CHENGDU, China, March 17, 2023 /PRNewswire/ — Senmiao Technology Limited (“Senmiao” or the “Company”) (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 the operating metrics for its proprietary online ride-hailing platform for the month of February 2023. In February 2023, Senmiao and its affiliates recorded over 0.7 million total completed orders, a 28.3% increase from approximately 0.6 million total orders completed in January 2023, as a result of ride-hailing activity returning to pre-holiday levels following the Lunar New Year in late January.

Numbers reported since August 2021 include the number of completed orders from Meituan’s ride-hailing platform (“the Meituan platform”) utilizing Senmiao’s network of cars and drivers for a set monthly fee. Numbers reported since April 2022 include the number of completed orders from several other ride-hailing platforms in Chengdu (Xiehua, Anma and other platforms), under the same cooperation model as Meituan.

Since the launch of Senmiao’s online ride-hailing platform in October 2020, over 21.6 million rides have been completed using its own platform. Approximately 5.4 million rides have been completed on the Meituan platform under Senmiao’s partnership with Meituan since August 2021. Over 1.7 million rides have been completed on Xiehua, Anma and other platforms since April 2022. The number of drivers completing rides via all the platforms (known as Active Drivers) in February 2023 was 5,973, up approximately 23.7% from 4,830 in January 2023.

The table below presents approximate unaudited operating metrics of Senmiao and its affiliates’ online ride-hailing platform since the launch in October 2020.

Completed
Orders under
Original
Model[1]

(in 000s)

Completed
Orders under
New Model[2] 

(in 000s)

Total
Completed
Orders

(in 000s)

Total Fares Paid
by Riders

(in 000s USD$)

Active
Drivers

Oct-Dec 2020

1,318

1,318

4,039

N/A

Jan-Dec 2021

13,360

2,485

15,845

49,505

N/A

Jan 2022

455

492

947

3,413

7,085

Feb 2022

344

371

715

2,651

6,008

Mar 2022

534

480

1,014

3,660

7,091

Apr 2022

502

369

871

3,009

6,095

May 2022

581

357

938

3,286

5,989

Jun 2022

602

319

921

3,290

5,862

Jul 2022

636

337

973

3,504

5,928

Aug 2022

617

400

1,017

3,583

6,778

Sep 2022

414

114

528

1,712

6,030

Oct 2022

600

306

906

2,794

7,574

Nov 2022

456

298

754

2,267

7,019

Dec 2022

390

267

657

1,973

6,682

Jan 2023

338

239

577

1,928

4,830

Feb 2023

460

276

736

2,328

5,973

Cumulative

21,607

7,110

28,717

92,942

N/A

 

[1] Under the original model, orders come from partner platforms and are completed by Senmiao’s own platform. A rider can search for taxi/ride-hailing services on Senmiao’s partner platforms, which then provide the rider with options for online ride-sharing service providers, including Senmiao. If the rider selects Senmiao, the order will then be distributed to registered drivers on Senmiao’s own platform for viewing and acceptance and then completed by Active Drivers. Senmiao earns commissions for each completed order based on a certain percentage of the value of the order.

[2] Under the new model, orders go through partner platforms but do not utilize Senmiao’s own platform. Online ride-hailing requests and orders will be completed on the partner platforms utilizing Senmiao and its affiliates’ network of cars and drivers for a set monthly fee. Starting from April 2022, the number includes orders completed on the Xiehua, Anma and other platforms, in addition to those completed on the Meituan platform since August 2021.

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 purchases and financing, management, operating leases, guarantees and other automobile transaction services, as well as operates its own ride-hailing platform aimed principally at the growing online 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.                                                                     
Carolyne Sohn, Vice President                                                      
+1 408-538-4577                                                                             
csohn@equityny.com

Alice Zhang, Associate
+1 212-836-9610
azhang@equityny.com                                                      

In China

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