Senmiao Technology Ltd Stock Price, News & Analysis

Senmiao Technology Limited (NASDAQ: AIHS) announced a strategic cooperation agreement with Chengdu Xingchong New Energy Technology Co., Ltd., a subsidiary of Star Charge, a top electric vehicle charging operator in China. This partnership aims to provide Senmiao's ride-hailing drivers with preferential rates at Chengdu Xingchong charging stations and develop joint solutions for EVs. Star Charge operates over 100,000 charging terminals across 226 cities, showcasing strong infrastructure. The collaboration is expected to enhance both companies' business prospects in the growing environmentally friendly market in China.

Senmiao Technology Limited (NASDAQ: AIHS) has placed a second order for 500 electric vehicles (EVs) from BYD Company Limited, expecting delivery by March 2021. This follows an initial order for 500 units in November 2020 as part of a framework agreement aimed at boosting the online ride-hailing market in China. The company anticipates financing these vehicles through cash reserves and collaboration funds with BYD. The expansion aims to strengthen their position in Changsha's ride-hailing sector, with over 1.3 million rides recorded in Q4 2020.

Senmiao Technology Limited (Nasdaq: AIHS) reported a significant uptick in operational metrics for its ride-hailing platform, XXTX, in December 2020. The company achieved over 620,000 completed rides that month, totaling approximately $1.86 million in gross order amounts. With a cumulative total of 1.3 million rides since its launch in October 2020, the platform has shown a remarkable average monthly growth rate of 96% in completed orders and 66% in active drivers. Notably, around 19% of active drivers also lease cars through Senmiao.

Senmiao Technology Limited (Nasdaq: AIHS) announced the launch of its online ride-hailing platform, Xixingtianxia, in Changsha, China, following its initial launch in Chengdu. This strategic move targets a city with a population of approximately 8 million, enhancing Senmiao's presence in the growing ride-hailing market. Recent collaborations with platforms like Gaode Map and Meituan, along with agreements for purchasing electric vehicles from BYD Company, further bolster its service offerings. CEO Xi Wen expressed optimism about market recovery despite COVID-19 uncertainties.

Senmiao Technology Limited (Nasdaq: AIHS) announced positive operational results in Chengdu after collaborating with Meituan, China's largest on-demand delivery service. In November, daily ride orders averaged 110,000, achieving a market share increase from 3% to 14%. The partnership enhances Senmiao's ride-hailing platform, Xixingtianxia, integrating with popular apps for more user engagement. Future expansion plans are underway to launch Xixingtianxia in Changsha, showcasing the company's commitment to building a comprehensive ride-hailing ecosystem.

Senmiao Technology Limited (Nasdaq: AIHS), engaged in automobile transaction services and online ride-hailing, reported a significant uptick in daily rides on its platform Xixingtianxia, rising from 3,000 to 17,000 following its partnership with Gaode Map. This collaboration enables Gaode users to request services directly from Senmiao, enhancing visibility and commission-based earnings from completed rides. The platform currently boasts over 300,000 registered drivers, with plans to expand to Changsha soon.

Senmiao Technology Limited (Nasdaq: AIHS) reported its fiscal 2021 Q2 results for the period ending September 30, 2020. Total revenues were $1.39 million, down from $5.89 million YoY, but up from $1.15 million in Q1 2021. The net loss was $2.61 million, compared to a profit of $1.86 million the previous year. Despite challenges from COVID-19, the company's automobile rental business generated $787,955. Senmiao emphasized partnerships with BYD and Luxingtong to improve services and expects revenue growth in upcoming quarters as markets recover.

Senmiao Technology Limited (Nasdaq: AIHS), based in Chengdu, China, has launched its proprietary online ride-sharing platform, Xixingtianxia, targeting local drivers and riders. The platform aims to enhance Senmiao's existing automobile transaction services and foster partnerships with leading ride-hailing services. Starting in late October 2020, the platform is expected to generate revenue through fees and commissions per ride. Senmiao plans to expand Xixingtianxia to Changsha in the coming weeks, aligning with the rebound in demand for public transportation in China.

Senmiao Technology Limited (Nasdaq: AIHS) announced that it has regained compliance with Nasdaq's minimum bid price and market value of listed securities requirements. As of November 16, 2020, Senmiao's closing bid price exceeded $1.00 for 20 consecutive business days. Additionally, the company's market value of listed securities reached or exceeded $35 million during this period. Nasdaq considers both compliance matters closed, marking a significant recovery for Senmiao in the competitive online ride-hailing sector in China.