Senmiao Technology Announces Over 1.5 Million Completed Rides on its Ride-Hailing Platform in March 2021

CHENGDU, China, April 7, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced operating metrics for its proprietary online ride-hailing platform for the month of March 2021. The growth rate of the number of completed orders and drivers completing rides and earning income via the platform (known as Active Drivers) from February 2021 to March 2021 was approximately 117% and 64%, respectively.

Since its launch in Chengdu in October 2020, in Changsha in December 2020, in Neijiang in January 2021, and in Guangzhou in March 2021, over 4.4 million rides have been completed using Senmiao's online ride-hailing platform, including over 1.5 million rides during March 2021. The average monthly growth rate of the number of completed orders and Active Drivers during the three months ended March 31, 2021, was approximately 47% and 38%, respectively.

The table below presents approximate unaudited operating metrics of Senmiao's online ride-hailing platform since its launch in October 2020.



Completed Orders (Approximate, in thousands)


Total Fares Paid by Riders

(Approximate, $ in thousands USD)


Active Drivers
(Approximate)

October 2020


161


531


1,800

November 2020


537


1,646


3,400

December 2020


620


1,862


5,000

January 2021


910


2,626


8,300

February 2021


710


2,164


7,000

March 2021


1,540


4,492


11,500

Cumulative


4,478


13,321


N/A

In addition, at the end of March 2021, approximately 15% of Active Drivers also lease automobiles from Senmiao, which demonstrates early results from Senmiao's strategy to cross sell its core ride-hailing focused automobile finance and leasing business with the newer ride-hailing business.  

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. Senmiao routinely provides important updates on its website.

Cautionary Note Regarding Forward-Looking Statements 

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao's ride-hailing platform) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao's filings with the SEC, and represent Senmiao's views only as of the date they are made and should not be relied upon as representing Senmiao's views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances. 

For more information, please contact:

At the Company:

Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc.
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com 

In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com

© 2021 Senmiao Technology Ltd. All rights reserved.

 

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SOURCE Senmiao Technology Limited

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