Senmiao Technology Announces Approximately 1.8 Million Completed Rides on its Ride-Hailing Platform in April 2021

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) reported significant growth in its online ride-hailing platform for April 2021. The company achieved approximately 1.8 million completed rides, representing a 16% increase from March 2021. Active drivers rose by 44%, showcasing a successful ramp-up of operations since its launch in late 2020. Cumulatively, over 6.2 million rides have been completed since inception. The firm also noted that around 11% of Active Drivers are leasing vehicles through Senmiao, enhancing its cross-selling strategy.

Positive

• Completed approximately 1.8 million rides in April 2021, a 16% increase from March 2021.
• Active Drivers increased by 44% from March 2021 to April 2021.
• Cumulative completed rides surpassed 6.2 million since launch.
• 11% of Active Drivers are leasing vehicles through Senmiao, supporting cross-selling efforts.

Negative

• None.

CHENGDU, China, May 6, 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 April 2021. From March 2021 to April 2021, the growth rate of the number of completed orders was approximately 16%, and the growth rate of the number of drivers completing rides via the platform (known as Active Drivers) was approximately 44%.

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, and in Guangzhou at the end of March 2021, over 6.2 million rides have been completed using the platform, including approximately 1.8 million rides during April 2021. The average monthly growth rate of the number of completed orders and Active Drivers during the four months ended April 30, 2021, was approximately 39% and 39%, respectively. Approximately 9% of the completed orders generated during April 2021 originated from the newly launched city of Guangzhou, demonstrating the successful ramp of Senmiao's platform.

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
Cumulative		6,269		18,653		N/A

In addition, at the end of April 2021, approximately 11% of Active Drivers also leased automobiles from Senmiao, which demonstrates the added value brought by 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