Senmiao Technology Announces Approximately 1.7 Million Completed Rides on its Ride-Hailing Platform in July 2021

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS), a company focused on the online ride-hailing industry in China, reported its operating metrics for July 2021. The number of completed orders decreased by approximately 19.8% due to a drop in orders from a key partnership and COVID-19 restrictions in Chengdu. Active drivers also fell by 11%. Despite these declines, cumulative completed rides since launch surpassed 12.1 million, with about 1.7 million rides in July. The average monthly growth rate for completed orders and active drivers was approximately 22% and 23%, respectively.

Positive

• Cumulative completed rides reached over 12.1 million since platform launch.
• Approximately 1.7 million rides completed in July 2021.
• Average monthly growth of completed orders was 22%.
• Average monthly growth of active drivers was 23%.

Negative

• Completed orders decreased by approximately 19.8% from June to July 2021.
• Active drivers decreased by approximately 11% from June to July 2021.

CHENGDU, China, Aug. 11, 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 July 2021. From June 2021 to July 2021, the number of completed orders decreased approximately 19.8%, primarily due to a decrease in orders received through one of Senmiao's partnerships as well as a COVID-19 resurgence in Chengdu, which resulted in travel restrictions and lockdowns being implemented by the local government. The number of drivers completing rides via the platform (known as Active Drivers) in July 2021 decreased approximately 11% from June 2021.

Since the launch of Senmiao's online ride-hailing platform in Chengdu in October 2020, in Changsha in December 2020, in Neijiang in January 2021, in Guangzhou at the end of March 2021, and in Nanchong and Panzhihua in June 2021, over 12.1 million rides have been completed using the platform, including approximately 1.7 million rides completed during July 2021. The average monthly growth rate of the number of completed orders and Active Drivers during the seven months ended July 31, 2021, was approximately 22% and 23%, 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
April 2021		1,790		5,332		16,500
May 2021		2,154		6,376		18,000
June 2021		2,068		6,193		18,500
July 2021		1,659		4,864		16,400
Cumulative		12,149		36,086		N/A

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 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.	In China
Adam Prior, Senior Vice President	Lucy Ma, Associate
(212) 836-9606	+86 10 5661 7012
aprior@equityny.com	lma@equityny.com

© 2021 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

What were Senmiao Technology's operating metrics for July 2021?

In July 2021, Senmiao Technology completed approximately 1.7 million rides, a 19.8% decrease in completed orders from June, and saw an 11% decrease in active drivers.

What contributed to the decline in completed orders for AIHS in July 2021?

The decline was primarily due to a decrease in orders from a key partnership and the resurgence of COVID-19, leading to travel restrictions in Chengdu.

How many cumulative rides has Senmiao Technology completed since its launch?

Senmiao Technology has completed over 12.1 million rides since launching its ride-hailing platform.

What was the average monthly growth rate for active drivers at Senmiao?

The average monthly growth rate for active drivers was approximately 23% during the seven months ending July 2021.