Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for February 2023

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: [email protected]

Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc.                                                                     

Carolyne Sohn, Vice President                                                      

+1 408-538-4577                                                                             

[email protected]

Alice Zhang, Associate

+1 212-836-9610

[email protected]                                                      

In China

Lucy Ma, Associate

+86 10 5661 7012

[email protected]

SOURCE Senmiao Technology Limited


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