2023    7,736    7,249 
Bank of Communications Shanghai Putuo Branch(i)   4.79%   January, 2023    7,846    7,249 
Putuo Branch of Shanghai Pudong Development Bank(i)   4.60%   April, 2023    2,354    4,350 
Bank of Dalian Shanghai Jing’an Sub-branch(i)   4.31-5.12%   March to May, 2023    4,708    4,350 
Bank of Beijing Shanghai Zhangjiang Sub-branch(i)   4.80%   December, 2023    3,138    4,350 
China Construction Bank Shanghai Jing’an Branch(i)   3.70%   June, 2023    1,569    4,350 
Bank of China Shanghai Gonghexin Road Sub-branch(ii)   3.65-4.22%   March to November, 2023    3,923    4,277 
Bank of Nanjing North Bund Branch(i)   5.50%   January, 2023    -    3,625 
Huangpu Branch of Bank of Shanghai(ii)   4.70%   February, 2023    2,354    2,900 
Industry bank Shanghai Zhijiang Branch(i)   4.65-5.05%   February, 2023    -    2,900 
ICBC Shanghai Zhang Jiang high tech Park Branch(i)   3.30%   September, 2023    -    2,610 
Xiamen International Bank Shanghai Jinqiao Branch(i)   5.20%   June, 2023    -    1,450 
China CITIC Bank Shanghai Pudian Road Branch   4.65%   April, 2023    -    1,435 
Bank of Beijing Shanghai Branch   4.31%   March, 2023    785    1,160 
Shanghai Rural Commercial Bank Minhang Branch (ii)   5.20%   June, 2023    942    870 
Shanghai Rural Commercial Bank Bund Branch(i)   4.80%   February to March, 2022    5,492    - 
Fubon Huayi Bank Shanghai Jing’an Branch   5.60%   January, 2022    785    - 
Zheshang Bank Shanghai Branch Sales Department(i)   6.00%   October, 2022    3,138    - 
ICBC Xinzha Road Branch   3.85%   March, 2022    785    - 
Total            $69,030   $74,653 

  

The interest expenses were $2,311, $3,476 and $3,809 for the years ended December 31, 2020, 2021 and 2022, respectively. The weighted average interest rates of short-term loans outstanding were 3.95%, 4.98% and 4.89% per annum as of December 31, 2020 2021 and 2022, respectively.

 

(i) The bank borrowings were guaranteed by SUNCAR Online, one of subsidiaries of SunCar.

 

(ii) The bank borrowings were guaranteed by Shengda Automobile, one of subsidiaries of SunCar.